Bioremediation Technology & Services Market is Exhibiting an Impressive 8.3% CAGR Between 2017 and 2025
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TMR has pegged the global bioremediation technology and services market at US$32.2 bn in 2016. Exhibiting an impressive 8.3% CAGR between 2017 and 2025, the market is poised to reach US$65.7 bn by the end of 2025. Regionally, North America marked dominance in the global market on the back of the presence of several companies offering bioremediation technologies and services. Furthermore, gaining strength from funding by local governments, the market in North America is likely to remain at the fore through the forecast period. Based on services, wastewater remediation services will witness the highest demand. The rising decentralized approached to treat wastewater streams is enabling growth in this segment.
The demand for bioremediation has escalated over the years in response to the surging contamination from waste. While several synthetic methods of treating wastewater have come into foray, the policymakers still seek more organic ways of achieving similar results. This has created an environment conducive to the market’s expansion in the coming years. Bioremediation implicates the use of organisms to neutralize or naturally remove waste contamination. The process breaks down hazardous substances into less toxic or nontoxic substances. Also, this is achieved in a method that does not use chemicals, therefore, enabling waste recycling ones contaminants are removed or neutralized.
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The demand for bioremediation technology and services is likely to increase in the coming years in response to the rising awareness about the technology. Coupled with this, brooding water scarcity threats and government initiatives aimed at attaining environmental sustainability will enable growth in the market. In addition, the market is likely to gain pace due to the safety in operation bioremediation technologies offer, besides which cost-effectiveness and high efficiency of the process will enable the market gain momentum in the coming years.
On the downside, difficulties often linked to maintaining various technical factors in bioremediation could adversely influence the market’s prospects. Furthermore, the slower trajectory witnessed in emerging nations is a result of inadequate awareness. This, coupled with, high development cost make a key restraining factor, slowing down the market’s pace of gains to an extent. Nonetheless, stringent regulations imposed by governments to ensure environmental protection will stoke growth in the coming years.
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Furthermore, potential technological breakthroughs are likely to open immense growth prospects for the bioremediation technology and services market in the near future. Given the scenario, an increasing number of oil and gas companies are compelled to adopt bioremediation technologies and services to restore environment to its original state after frequent incidence of oil spills in oceans. Spurred by these factors, the global bioremediation technology and services market will exhibit robust growth in the coming years.
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