Zion Market
Research has published a new report titled “Environmental Remediation Market by
Environmental Medium (Soil and Groundwater) for Oil and Gas, Agriculture,
Automotive, Industrial, Chemical Processing, Construction and Land Development
and Other Applications: Global Industry Perspective, Comprehensive Analysis,
and Forecast, 2016-2022.” According to the report, global environmental
remediation market was valued at around USD79.57 billion in 2016 and is
expected to reach approximately USD 122.80 billion in 2022, growing at a CAGR
of slightly above 7.5% between 2017 and 2022.
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In the past,
many nuclear activities were developed without appropriate consideration of
their environmental aspects and impacts. Operations were run in situations in
which laws and regulations did not exist. As a result, radiologically
contaminated sites were created. Such sites have also been created by nuclear
& radiological accidents, and by nonnuclear industries in which human
activities have increased the potential for exposure from naturally occurring
radioactive materials compared to the unaltered state. As contaminated sites
can ultimately lead to undesired health effects for local people, appropriate
actions must be taken. Thus, environmental remediation becomes need to clean up
the contaminated sites. The main objective of environmental remediation is
established on the basis of the nature and extent of the contamination, the
water resources that are currently or potentially threatened, and the potential
for human and environmental exposure. These quantitative goals define the
extent of clean-up that is required to satisfy the established objectives.
The major
drivers of the environmental remediation market are increasing demand for
environmental protection, growing pollution, stringent government regulations,
and demand for various applications such as oil and gas, mining and forestry,
automotive, and so on. The use of the environmental remediation technology for
eliminating contaminants from soil and groundwater environmental mediums has increased
the scope of this market for different applications.
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Further,
rapid industrialization in developing countries is enforcing to fuel market
demand of environmental remediation. However, high investment cost of heavy
equipment for excavation is hindering the growth of the global environmental
remediation market. Nonetheless, technological advancement in environmental
remediation techniques will be expected to spur the growth of this market
across the globe over the forecast period.
Environmental
remediation market is segmented into environmental medium and application and
region. Environmental medium is divided into soil and ground water.
The demand
for environmental remediation technology has increased due to its various
functionalities and use in oil and gas and mining and forestry applications in
order to remove toxins or pollutants from the environment. Various technologies
like bioremediation, pump, and treat, soil vapor extraction are widely used to
provide remediation services for contaminated groundwater and soil. By refining
oil, it can be resold which generate more revenue from the waste resources.
These factors are would propel the growth of the environmental remediation
market in the oil and gas application. In terms of geography, Asia-Pacific was
the largest market for environmental remediation in across globe owing to
increase population rate, industrialization, high consumption of oil and gas,
and government regulations for environment protection are the major factors
driving the environmental remediation market in Asia Pacific region.
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The major
players operating in environmental remediation are Environmental Remediation
Resources Pty Ltd., GEO Inc., Clean Harbors, Inc., Golder Associates
Corporation, Brisea Group, Inc., Entact LLC, Dredging, Environmental and Marine
Engineering NV (Belgium), Terra Systems, Inc., newterra Ltd., and Weber
Ambiental. The strategy adopted by major market players is acquiring other
environmental remediation players in order to expand its business and lead the
environmental remediation market.
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