15, September 2022
The rapid increase in the quantity of hazardous wastes and their cleanup is becoming a serious concern worldwide. The governments in both developed and developing countries are weighing the benefits and drawbacks of bioremediation applications. This is to address contamination issues in order to protect future generations from resource shortages.
The global bioremediation technology and services market was worth $122.7 billion in 2021 and is expected to reach $219.6 billion in 2028, growing at a CAGR of 7.15% over the forecast period 2022-2028.
The studied market accelerates its growth as governments worldwide continue to prioritize environmental preservation. For instance, the United States Army Corps of Engineers is implementing procedures and programs to treat explosives-contaminated groundwater using a bioremediation strategy. Additionally, the in situ bioremediation technique is being adopted due to its economic benefits and cost-effectiveness. However, the long duration of the bioremediation process and its dependence on environmental factors hamper the market growth.
Bioremediation is a diverse treatment method that accelerates the biological cleanup process by naturally occurring microorganisms to convert hazardous compounds into less toxic or harmless substances.
Over the last few decades, new approaches and concepts for treating polluted soil have arisen. Due to economic benefits, adopting in situ bioremediation technology and services is expected to strengthen the studied market during the projected period. Natural attenuation, bio-sucking, composting, bio venting, and microbe-assisted phytoremediation are some of the most widely used in situ bioremediation technologies and services.
In situ bioremediation is the fastest growing type segment, with a CAGR of 9.10% during the forecast period. The growth is attributed to its increasing application in the bioremediation process.
Based on the global scenario, Asia-Pacific bioremediation technology and services market is anticipated to be the fastest-growing, surging at a CAGR of 9.24% during the forecast period. The region is rapidly adopting in situ technology to conserve biodiversity and promote the sustainable use of terrestrial ecosystems. The growing awareness about the harmful impacts of these polluted sites and government regulatory compliances to prevent the environment have also boosted the market growth.
Since the technology is a sustainable pollution management approach, it requires much more research and development. Several government initiatives and investments are initiated for developing eco-friendly technologies to achieve sustainability goals. Some of these are listed below.
In the last decade, the bioremediation technology and services market has seen significant activity as companies such as Altogen Labs, Drylet Inc, Aquatech International etc., bring innovation and development opportunities. The players continue to emphasize on the development of cutting-edge bioremediation solutions that primarily assist in the stability, sequestration, recovery, and destruction of toxins.
During the forecast period, advancements in the studied market are expected to occur in two main areas:
The long duration of the bioremediation process is a challenge for the market and one of the ways to reduce the time is by applying an oxygen-releasing compound (ORC). One such patented ORC product is Calcium Peroxide (CPO), which promotes aerobic biodegradation in soil and groundwater for In Situ Bioremediation. Therefore, the application of oxygen release compounds in Aerobic Bioremediation is gaining traction and is expected to boost the bioremediation technology and services market during the forecast period.
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