Environmental Remediation Market to Reach $218.8 billion, Globally, by 2032 at 7.1% CAGR: Allied Market Research

Rise in government initiatives for environmental protection and surge in focus on the development of environment friendly industries are the factors that drive the growth of the market

PORTLAND, Ore., April 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Environmental Remediation Market by Site-Type (Public and Private), Medium (Soil and Groundwater), Technology (Air Sparging, Soil Washing, Chemical Treatment, Bioremediation, Electrokinetic Remediation, Excavation, and Permeable Reactive Barriers), and Application (Mining & Forestry, Oil & Gas, Agriculture, Automotive, Landfills and Waste Disposal Sites, Manufacturing, Industrial, and Chemical Production/Processing, Construction and Land Development, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "environmental remediation market" was valued at $110.7 billion in 2022, and is estimated to reach $218.8 billion by 2032, growing at a CAGR of 7.1% from 2023 to 2032.

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Prime determinants of growth

Focus on environmental protection and sustainability by governments worldwide has led to a significant surge in demand for environmental remediation services. The allocation of substantial funds and resources towards remediation projects underscores the importance and urgency of addressing environmental contamination and degradation caused by industrial activities, urbanization, and other human interventions. However, high cost of excavation equipment is anticipated to hinder the growth of the market. Nevertheless, the development of advanced remediation technologies is expected to offer lucrative opportunities for market growth in the coming years.

Report Coverage & Details:

Impact of Russia Ukraine war on the global environmental remediation market

The Russia-Ukraine war had significant implications on the environmental remediation market, affecting both the demand for remediation services and the resources available for environmental cleanup efforts. The conflict exacerbates environmental degradation in the affected regions. War often led to the destruction of infrastructure, industrial facilities, and residential areas, resulting in the release of hazardous materials such as heavy metals, chemicals, and oil spills. This contaminates soil, water bodies, and air, posing serious health risks to local populations and ecosystems. As a result, there is an increased need for environmental remediation services to address these pollution incidents and mitigate their impacts.

Geopolitical tensions and economic sanctions stemming from the Russia-Ukraine war impact international cooperation and investment in environmental remediation initiatives. Collaboration between countries and organizations on transboundary pollution issues and environmental cleanup projects are expected to be strained, leading to delays or disruptions in remediation efforts. According to the International Energy Agency (IEA), Russia shares of EU gas demand fell to below 10% in January 2023.

The private segment to maintain its lead position during the forecast period.

By site-type, the public segment accounted for the largest share in 2022, contributing to more than three-fifths of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 7.0% from 2023 to 2032. Public environmental remediation refers to the cleanup and restoration efforts undertaken by governmental entities at various levels such as local, state, and federal, to address environmental contamination on publicly owned or managed sites. These sites include abandoned industrial facilities, former military installations, superfund sites, or public lands affected by pollution or environmental damage. Public remediation projects aim to protect public health, restore ecosystems, and mitigate environmental risks associated with contamination.

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The soil segment to maintain its lead position during the forecast period

By medium, the soil segment accounted for the largest share in 2022, contributing to more than half of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 7.0% from 2023 to 2032. Soil remediation is a crucial component of environmental cleanup efforts, aimed at restoring contaminated soil to its natural or safe state. Various pollutants such as heavy metals, petroleum hydrocarbons, pesticides, and industrial chemicals accumulate in soil through activities such as industrial operations, agriculture, improper waste disposal, and accidental spills. Remediation of contaminated soil is essential to protect human health, preserve ecosystems, and ensure the sustainable use of land resources.

The chemical treatment segment to maintain its lead position during the forecast period

By technology, the bioremediation segment accounted for the largest share in 2022, contributing to nearly one-third of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 7.4% from 2023 to 2032. Bioremediation widely refers to any process wherein a biological system (bacteria, microalgae, fungi, and plants), living or dead, is employed for removing environmental pollutants from air, water, soil, flue gases, industrial effluents, and others in natural or artificial settings. The natural ability of organisms to adsorb, accumulate, and degrade emerging pollutants has drawn the use of biological resources in treatment of contaminated environment.

The mining and forestry segment to maintain its lead position during the forecast period

By application, the oil and gas segment accounted for the largest share in 2022, contributing to more than one-fourth of the global environmental remediation market revenue, and is projected to maintain its lead position during the forecast period. It is projected to grow at a CAGR of 7.5% from 2023 to 2032. Environmental remediation in the oil and gas industry is a critical process aimed at addressing environmental contamination and restoring ecosystems affected by the exploration, production, and transportation of oil and gas resources. It involves a range of techniques such as soil and groundwater remediation, habitat restoration, and ecosystem monitoring that are tailored to the specific contaminants and site conditions.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global environmental remediation market revenue and is likely to dominate the market during the forecast period. The same region is projected to grow at a CAGR of 7.4% from 2023 to 2032. Economies in the Asia-Pacific region experience rapid industrialization and urbanization, they face significant environmental challenges such as air and water pollution, soil contamination, deforestation, and habitat loss. Rising public awareness, environmental activism, and international pressure have spurred governments and regulatory agencies to prioritize environmental protection and remediation efforts to mitigate the adverse impacts of pollution on public health, ecosystems, and natural resources.

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Leading Market Players: -

• AECOM
• Bristol Industries LLC.
• Clean Harbors Inc.
• DEME
• In-Situ Oxidative Technologies, Inc.
• Qed Environmental Systems Ltd
• Sequoia Environmental Remediation Inc.
• Tarmac International, Inc.
• ENTACT
• HDR, Inc.

The report provides a detailed analysis of these key players in the global environmental remediation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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