The “Bioremediation Technology and Services Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type, Technology, and Service” report has been added to ResearchAndMarkets.com’s offering.
The global bioremediation technology and services market is projected to reach US$ 11.90 billion by 2028 from US$ 20.95 billion in 2021; it is expected to grow at a CAGR of 8.4% during 2021-2028. The market growth is mainly attributed to government regulations and funding for research & development activities in bioremediation globally.
The Environmental Protection Agency is the primary federal agency in charge of enforcing environmental regulations in the US. Most countries have environmental protection agencies that assist in implementing laws concerning environmental issues and human health protection. Governments of various countries are funding for research & development activities in bioremediation. For instance, the EiCLaR project was launched in January 2021. The EU and PR China – i.e., including 13 Europe and 5 Chinese partners – collaborated on this US$ 7.48 million project. Over the next 48 months, EiCLaR will develop scientific and technical innovations for in situ bioremediation technologies that will be directly developed into industrial processes for rapid, efficient, and cost-effective treatment of various pollutants such as chlorinated solvents, heavy metals, and pesticides.
In addition, the partnership program, which focuses on cooperation between academics, industries, government, and other entities, received UBC Science researchers funding worth US$ 1.2 million in May 2019. The Natural Sciences and Engineering Research Council of Canada’s (NSERC) Strategic Partnership Grants program has awarded funding to five UBC projects, including green chemistry and microbial bioremediation. These successful applications prompted private and government entities to invest in advancements in bioremediation technology.
Similarly, the US National Institute of Environmental Health Sciences’ Superfund Research Program promotes research in innovative bioremediation technologies for hazardous wastes. The US Department of Energy’s Biological and Environmental Research program has also supported the research. Bioremediation research is also supported by international public institutes in India and China. Due to such funding, scientists are creating genetically modified microorganisms (GMMs) with a wide range of possible bioremediation applications.
Furthermore, the Department of Energy’s (DoE) Office of Health and Environmental Research sponsored a workshop to promote its new foundational scientific program in Natural and Accelerated Bioremediation Research (NABIR). The NABIR program aims to provide the scientific knowledge needed to harness natural processes for bioremediation and to create techniques to speed up these processes for the bioremediation of contaminated sediments, soils, and groundwater at DoE facilities. NABIR focuses on bioremediation of complex contaminant mixtures, primarily emphasizing metals, radionuclides, solvents, explosives (e.g., TNT, HMX, RDX), chelating agents, and organic acids. Natural and Accelerated Bioremediation Research (NABIR) is the only federal program that funds fundamental bioremediation research on environmental metal and radionuclide contamination. The program’s greatest strength is bringing together skills and knowledge from various fields to tackle complex research challenges. NABIR’s findings will affect the development of successful bioremediation methods and contribute a new understanding of the microbiological and geochemical functions. These advancements may lead to more effective natural resource stewardship and DoE site rehabilitation.News Source: Yahoo Finance