Bioremediation Technology and Services Market
Number of pages: 100 | Report Format: PDF | Published date: January 27, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 12.7 billion |
|
Revenue Forecast in 2030 |
US$ 24.96 billion |
|
CAGR |
7.8% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Type, Technology, Services, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global bioremediation technology and services market was valued at US$ 12.7 billion in 2021 and is expected to register a revenue CAGR of 7.8 % to reach US$ 24.96 billion by 2030.
Bioremediation Technology and Services Market Fundamentals
Bioremediation technology and services have become increasingly popular in recent years due to their effectiveness in treating contaminated sites. Bioremediation technology uses natural bacteria and fungi to break down pollutants in soil, water, and air, making it an ideal solution for sites with hazardous materials. Specialized companies provide bioremediation services with expertise in the field. They can provide detailed assessments of the site, design a treatment plan, and monitor the progress of the remediation process. Furthermore, these services can be tailored to the specific needs of the contaminated site, ensuring the best possible results.
The usage of microorganisms to aid in the neutralization or removal of different toxins through the utilization of waste is known as bioremediation. The process also employs organisms found in nature that degrade hazardous pollutants into harmful chemicals. As it permits trash to be recycled after toxins have been neutralized or eliminated, bioremediation is crucial in places where chemicals are not used. Soil remediation lowers pollutant levels in the soil. Soil remediation is necessary when the concentration of hydrocarbons in the soil grows and affects human health. Water pollution is traced and monitored via wastewater treatment. In biological wastewater treatment, common physiochemical and treatment methods are applied. The governments of several nations are focusing on various new programs and efforts to address different pollution concerns while also keeping an eye on the bioremediation technology and services market.
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Bioremediation Technology and Services Market Dynamics
Growing concerns about environmental degradation are fueling revenue growth in the global bioremediation technology and services market. Government and public health organizations across many developed and developing countries are taking initiatives to spread awareness about bioremediation technologies, boosting the global market for bioremediation technology and services.
Rising popularity of genetically modified organisms that may be used in bioremediation is driving revenue growth in the global market. The use of nanotechnology in heavy metal bioremediation and wastewater management is strengthening the bioremediation technology and services space. Nanoparticles are being employed as adsorbents in wastewater treatment as nanotechnology advances. They are utilized to remove heavy metal ions from wastewater at low concentrations due to their excellent selectivity and adsorption capability.
Expanding usage of bioremediation in the business sector is resulting in significant revenue growth in the bioremediation technology and services market. The growing interest of major market players in bioremediation is resulting in increasing investment and funding for the development of novel bioremediation technologies and hence propelling the overall global bioremediation technology and services market revenue growth.
However, the high cost of bioremediation technology and services and stringent environmental regulations for the usage of microbes are expected to restrain the revenue growth of the bioremediation technology and services market in the next few years.
Bioremediation Technology and Services Market Ecosystem
The global bioremediation technology and services market has been analyzed from four perspectives: type, technology, services, and region.
Bioremediation Technology and Services Market by Type
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Based on the type, the global bioremediation technology and services market is segmented into in-situ bioremediation and ex-situ bioremediation.
The in-situ bioremediation segment dominated the market with the largest revenue share in 2021. This can be attributed to rising popularity of in-situ bioremediation as a low-cost method, as there is no labor involved and minimum site disruption. Due to its low maintenance, cost-effectiveness, and environmental friendliness, the use of various microbes, such as Alcanivorax borkumensis, Pseudomonas putida, Dechloromonas aromatic, and Methylibium petroleiphilum, has increased in the past few years to degrade waste and contaminants into carbon dioxide and water on-site. It is also a long-term approach to restoring contaminated areas. Bioremediation enables accelerated in-situ volumetric treatment, which may remove dissolved and absorbed contaminants. These aspects are resulting in the revenue growth of the in-situ bioremediation segment.
Bioremediation Technology and Services Market by Technology
Based on the technology, the global bioremediation technology and services market is segmented into biostimulation, phytoremediation, bioreactors, fungal remediation, bioaugmentation, and land-based treatment.
The phytoremediation segment accounted for the largest market revenue share in 2021 due to increased urbanization and presence of hazardous soil in various areas of developed countries. Phytoremediation uses plants to clean up air, water, and soil contamination. The plant absorbs and breaks down pollutants through its roots, leaves, and stems. Additionally, phytoremediation technology is cost-effective, sustainable, versatile, and can be a long-term solution to environmental contamination. These advantages are expected to further boost revenue growth in the phytoremediation segment during the forecast period.
Bioremediation Technology and Services Market by Services
Based on the services, the global bioremediation technology and services market is segmented into soil remediation, oilfield remediation, wastewater remediation, and others.
The wastewater remediation segment accounted for a significant market revenue share in 2021, owing to a rise in the focus of government authorities from several developed and emerging economies on treating toxic water in major and minor water bodies. Along with this, rising technological advancements in wastewater treatment, such as the detection of hazardous chemicals and microbial fuel cell technology, are major factors supporting the revenue growth of the wastewater remediation segment. Major firms are collaborating to form new corporations, specifically focusing on wastewater treatment. This factor is helping in the revenue growth of the wastewater remediation segment.
Bioremediation Technology and Services Market by Region
Geographically, the global bioremediation technology and services market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global bioremediation technology and services market in 2021, due to the top-notch infrastructure, high industrial growth and waste production, and presence of major players in the region. The major players are steadily involved in partnerships, mergers, and acquisitions, helping the regional market grow. Along with this, various research institutes and companies are conducting continuous research in the bioremediation space to develop new bioremediation techniques. For instance, according to a report from Nature Communication from September 2022, a new novel technology that efficiently binds to and breaks down per- and polyfluoroalkyl substances (PFAS) in the environment was developed by scientists of Texas A&M Agrilife Research with help from an NIEHS Superfund Research Program. The new approach: Renewable Artificial Plant for In-Situ Microbial Environmental Remediation (RAPIMER) uses a plant-based material developed using leaves, stalks, and cobs of corn plants left in the field after harvesting absorbs the PFAS and the microbial fungi that eat up the chemicals.
Bioremediation Technology and Services Market Competitive Landscape
The prominent players operating in the global bioremediation technology and services market are:
Bioremediation Technology and Services Market Strategic Developments
The bioremediation technology and services market is expected to reach US$ 24.96 billion in 2030.
The bioremediation technology and services market is expected to register a revenue CAGR of 7.8% during the forecast period from 2022 to 2030.
The usage of microorganisms to aid in the neutralization or removal of different toxins by using waste is known as bioremediation.
The rising popularity of genetically modified organisms, growing initiatives to spread awareness about bioremediation technologies by the government and public health organizations, and increasing concern about environmental degradation are driving market revenue growth.
Altogen Labs, InSitu Remediation Services Limited, Xylem, Drylet Inc., and Regenesis are among the prominent market players.
*Insights on financial performance are subject to the availability of information in the public domain