July 19, 2024
Land Restoration Market
Ict

Land Restoration Market is Expected to be Flourished by Increasing Government Initiatives for Environmental Protection

Land restoration involves improving degraded, damaged, or destroyed land and restoring it to optimum conditions. Some key techniques used in land restoration include reforestation, afforestation, wetland restoration, and prairie restoration. Land restoration is utilized when an area of land has been damaged due to deforestation, forest fires, desertification, mining, and other man-made and natural disasters. It aims to restore vital ecosystems that provide habitats for animals and vegetation. The global land restoration market involves various stakeholders including government organizations, NGOs, consulting firms, and contractors.

The global land restoration market is estimated to be valued at US$ 2.24 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing government initiatives towards environmental protection is expected to drive the growth of the land restoration market over the forecast period. For instance, in March 2021, the Biden administration announced plans to restore as much as 1 million acres of federal land per year through intentional landscape restoration and revegetation. Moreover, increasing deforestation rates poses a threat to ecosystems. According to the Food and Agriculture Organization (FAO), around 10 million hectares of forest are lost each year. This has created a growing demand for large-scale restoration projects globally. Furthermore, rise in awareness regarding ecosystem services provided by forests and biodiversity conservation is also promoting the adoption of land restoration practices. Growing carbon emission levels has boosted restoration of ecosystems like forests which act as carbon sinks and help in mitigating climate change. All these factors are expected to support market growth over the forecast period.

Segment Analysis
The global land restoration market is segmented on the basis of service type and region. On the basis of service type, the market is segmented into reconstruction and reclamation, landfill and excavation, grassland restoration, re-vegetation management and others. The reconstruction and reclamation segment dominates the market and accounts for nearly 30% share due to the increasing development activities across residential, commercial and industrial spaces.

PEST Analysis
Political: The government policies and regulations related to protection and conservation of lands play a major role in driving the market. Spending on land restoration projects is influenced by government initiatives and investments.
Economic: Factors such as rising disposable income, urbanization and industrialization are contributing to the growth of the market as more deforestation and land degradation activities are taking place. The costs involved in restoring and conserving lands also impacts the market.
Social: Increasing awareness about protection of biodiversity and environmental sustainability is encouraging restoration activities. Growth in eco-tourism and community participation in conservation projects is positively impacting the market.
Technological: Advanced technologies and tools are being utilized for surveying degraded lands, developing restoration plans and monitoring projects. Use of drones, remote sensing, GIS and satellite data is helping assess damages and track progress of restoration work.

Key Takeaways
The Global Land Restoration Market Size is expected to witness high growth at a CAGR of 9.4% during the forecast period of 2023 to 2030. The market size will increase from US$ 2.24 billion in 2023 to over US$ 4 Billion by 2030 driven by increasing land degradation, rising spending on environmental protection and policy support.

Regional analysis:
North America accounts for around 30% share of the global market due to stringent regulatory standards and presence of major players in the US and Canada. The Asia Pacific region will emerge as the fastest growing market over the next decade supported by large-scale afforestation initiatives in China, India and Australia.

Key players:
Key players operating in the land restoration market includes EnviroScience, Jacobszoon Forestry, ENCAP, Polatin Ecological Services, Heartland Restoration Services, SWCA Environmental Consultants, Kimley-Horn, Apache Ecological Service, Ecological Restoration Inc., Integrated Environmental Restoration Services, Envite Environment and Green Skills. These players are focusing on developing innovative solutions to restore lands damaged due to mining, construction, deforestation and natural disasters.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it