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Environmental Remediation Market Expected to Reach $218.8 Billion by 2032

 
2022
Environmental Remediation Market

Report Code : A15965

quote The environmental remediation market is expected to possess high growth potential in the coming years, due to an increase in government initiatives for environmental protection. However, the high cost of excavation equipment is expected to hinder the market growth. Nevertheless, the development of advanced remediation technologies is anticipated to provide lucrative opportunities for the growth of the global environmental remediation market in the future. quote

Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Environmental Remediation Market," The environmental remediation market size was valued at $110.7 billion in 2022, and is estimated to reach $218.8 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.

Introduction

Environmental remediation is the process of restoring ecosystems and mitigating pollution, or contamination caused by human activities. It involves identifying, assessing, and implementing strategies to clean up and rehabilitate areas that have been adversely affected by pollutants such as hazardous chemicals, industrial waste, or oil spills. Remediation efforts aim to reduce the risks posed to human health and the environment, as well as restore affected ecosystems to a more natural and sustainable state.  

Techniques for environmental remediation vary depending on the type and extent of contamination, and include methods such as soil excavation and disposal, groundwater treatment, bioremediation, and habitat restoration. Environmental remediation plays a crucial role in protecting biodiversity, supporting public health, and promoting the sustainable use of natural resources, contributing to the overall health and resilience of ecosystems and communities. 

Market Dynamics

The global environmental remediation market is expected to grow owing to the rise in environmental standards regarding environmental protection and growing pollution. The market for environmental remediation has expanded as a result of strict government rules placed on mining and oil and gas firms. Rising safety standards for ground water and soil have drawn attention to various new locations that are now considered hazardous, further boosting the profits of environmental cleanup businesses. Environmental remediation activities that involve oil or refined oil spillage have incorporated actions to sell recovered goods, boosting economic growth in the global environmental remediation market.  

However, the expense associated with excavation equipment led to delays or inefficiencies in remediation timelines. Organizations need to allocate additional time and resources to secure funding, negotiate contracts, or seek alternative solutions to mitigate the financial burden of equipment costs. These delays prolong exposure to environmental hazards and exacerbate the impacts of pollution on affected communities and ecosystems. All these factors hamper the environmental remediation market growth. 

The development of advanced remediation technologies presents significant opportunities for enhancing environmental remediation efforts globally. These technologies leverage cutting-edge scientific and engineering innovations to improve the efficiency, effectiveness, and sustainability of cleanup processes, ultimately enabling more comprehensive and timely remediation of contaminated sites. Furthermore, advanced remediation technologies significantly reduce the environmental footprint and associated costs of cleanup efforts. All these factors are anticipated to offer new growth opportunities for the environmental remediation market during the forecast period. 

Segments Overview

The environmental remediation industry is segmented on the basis of site type, medium, technology, application, and region. On the basis of site type, it is bifurcated into public and private. By medium, the market is categorized into soil and groundwater. On the basis of technology, the market is classified into air sparging, soil washing, chemical treatment, bioremediation, electrokinetic remediation, excavation, and permeable reactive barriers. On the basis of application, it is divided into mining & forestry, oil & gas, agriculture, automotive, landfills & waste disposal sites, manufacturing, industrial, chemical production/processing, construction & land development, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

On the basis of site type, it is bifurcated into public and private. The private segment is anticipated to grow at the fastest CAGR of 7.3% during the forecast period. By medium, the market is categorized into soil and groundwater. The groundwater segment is anticipated to grow at the fastest CAGR of 7.2% during the forecast period. On the basis of technology, the market is classified into air sparging, soil washing, chemical treatment, bioremediation, electrokinetic remediation, excavation, and permeable reactive barriers. The chemical treatment segment is anticipated to grow at the fastest CAGR of 7.8% during the forecast period. 

On the basis of application, it is divided into mining & forestry, oil & gas, agriculture, automotive, landfills & waste disposal sites, manufacturing, industrial, chemical production/processing, construction & land development, and others. The mining & forestry segment is anticipated to grow at the fastest CAGR of 7.9% during the forecast period. Region-wise, the environmental remediation market share is studied across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region showed the fastest CAGR growth during the forecast period.  

Competitive Analysis

The key players in the environmental remediation market include AECOM, Bristol Industries LLC., Clean Harbors Inc., DEME, In-Situ Oxidative Technologies, Inc., Qed Environmental Systems Ltd, Sequoia Environmental Remediation Inc., Tarmac International, Inc., ENTACT, and HDR, Inc. 

Key Findings of the Study

  • As per environmental remediation market analysis, based on site-type, public segment accounted for the largest share in 2022, contributing to more than three-fifths of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period.
  • By medium, the soil segment accounted for the largest share in 2022, contributing to more than half of the global environmental remediation market revenue, and is projected to maintain its lead position during the environmental remediation marketforecast period. It is projected to grow at a CAGR of 7.0% from 2023 to 2032.
  • Based on technology, the bioremediation segment accounted for the largest share in 2022, contributing to more than one-third of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period.
  • On the basis of application, the oil and gas segment accounted for the largest share in 2022, contributing to more than one-fourth of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period.
  • Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.

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quote Environmental Remediation Market by Site-Type (Public, Private), by Medium (Soil, Groundwater), by Technology (Air Sparging, Soil Washing, Chemical Treatment, Bioremediation, Electrokinetic Remediation, Excavation, Permeable Reactive Barriers), by Application (Mining and Forestry, Oil and Gas, Agriculture, Automotive, Landfills and Waste Disposal Sites, Manufacturing, Industrial, and Chemical Production/Processing, Construction and Land Development, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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