March 05, 2019
WELLESLEY, Mass., March 05, 2019— 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.
“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( ENV044A )
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