CHICAGO, May 3, 2021 /PRNewswire/ -- According to the new market research report "Environmental Remediation Market with COVID-19 Impact Analysis by environmental medium (soil & groundwater), Technology (Bioremediation, Pump & Treat, Soil Vapor Extraction, Chemical Treatment), Site Type, Application, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the overall Environmental Remediation Market is expected to grow from USD 104.6 billion in 2021 to USD 158.8 billion by 2026; it is expected to grow at a CAGR of 8.7% during 2021–2026. Key factors fueling this markets growth include increasing government initiatives for environmental protection; growing focus on development of environment-friendly industries; and rapid population growth and industrialization in developing countries. Development of advanced remediation technologies and continuous expansion of oil & gas industry create a strong demand for environmental remediation for efficient industrial operations in the midst of COVID-19.
Bioremediation is expected to gain a significant share of the environmental remediation market by 2026
Bioremediation technology is expected to account for the largest share of the environmental remediation market by 2026. The bioremediation segment is expected to lead the environmental remediation market during the forecast period, owing to the growing demand for this technology for both soil and groundwater remediation. Bioremediation is a biological remediation process that uses organisms to reduce or clean up contamination in soil and groundwater. It eliminates the use of toxic chemical, often using biochemicals and green plants, making it a cost-effective and safe technology.
Based on application, oil & gas to witness the highest CAGR in environmental remediation market during 2021–2026
The environmental remediation market for oil & gas application is expected to grow with the highest CAGR during the forecast period, because of the high demand for remediation solutions to clean volatile organic compounds in this industry. Pollution is associated with different stages of oil and gas production including wastewater, gas emission, solid waste, and aerosols generated during production, and refining, as well as during transportation, when spillage of oil and petroleum products make take place. Remediation technologies are used in the oil and gas industry to remove contaminants such as methane, propane, sulfur dioxide, volatile organic compounds, and other toxins.
Environmental remediation market in APAC to grow at the highest CAGR during the forecast period
The environmental remediation market in APAC is expected to grow at the highest CAGR during the forecast period. Growing population, industrialization, high consumption of oil and gas, and adoption of government regulations for environment protection are driving the environmental remediation market in the APAC region. This, in turn, is driving the growth of the APAC environmental remediation market.
Key players in the market include Clean Harbors, Inc. (US), AECOM Technology (US), DEME NV (Belgium), Golder Associates Corporation (Canada), Jacobs Engineering Group (US), Brisea Group (US), ENTACT, LLC (US), Terra Systems (US), Engineering and Maintenance Solutions (EMS) (Australia), and HDR, Inc. (US). These players are increasingly undertaking acquisitions, contracts, collaborations, partnerships, and expansions, to increase their market shares.
Environmental Sensor Market by Type (Temperature, Humidity, Air Quality, Water Quality, Integrated, UV, and Soil Moisture), Vertical (Government, Commercial, Industrial, Residential, Consumer, Enterprise), Location, and Geography - Global Forecast to 2023
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