Bioremediation Technology & Services Market to Reach US$65.7 Bn by 2025, Globally: Transparency Market Research

ALBANY, New York, January 9, 2018 /PRNewswire/ --

The global market for bioremediation technology & services market was valued at USD 32.2 billion in 2016 and is estimated to reach USD 65.7 billion by 2025 at a CAGR of 8.3% from 2017 to 2025.

Bioremediation is process that uses naturally occurring organisms that help in the breakdown of hazardous substances into nontoxic or less toxic substances. Bioremediation is that it does not use chemicals and it allows the waste to be recycled once the contamination is removed or neutralized. It is applicable for many applications such as soil preservation, waste water treatment, air pollution, radioactive hazard treatment, etc. Increasing awareness about water scarcity in the future, and government regulations & initiatives for environmental sustainability drives the market growth rate by 2025.

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The global bioremediation technology & services market is categorized based on technology, and by services. Based on technology, the bioremediation technology & services market are further classified into phytoremediation, biostimulation, bioaugmentation, bioreactors, fungal remediation, and land-based treatments. Fungal remediation was a major segment of technology in the bioremediation technology & services market, due to increase in use of mycelium to disintegrate contaminants from waterways, soil or even radioactive contaminated areas. This will increase the usage of fungus for treatment procedures of soil which are being polluted by mercury & other heavy metals. Hence, the factors are likely to fuel the growth of the segment by 2025. Phytoremediation segment is the second major segment of technology in the bioremediation technology & services market, due to increase in metal-contaminated sites, rapid industrialization, and deeper soil contamination with toxic radioactive pollutants. The factors are likely to drive the segment growth in market share by 2025.

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Based on services, the market is segmented into soil remediation, wastewater remediation, oilfield remediation, and others. Wastewater remediation services is accounted to hold the largest market share in 2016, due to increase in decentralized approach (traditional end-of-pipe solutions) to treat the selected wastewater streams has driven demand among industries and agriculture. According to UNESCO, high-income countries treat about 70% of the wastewater that these generate, while that ratio drops to 38% in upper middle-income countries and to 28% in lower middle-income countries. In low-income countries, only 8% of industrial and municipal wastewater undergoes treatment. However, decline in disposal costs and development of existing & new wastewater treatment technologies for optimizing resource consumption is anticipated to drive the bioremediation technology & services market during the forecast period. By soil remediation services, the segment is likely to expand at high CAGR from 2017 to 2025. Factors such as rapid industrialization, increase in disposal of pharmaceutical products, and rise in use of asbestos, harmful insecticides, and pesticides, petroleum hydrocarbons, chlorinated solvents, and even pollutants are likely to boost the growth of the soil remediation segment during the forecast period. According to Pharmaceutical Waste Management an Overview (2016), invariable use of drugs among the elderly population leads to more drug wastage. The study estimated that drug wastage accounted for 2% to 3% of all drug costs, which represents over US$ 1.0 Bn in drug wastage in the U.S. By oilfield remediation segment, services is accounted to hold a moderate market share during 2025. Rise in oil trading and increase in oil-contaminated sites are likely to propel the segment from 2017 to 2025.

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According to International Tanker Owners Pollution Federation (ITOPF) statistics of (2016), oil contaminated remediation depends on the type of oil spilled, the spill amount, the cause and location of the incident, and the vessel involved during spillage. Oil spillage incidents are also categorized by size, <7 tonnes, 7-700 tonnes and >700 tonnes. Approximately 10,000 incidents of oil spillage occurred during the year 2016.

The major players in the bioremediation technology & services market are - Altogen Labs, Aquatech International LLC, Drylet, LLC, InSitu Remediation Services Limited, Ivey International, Inc., PROBIOSPHERE Inc., REGENESIS, Sarva Bio Remed, LLC, Sevenson, Environmental Services, Inc., Soilutions Ltd, Sumas Remediation Services Inc., Xylem Inc.; and Others

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SOURCE Transparency Market Research