DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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 market's 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.
Oil & gas application 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.
North America is expected to hold a largest share of environmental remediation market by 2026.
North America is home to some of the major players in the environmental remediation market, such as AECOM (US), Clean Harbors, Inc. (US), Golder Associates Corporation (Canada), Brisea Group, Inc. (US), Entact LLC (US), Terra Systems, Inc. (US), GEO Inc. (US), Newterra Ltd. (Canada), and Weber Ambential (Mexico). The rising adoption of environmental solutions and services and the presence of major companies have helped the growth of the market in this region. Government initiatives to curb pollution and increase the adoption of environmental solutions and services in the region are also fueling the growth of the market in North America.
Market Dynamics
Drivers
- Increasing Government Initiatives for Environmental Protection
- Growing Focus on Development of Environment-Friendly Industries
- Rapid Population Growth and Industrialization in Developing Countries
Restraints
- Slow Implementation of Environmental Protection Regulations
- High Cost of Excavation Equipment
Opportunities
- Development of Advanced Remediation Technologies
- Continuous Expansion of Oil & Gas Industry
Challenges
- Inconsistencies in Government Regulations in Many Countries
- Short-Term Decline in Demand from Oil & Gas Industry Due to COVID-19
- Negative Impact of COVID-19 on Construction and Development Applications
Company Profiles
- Clean Harbors, Inc.
- Aecom Technology Corporation (Aecom)
- Dredging, Environmental and Marine Engineering Nv (Deme Group)
- Golder Associates Corporation
- Jacobs Engineering Group Inc.
- Brisea Group, Inc.
- Entact LLC
- Terra Systems, Inc.
- Engineering and Maintenance Solutions (Ems) Pty Ltd.
- HDR Inc.
- Geo Inc.
- Newterra Ltd.
- Weber Ambiental
- Fluor Corporation
- Bechtel Corporation (Bechtel National Inc.)
- Stantec Inc.
- Amentum Services, Inc.
- Black & Veatch Holding Company
- Northstar Group Services, Inc.
- Hepaco, LLC
- United States Environmental Services (Uses) Corporation
- Sprint Sanierung GmbH
- Clean Earth Inc.
- In-Situ Oxidative Technologies, Inc. (Isotec)
- Sequoia Environmental Remediation Inc.
For more information about this report visit https://www.researchandmarkets.com/r/u2vhb9
