Remediation Market Set to Rise to Over $123 Billion by 2022
A report published by MarketsandMarkets predicts that the global environmental remediation market will increase to more than $123 billion by 2022. This will mean that the industry’s compound annual growth rate (CAGR) will be 7.62 per cent from now until this time.
The driving force behind this growth is suggested to be governmental activities undertaken in response to greater responsibility over environmental protection and pollution control. Adoption of environmental services, government initiatives on pollution, and strict government regulations for environmental protection from countries like China, Japan, India, and South Korea are forecasted to make the most significant increase in investment in this industry.
Groundwater remediation is expected to be largest contributor to this rapidly growing industry over this period. The make-up of contaminants in groundwater is not predicted to change over this time, with a range of physical, inorganic and organic chemical, bacteriological, and organic waste from wastewater disposal systems and toxic chemicals from underground storage tanks and permeable landfills still the major culprits.