According to the report, the global mitigation banking market was valued at approximately USD 5,463 million in 2018 and is expected to reach a value of around USD 16,643 million by 2027, at a CAGR of around 13.47% between 2019 and 2027.
Pune, India - October 22, 2020 /MarketersMedia/ —
According to the report, the global mitigation banking market was valued at approximately USD 5,463 million in 2018 and is expected to reach a value of around USD 16,643 million by 2027, at a CAGR of around 13.47% between 2019 and 2027.
Mitigation banking is the system of debits & credits developed to assure that the environmental damage to streams & wetlands caused due to development works is compensated through preserving & restoring of wetlands, streams, and natural habitats. The mitigate banking helps in minimizing the severity of the damage inflicted upon the environment. Moreover, National Mitigation Banking Association defines mitigation banking as the process of restoring, creating, improving, or preserving the wetland and stream or any other habitat with an aim to compensate for non-preventive resource losses caused as a result of development activities.
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Lucrative need for protecting biodiversity will propel the market trends
Growing government concerns pertaining to protecting biodiversity is projected to steer the growth of the mitigation banking industry over the forecast period. Moreover, the provision of political, social, financial, and ecological safeguards help in improving the negotiating power as well as earning potential of the country. This, in turn, helps in attracting huge foreign investments and also plays a key role in maintaining the biodiversity of the country.
Moreover, mitigation banking helps in preserving the diversity of nature. It helps in offsetting the negative effect of growing industrialization on wetlands, natural habitats, and streams to a larger extent. Apart from this, the economies of scale and technological expertise of mitigation banking enhances its efficacy in terms of cost as well as the quality of restored acreage. Nonetheless, potential investors lack access to data pertaining to wetland credit costs and hence avoid investing in the market. This aspect is likely to depreciate the growth of the market during the forecast period.
Top Market Players:
Key players in the mitigation banking industry include are Alafia River Wetland Mitigation Bank, Inc., Burns & McDonnell, EarthBalance, Ecosystem Services, LLC, Habitat Bank LLC, The Mitigation Banking Group, Inc., Ecosystem Investment Partners (EIP), The Wetlandsbank Company (TWC), Wetland Studies and Solutions, Inc., Weyerhaeuser, LJA Environmental Services, Inc., Wildwood Environmental Credit Company, WRA, Inc., The Loudermilk Companies, LLC, Great Ecology, and Mitigation Credit Services, LLC.
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Wetland or Stream Banks to dominate the type segment
The growth of the wetland or stream banks segment is credited to the government policy of encouraging of setting up more such mitigation banks. This will help regulatory authorities of the state to ensure buying of wetland credits by developers in order to measure functional & type values of affected wetlands more accurately.
The construction & mining segment to contribute immensely towards the overall market growth
The construction & mining segment is set to accrue revenue worth nearly USD 6,200 million by 2027. The expansion of the segment is attributed to the large-scale use of mitigation banking system in the construction & mining industry.
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North America to lead the overall regional market growth by 2027
The mitigation banking market in North America is set to register the highest CAGR of about 14.88% during the forecast period. The regional market is also likely to accrue enormous gains in terms of revenue during the forecast timeframe. The growth of the market in the region is due to the massive demand for mitigation banking technology in countries like the U.S.
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This report segments the mitigation banking market as follows:
Global Mitigation Banking Market: By Type Segment Analysis
Wetland or Stream Banks
Forest Conservation
Conservation Banks
Global Mitigation Banking Market: By Verticals Segment Analysis
Construction & Mining
Transportation
Energy & Utilities
Healthcare
Manufacturing
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Source: MarketersMedia
Release ID: 88982021
