Albany, NY -- (SBWIRE) -- 02/24/2020 -- Transparency Market Research (TMR) has published a new report titled, "Bioremediation Technologies and Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027". According to the report, the global bioremediation technologies and services market was valued at US$ 37.8 Bn in 2018 and is projected to expand at a CAGR of 8.0% from 2019 to 2027. Increase in funding by governments, growing environmental concerns, and rising adoption of novel bioremediation techniques are anticipated to drive the global therapy technologies market from 2019 to 2027.
Overview
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 2027.
Governments of Developed and Emerging Nations Are Emphasizing On Monitoring and Tackling the
Contamination Issues in Various Countries to Drive Market
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Increasing hazardous wastes and remediation of these wastes is a major concern worldwide. Thus, governments of developed and emerging nations are emphasizing on monitoring and tackling the contamination issues in various countries to secure the future generations from resource scarcity.
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 area.
Organizations such as Natural and Accelerated Bioremediation Research (NABIR) and the Biological and Environmental Research (BER) financially support the fundamental research activities to promote ecofriendly approaches of reducing soil and water contamination
In India, prevention and control of water and soil pollution by promoting bioremediation have been the prioritized agenda of the Ministry of Environment and Forests (MoEF), a government organization
The Environment Protection Authority (EPA) is an agency of the U.S. government that aims to evaluate and treat the contaminated areas at a global level. In recent years, efforts of the EPA are reflected through its significant multilateral partnerships in the corporate world, aiming to improve the global climate and future environmental health outcomes. The EPA conducts the Superfund program for cleaning up the most contaminated areas in the U.S
Fungal Remediation Segment to Dominate Market
In terms of technology, the global bioremediation technologies and services market has been bifurcated into phytoremediation, biostimulation, bioaugmentation, bioreactors, fungal remediation, and land-based treatments.
The fungal remediation segment is expected to dominate the global bioremediation technologies and services market during the forecast period 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.
Wastewater Remediation to be Highly Attractive Segment
In terms of services, the global bioremediation technologies and services market has been classified into soil remediation, wastewater remediation, oilfield remediation, and others.
The wastewater remediation segment is likely to dominate the global bioremediation technologies and services market during the forecast period 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.
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Asia Pacific Market to Expand Significantly
In terms of revenue, North America is projected to dominate the global bioremediation technologies and services market from 2019 to 2027. This can be ascribed to presence of major manufacturing industries and rise in research and development activities in the region. The following factors are directly impacting the growth and development of bioremediation technology & services.
However, rise in the number of companies offering bioremediation services as well as new product launches in the region is also a major factor driving the growth in market share of the North America segment.
The region is expected to continue to dominate the market in the forecast period due to the rise in funding by local governments for bioremediation-related research.
The demand for bioremediation services is increasing owing to rapid technological advances and services offered by industries such as EcoNow.
In May 2017, Ecosciences, Inc., a company based in New York, announced the launch of EcoNow, a new brand offering of bioremediation tablets. The product utilizes the company's Oxy-Tab technology that offers a large number of beneficial bacteria, buffers, and oxygen, which break down solids, waste, paper, and grease in order to remove build-up in drains and pipes and maintain the septic tank.
The bioremediation technologies and services market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period. This can be attributed to the public–private partnerships for bioremediation-related activities and government initiatives for river conservation through bioremediation explore new markets opportunities, especially in Asia Pacific, to increase their revenue and market share.
Competitive Landscape in Global Bioremediation Technologies and Services Market
The report also provides profiles of leading players operating in the global bioremediation technologies and services market. These include 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.