Bioremediation Technology & Services Market to Witness Widespread Expansion by 2024
Bioremediation Technology & Services Market: Introduction
According to the report, the global bioremediation technology & services market was valued at ~US$ 9 Bn in 2019. It is expected to expand at a CAGR of ~7% during the forecast period from 2020 to 2030. Bioremediation is the process, which uses organisms to neutralize or remove contamination from waste. This method works by providing microorganisms with different materials such as fertilizers and oxygen as well as other conditions to survive. It is a waste management & treatment technique, which involves the use of organisms to remove or neutralize pollutants from contaminated sites such as soil, wastewater, and oilfields. The importance of bioremediation is that it does not use chemicals and allows the waste to be recycled once the contamination is removed or neutralized. North America dominated the global bioremediation technology & services market in 2019. It is expected to continue its market dominance by the end of 2030 in terms of revenue.
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Emphasis on Government Regulations for Monitoring and Addressing Contamination Issues to Drive Market
Increase in hazardous wastes and remediation of these wastes is a major concern across the world. Hence, governments of developed and developing countries emphasize on monitoring and tackling the contamination issues to secure the future generations from resource scarcity. For instance, the U.S. Army Corps of Engineers has taken initiatives to treat the explosives-contaminated groundwater using the approach of bioremediation. The Federal agency is using microorganisms to break down the explosive contaminants in Washington. Rapid industrialization and population growth in developing countries are also some of the key factors to drive the global bioremediation & services market.
Moreover, rise in awareness about the scarcity of natural resources such as water and oil in the near future; and safety, cost-effectiveness, and efficiency of bioremediation compared to conventional technologies are some of the major factors responsible for the growth of global bioremediation technology & services market.
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Ex Situ Bioremediation to Offer Lucrative Opportunities
Based on type, the global bioremediation technology & services market has been bifurcated into in situ bioremediation and ex situ bioremediation. The ex situ bioremediation segment is expected to be a lucrative segment during the forecast period, owing to faster treatment, wider range of contaminants treated, and uniformity of the method.
Fungal Remediation to be Key Technology
In terms of technology, the global bioremediation technology & services market has been segmented into phytoremediation, biostimulation, bioaugmentation, bioreactors, fungal remediation, and land-based treatments. The fungal remediation segment accounted for major market share in 2019 due to rise in pollution of water & soil, increase in radioactive contaminated areas, and more cost-effective procedures. The land-based treatments segment held a significant share in the global market, owing to rise in awareness about land-based procedures for contamination and cost-effectiveness of this method.
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Wastewater Remediation to be Promising Service
Based on service, the global bioremediation technology & services market has been divided into soil remediation, wastewater remediation, oilfield remediation, and others. Wastewater remediation dominated the global market in 2019 and is expected to be a lucrative segment of the market during the forecast period. The decline in disposal costs and development of existing & new wastewater treatment technologies in order to optimize resource consumption are some of the major driving factors for the growth of wastewater remediation segment.
North America to Dominate Global Market
The global bioremediation technology & services market has been divided into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global bioremediation technology & services market in 2019, owing to presence of major manufacturing industries, rise in number of companies offering bioremediation services, and increase in government funding for research & development activities in the bioremediation field. For instance, in August 2017, the Government of Canada announced its intention to invest CAD 149,984 to establish a laboratory and field analysis facility that would be used to conduct research on bioremediation and bio-mining wastes. Asia Pacific is expected to growing at a high CAGR during the forecast period, owing to growing river conservation through bioremediation and increase in industrialization & urbanization which has resulted in serious environmental pollution problems.
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The global bioremediation technology & services market is fragmented in terms of number of players with entry of several new players in services sector. Key players in the global market include REGENESIS, Xylem, Inc., Aquatech International LLC, Drylet LLC, Altogen Labs, InSitu Remediation Services Limited, PROBIOSPHERE, Ivey International, Inc., Sumas Remediation Services, Inc., and Sarva Bio Remed, LLC. Merger, acquisitions & strategic collaborations, and new product & technology launches in recent years are some of the major strategies adopted by major companies in the bioremediation technology & services market.
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