Environmental Remediation Market Projected to reach $163.4 billion by 2027

The Environmental remediation market is projected to grow from USD 109.3 billion in 2022 to USD 163.4 billion by 2027; it is expected to grow at a CAGR of 8.4% from 2022 to 2027. The key factors fueling the growth of the environmental remediation market include the need of land redevelopment and regulatory mandate.

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The chemical treatment segment is projected to grow at the second highest CAGR in the Environmental remediation market from 2022 to 2027.

Chemical remediation is an in-situ technology in which chemicals are used to extract pollutants from contaminated media. Chemical remediation methods can keep the costs of remediation low as they can be conducted at the site, thus preventing the need to transport soil or water offsite for treatment thus have high growth rate. Several chemical remediation methods are available, including chemical reduction, chemical oxidation, ion exchange, chemical precipitation, carbon absorption, and PFAS (per-and poly-fluoroalkyl substances) treatment.

Oil & Gas Segment to Account for Largest Market Size By 2027

The oil & gas application is projected to grow at the fastest rate during the forecast period due to the high demand for environmental remediation in both these industries. The demand for environmental cleanup using remediation technologies and the growing awareness about environmental protection in industrial areas drive the growth of the oil & gas application in the environmental remediation market.

North America region is expected to hold the largest share in the market during the forecast period.

The technologically advanced and developed North American region leads the environmental remediation market. North America is also a key market as it is home to some of the largest multinational corporations in this domain, such as AECOM (US), Clean Harbors, Inc. (US), and Golder Associates (US).

The US is the major contributor to the growth of the environmental remediation market in the region as it has a well-established economy that allows the rapid adoption of environmental remediation measures in various applications. The country is expected to dominate the market in the coming years. The increasing government initiatives and funding for environmental remediation technologies to combat pollution and the stringent regulations of the US Environmental Protection Agency (EPA) regarding the concentration of environmental contaminants in the soil and groundwater are the key factors for the growth of this market in North America.

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The key players operating in the environmental remediation market are Golder Associates (a WSP Company) (Canada), Clean Harbors Inc. (US), AECOM (US), Jacobs (US), Tetra Tech (US), DEME NV (Belgium), BRISEA Group, Inc. (BRISEA) (US), ENTACT, LLC (US), Terra Systems (US), Engineering and Maintenance Solutions (EMS) (Australia), and HDR, Inc. (US) among others.

News also covered: https://www.prnewswire.com/news-releases/environmental-remediation-market-worth-163-4-billion-by-2027--exclusive-report-by-marketsandmarkets-301642595.html

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This release was published on openPR.