Global environmental remediation market is expected to reach USD 122.80 billion in 2022, growing at a CAGR of 7.5% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 03/19/2018 -- Zion Market Research has published a new report titled "Environmental Remediation Market by Environmental Medium (Soil and Groundwater) for Oil and Gas, Agriculture, Automotive, Industrial, Chemical Processing, Construction and Land Development and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022." According to the report, global environmental remediation market was valued at around USD79.57 billion in 2016 and is expected to reach approximately USD 122.80 billion in 2022, growing at a CAGR of slightly above 7.5% between 2017 and 2022.
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In the past, many nuclear activities were developed without appropriate consideration of their environmental aspects and impacts. Operations were run in situations in which laws and regulations did not exist. As a result, radiologically contaminated sites were created. Such sites have also been created by nuclear & radiological accidents, and by nonnuclear industries in which human activities have increased the potential for exposure from naturally occurring radioactive materials compared to the unaltered state. As contaminated sites can ultimately lead to undesired health effects for local people, appropriate actions must be taken. Thus, environmental remediation becomes need to clean up the contaminated sites. The main objective of environmental remediation is established on the basis of the nature and extent of the contamination, the water resources that are currently or potentially threatened, and the potential for human and environmental exposure. These quantitative goals define the extent of clean-up that is required to satisfy the established objectives.
The major drivers of the environmental remediation market are increasing demand for environmental protection, growing pollution, stringent government regulations, and demand for various applications such as oil and gas, mining and forestry, automotive, and so on. The use of the environmental remediation technology for eliminating contaminants from soil and groundwater environmental mediums has increased the scope of this market for different applications.
Further, rapid industrialization in developing countries is enforcing to fuel market demand of environmental remediation. However, high investment cost of heavy equipment for excavation is hindering the growth of the global environmental remediation market. Nonetheless, technological advancement in environmental remediation techniques will be expected to spur the growth of this market across the globe over the forecast period.
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Environmental remediation market is segmented into environmental medium and application and region. Environmental medium is divided into soil and ground water.
The demand for environmental remediation technology has increased due to its various functionalities and use in oil and gas and mining and forestry applications in order to remove toxins or pollutants from the environment. Various technologies like bioremediation, pump, and treat, soil vapor extraction are widely used to provide remediation services for contaminated groundwater and soil. By refining oil, it can be resold which generate more revenue from the waste resources. These factors are would propel the growth of the environmental remediation market in the oil and gas application. In terms of geography, Asia-Pacific was the largest market for environmental remediation in across globe owing to increase population rate, industrialization, high consumption of oil and gas, and government regulations for environment protection are the major factors driving the environmental remediation market in Asia Pacific region.
The major players operating in environmental remediation are Environmental Remediation Resources Pty Ltd., GEO Inc., Clean Harbors, Inc., Golder Associates Corporation, Brisea Group, Inc., Entact LLC, Dredging, Environmental and Marine Engineering NV (Belgium), Terra Systems, Inc., newterra Ltd., and Weber Ambiental. The strategy adopted by major market players is acquiring other environmental remediation players in order to expand its business and lead the environmental remediation market.
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The report segments global environmental remediation market is as follows:
Global Environmental Remediation Market: Environmental Medium Segment Analysis
Global Environmental Remediation Market: Application Segment Analysis
Mining and Forestry
Oil and Gas
Construction and Land Development