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Bioremediation Technologies Market Global Key Trends and Analysis by 2019
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In the geographical analysis, North America closely followed by Europe is the largest market for bioremediation technologies and services owing to the stringent environmental protection policies and regulations as well as oil spill accidents. For instance, a recent oil spill accident happened in the city of Los Angeles witnessed an oil spill of nearly 50,000 gallons which had ultimately contaminated the soil. These industrial hazards, which occur frequently across the globe, are expected to propel the sales of bioremediation technologies and services in these regions. Moreover, strict orders and policies from environmental protection agencies and groups are also compelling various industrial units to treat their waste products before releasing it in the environment. However, other regions such as South East Asia, Latin America and Middle East are expected to be the potential markets in the near future. Due to the increase in industrial plants and stringent environment safety concerns, these regions are expected to be the potential markets in the near future
The overall bioremediation technologies and services market is expected to witness an admirable growth due to the increasing awareness for environmental safety and protection. Moreover, stringent government regulations and policies for environmental restoration initiatives is further fuelling the popularity of biotechnology based bioremediation technologies and services globally. Furthermore, novel bioremediation technologies such as bioaugmentation and biostimulation are gaining wide acceptance and interest due to their enhanced environmental restoration capabilities. These technologies use nutrient additives and external microbial agents for remediation of huge amounts of hydrocarbon-contaminated liquids and soil. Additionally, potential technological breakthroughs will generate abundant opportunities for bioremediation technologies and services.
Other factors such as frequent oil spills in oceans from oil tankers are compelling oil and gas companies to adopt bioremediation technologies as well as services to restore the environment to its original state. However, high development cost and low adoption rate among population are some of the market-restraining factors that might hinder the growth of the overall bioremediation technologies and services market.
At present, the bioremediation technologies and services market is highly fragmented owing to the involvement of many established and emerging players in this industry. However, the key players involved with the development of bioremediation technologies and services are ABB Environmental Services, Inc., Altogen Labs, Bioremediation Service, Inc., Dow Chemical Company, EG&G, Inc., E. I. du Pont de Nemours and Company, Envirogen Technologies, General Electric and Sevenson Environmental Services, Inc.
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