WELLESLEY, Mass., Oct. 05, 2017 (GLOBE NEWSWIRE) -- Driven by growth in developing nations but held back by maturity in the developed world, the global environmental remediation market is expected to see steady although modest growth through 2022, according to a report by BCC Research. The global market is forecast to reach $82.7 billion by 2022, with most growth coming from China and developing nations in the Asia-Pacific region.
In developed nations, market growth may come thanks to improvements in detection technologies, which can identify contaminants in sites which previously went unnoticed, according to the report Global Markets for Environmental Remediation Technologies. Furthermore, as human lifespans increase, the levels of acceptable contaminants in drinking water and groundwater may need to be reassessed. Historically, acceptable levels were set by how much a human could ingest over an average lifetime without elevated health risks. Due to longer lifespans, those responsible for remediating contaminated sites may potentially spend more money to meet new regulatory standards.
Research Highlights
- The manufacturing, industrial and chemical production or processing industries will make up the single largest segment of the market for environmental remediation technologies by 2022 with just over a 17% market share.
- In the manufacturing, industrial and chemical production or processing applications, North America will continue to have the largest share of the market in 2022, valued at $5.0 billion in 2016.
- Market sustenance hinges on regulatory bodies and federal clean up funds. In the United States, remediation efforts are led by individual state governments and the federal Environmental Protection Agency. There are also strong environmental remediation guidelines in Europe.
“Despite the progress that has been made in cleaning contaminated sites in these regions and countries, there remains significant work to be done,” said BCC Research analyst and report author Bryan Charles Boots. "When considering the emerging economies of the world, it is clear that there exist equally large—if not greater—future potential liabilities stemming from contaminated sites, as many of these sites have yet to be cleaned.”
Major players in the worldwide environmental remediation market include Angel Ambiental, Bachtech Environmental, Cetco, Entact, Fluor, McMillan-McGee, Newterra, Odebrecht Ambiental, Powercem Technologies, Regenesis, Terratherm, Tetra Tech and URS Corp.
Market Shows Signs Of Reaching Maturity
Although growth is expected worldwide over the next five years and beyond, the industry as a whole shows signs of having reached maturity. Exceptions can be found in certain regions—especially parts of Asia—where the market shows signs of being marked by high competition. Stricter environmental regulations in more developed nations means that new incidences of major environmental contamination are decreasing. Noteworthy, though, is while growth may be slowing, there is strong interest in the market, as demonstrated by the number of firms entering the market annually.
Editors/reporters requesting analyst interviews should contact steven.cumming@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.