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APAC Is Expected to Hold a Significant Share of Environmental Remediation Market by 2026

 

Northbrook, IL -- (SBWIRE) -- 11/04/2021 -- The Environmental remediation market size is expected to reach USD 158.8 billion by 2026 from USD 104.6 billion in 2021 , at a CAGR of 8.7% during the forecast period.

Key factors fueling this market's growth include increasing government initiatives for environmental protection; growing focus on development of environment-friendly industries; and rapid population growth and industrialization in developing countries. Development of advanced remediation technologies and continuous expansion of oil & gas industry create a strong demand for environmental remediation for efficient industrial operations in the midst of COVID-19.

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Bioremedaition held the largest market share of environmental remedaition market in 2020

The bioremediation technology is expected to account for the largest share of the environmental remediation market by 2026. The bioremediation segment is expected to lead the environmental remediation market during the forecast period, owing to the growing demand for this technology for both soil and groundwater remediation. Bioremediation is a biological remediation process that uses organisms to reduce or clean up contamination in soil and groundwater. It eliminates the use of toxic chemical, often using biochemicals and green plants, making it a cost-effective and safe technology.

Oil & gas held largest share of environmental remediation market in 2020

The Oil & gas application is expected to continue to account for the largest size of the environmental remediation market, because of the high demand for remediation solutions to clean volatile organic compounds in this industry. Pollution is associated with different stages of oil and gas production including wastewater, gas emission, solid waste, and aerosols generated during production, and refining, as well as during transportation, when spillage of oil and petroleum products make take place. Remediation technologies are used in the oil and gas industry to remove contaminants such as methane, propane, sulfur dioxide, volatile organic compounds, and other toxins.

APAC is expected to hold a significant share of environmental remediation market by 2026.
Environmental Remediation Market by Region

The environmental remediation market in APAC is expected to grow at the highest CAGR during the forecast period. Increasing pollution levels in countries of APAC is fueling the growth of the environmental remediation market in the region. Growing population, industrialization, high consumption of oil and gas, and adoption of government regulations for environment protection are driving the environmental remediation market in the APAC region. This, in turn, is driving the growth of the APAC environmental remediation market.