Environmental Remediation Market to Grow at an Astounding 7.5% CAGR, Could Reach $164 Bn By 2026

Facts and Factors has authored "Environmental Remediation Market By Environmental Medium (Groundwater, Soil, and Others), By Application (Agriculture, Construction and Land Development, Mining & Forestry, Automotive, Chemical Production/Processing, Oil and Gas, Industrial, and Others), and By Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 - 2026".

According to research report, the global environmental remediation market in 2019 surpasses USD 98.5 billion and probably reaches around USD 164 billion by 2026. The anticipated CAGR for the global environmental remediation market is around 7.5% from 2020 to 2026.

Environmental remediation is a sort of environmental services that are dedicated to combating growing environmental pollution issues by preventing the groundwater and soil from different contaminants, and in this case, the contaminants are ionizing radiation-emitting sources. Wastewater, solid waste, and aerosols are treated through several environmental remediation technologies. However, the considerable utilization of the technologies is in extracting the gases released while refining and production of oil and petroleum products.

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The oil and gas category under the application segment accounts for the major share in the global environmental remediation market. The market share for the category is likely to grow at a substantial rate throughout the projected period. The mining and forestry category under application also fuels the environmental remediation technology demand for the effective removal of contaminants released in surface water, groundwater, and soil by chemical and mining industries.

Growing population and rapid industrialization in developing economies fuels the global environmental remediation market

Owing to the growing population, the need for residential areas is expanding, especially in developing countries. Therefore, to arrange the accommodation in the densely populated areas, the contaminated fields are refined and redeveloped into residential sites. And to refine the contaminated lands and resources, there is an extensive need for remediation services, which eventually propels the global market. Moreover, the growing industrialization sector discharges contaminated wastes in bulk such as heavy metals in water bodies and soil. Environmental Protection Agency has listed chromium, mercury, lead, copper, zinc, and nickel heavy metals as the key environmental pollutants. Different companies and regulatory bodies have introduced remediation techniques to remove such heavy metal contaminants.

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Refining of contaminated industrial sites in urban areas may bolster the environmental remediation market in the coming years

The industrial sites within the premises of urban areas have extremely high worth. Therefore, the economic incentives for the removal of hazardous contaminants and retaining the safety of the surroundings are quite high. To encourage this activity, few of the U.S. states have set regulations that the new owner would have to enroll in the state voluntary cleanup program before establishing the industrial project on that land. This would lead to a significant expansion of the global environmental remediation market.

Some of the dominating players driving the global environmental remediation market are Entact LLC, Golder Associates Corporation, Environmental and Marine Engineering NV, GEO Inc., Dredging International, Environmental Remediation Resources Pty Ltd., Brisea Group Inc., Newterra Ltd., Clean Harbors Inc., and Terra Systems Inc., among others.

In October 2019, Newterra made an announcement of procuring TIGG Newterra Group Ltd., which is a key distributor of water to the industrial, municipal, and environmental remediation sectors.

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The global environmental remediation market is segmented as:

Global Environmental Remediation Market: By Environmental Medium

Groundwater
Soil
Others

Global Environmental Remediation Market: By Application

Agriculture
Construction and Land Development
Mining and Forestry
Automotive
Chemical Production/Processing
Oil and Gas
Industrial
Others

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