WELLESLEY, Mass. - March 11, 2019 - (Newswire.com)
A new report from BCC Research, “Bioremediation: Global Markets and Technologies to 2023,” estimates that by 2023, the market will reach $186.3 billion, up from $91 billion in 2018, indicating a compound annual growth rate (CAGR) of 15.4%.
Bioremediation is a method that uses naturally occurring microorganisms such as bacteria, fungi and yeast to degrade or break down hazardous substances into non-toxic or less-toxic substances, typically in contaminated water and soil.
- Market analysis. In situ bioremediation – treating the contaminated groundwater or soil in the location where it is found – is expected to see the largest market growth compared to ex situ bioremediation or pumping groundwater or excavating contaminated soil before it can be treated. From 2018 to 2023, in situ and ex situ bioremediation are expected to grow at CAGRs of 15.0% and 16.7%, respectively.
- Market segment analysis. The use of bioremediation methods in agriculture is expected to be the fastest-growing market segment, thanks to the rise in the agriculture industries, which has augmented the growth of hazardous pollutants in the environment.
- Global market analysis. As the largest regional market for bioremediation, North America was valued at $27.4 billion in 2017, and it is anticipated to reach $62.4 billion by 2023, growing at a compound annual growth rate (CAGR) of 15.0%.
“The bioremediation market is growing rapidly due to rising public concerns for environmental safety. The increasing adoption of eco-friendly cleaning agents in various industries to eliminate contaminants from soil and water is therefore expected to drive the bioremediation market until 2023,” said BCC Research analyst Sinha Gaurav.
Asia-Pacific Is Fastest-Growing Global Market
The Asia-Pacific region is expected to be the fastest-growing market for bioremediation, growing at a CAGR of 16.7% from 2018 to 2023. Driving this growth are several factors, such as rising adoption of bioremediation methods to detoxify man-made pollutants; rising military activities; and automobile service stations in countries India, China, Japan and South Korea.
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Bioremediation: Global Markets and Technologies to 2023
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Original Source: Global Bioremediation Market to Reach $186 Billion by 2023