Environmental Remediation Market To Generate Revenue Worth $198.11 Billion by 2030
- Published: February 2023
The global environmental remediation market is projected to generate USD 198.11 billion revenue by 2030, advancing at a CAGR of 7.55% during 2022–2030. This can be ascribed to the presence of regulatory frameworks, the rise in the focus on the development of environment-friendly industries, and the rapid population growth and industrialization in developing countries.
Remediation of the environment involves getting toxins or pollutants out of the air, groundwater, surface water, and soil. These waste products are eliminated in order to safeguard human health and encourage environmental restoration. Therefore, brownfield assets are either redeveloped or returned to their original state using remediation. In addition, cleaning up areas where hazardous materials have previously been disposed of present a unique challenge.
A negative impact of COVID–19 is seen in the industry. Due to stringent government regulations, the pandemic reduced shipping capacity and demand. Additionally, the industry was severely harmed by the delay in the supply of raw materials and the shortage of labor needed for remediation projects as a result of the global complete lockdown, which also increased project costs and uncertainty. Many companies also stopped their environmental remediation projects, which hindered the market expansion.
Oil & Gas Industry Is Dominating the Market
The oil & gas industry held the largest revenue share in 2022. The main by-product stream created during the extraction of oil and gas is referred to as "produced water." Injection of hydrofluoric acid fluids into the formation is another way due to which many oil and gas operations are improved. Hundreds of different compounds, some of which are known to be harmful to human health and the environment, could be present in both generated water and HF fluids.
Wastewater from oil and gas production can be used for a variety of advantageous applications, especially in dry areas. There are numerous treatment technologies available that enable injection, discharge to the surface of the soil, or beneficial re-use. Thus, the oil & gas sector generates the highest demand for environmental remediation services.
Based on technology, the bioremediation category held the largest revenue share in 2022, owing to the growing concerns about environmental issues including oil spills and plastic waste. Additionally, this technology plays a significant role in the degradation, elimination, and detoxification of dangerous substances and chemical wastes from the environment.
Geographically, APAC is the market leader, owing to the growing population and rapid industrialization, due to which water and air pollution is increased. In addition, the surging need from the forestry and mining sector is also driving the industry growth. Moreover, this sector pollutes soil and causes much hazards to the environment and human health. Thus, the implementation of remediation in rural and urban areas is rising to treat opencast coal mines, mining dumps, and peatlands across India, China, and Japan.
In India, the market is driven by various environmental acts including the National Green Tribunal Act, 2010; the Air (Prevention and Control of Pollution) Act, 1981; the Water (Prevention and Control of Pollution) Act, 1974; the Environment Protection Act, 1986; the Hazardous Waste Management Regulations, and others.
Moreover, North America accounts for the second-largest market share. This is due to the increased R&D spending by major companies to provide cutting-edge environmental remediation products and services, the rise in government activities to minimize pollution levels, and the increased focus on promoting the usage of remediation solutions across Canada and the U.S.
The major players operating in the environmental remediation market include Golder Associates Inc., Clean Harbors Inc., AECOM, Jacobs Solutions Inc., Tetra Tech Inc., Dredging, Environmental and Marine Engineering NV, BRISEA Group Inc., ENTACT LLC, Engineering and Maintenance Solutions (EMS), and HDR Inc.