The global environmental remediation market was valued at USD 105.0 billion in 2022 and it is anticipated to grow further till USD 215.0 billion by 2032, at a CAGR of 7.4% during the forecast period.
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Environmental remediation is the process of removing environmental contamination from a site. Contamination can come from a variety of sources, including leaking underground storage tanks, hazardous waste sites, and abandoned factories. Remediation can involve a variety of activities, including excavating and removing contaminated soil, treating contaminated groundwater, and demolishing contaminated buildings.
Market Drivers and Trends
There are several key drivers of the environmental remediation market. Firstly, there is an increasing awareness of the need to clean up the environment and protect human health. This has led to stricter regulation of environmental contamination, which has, in turn, increased the demand for environmental remediation services. Secondly, the increasing cost of environmental damage is another key driver of the market. As the cost of environmental damage continues to rise, businesses and individuals are increasingly looking to environmental remediation companies to clean up their sites. Finally, the advances in technology are also driving the market for environmental remediation.
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Major Players in the Global Environmental Remediation Market
The key players studied in the report are Clean Harbors, Inc, AECOM Technology, DEME NV, Golder Associates Corporation, Jacobs Engineering Group, Brisea Group, Entact, LLC, Terra Systems, Engineering and Maintenance Solutions and HDR Inc. among others.
COVID-19 Impact
The global economy was impacted by the COVID-19 epidemic. Lockdowns were implemented nationwide by governments all over the world to stop the infection’s spread. Due to lockdowns and other steps taken to stop the virus’s spread, several businesses temporarily limited or stopped their activities. As a result, there was a decline in the market for remediation services, which hurt these businesses’ earnings. The pandemic-induced economic crisis has also resulted in less funding for environmental remediation initiatives, which has further hampered market expansion. The epidemic has raised awareness of the value of environmental conservation and the necessity of environmental restoration for maintaining public health, though. Future remediation efforts will be more necessary as these pollutants continue to build up. Overall, COVID-19 has had a mixed effect on the market for environmental cleanup. While demand for some businesses’ services has decreased, demand for their services has increased for other businesses.
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Market Segmentation
By Environment Medium
- Soil
- Groundwater
By Technology
- Air Sparging
- Soil Washing
- Chemical Treatment
- Bioremediation
- Others
By Application
- Mining and Forestry
- Oil & Gas
- Agriculture
- Automotive
- Others
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