Oil Spill Management Market New Research Report Analysis, And Forecast
Key Highlights
A new Transparency Market Research report states that the
global oil spill management
market stood
at US$ 105.9 bn in 2018 and is
predicted to reach US$139.4
bn by 2027.
It is expected to expand at a CAGR of 3.1% from 2019 to 2027. The title
of the report is “Oil
Spill Management Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2019 - 2027”.
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According to the report, increasing safety concerns, coupled
with the rising number of incidents of oil spills in the past few years, are
predicted to boost the market for oil spill management. Furthermore, rising
pipeline and seaborne transportation of chemicals and crude oil all around the
world is amongst the prime factors fueling the oil spill management market.
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Key Drivers: Global Oil Spill Management
Market
In addition, strict regulations made by governments around the
world for using safety technologies and devices during transportation and
drilling of crude oil is also a major factor stimulating the market for oil
spill management. The rising offshore and pipeline tanker transportation of oil
and gas is also predicted to have a positive impact on the demand for oil spill
management. Additionally, the rising research and development spending by top
oil spill management companies for rapid and efficient spill cleaning is
predicted to lead to promising opportunities for the growth of the market in
the coming years.
Segmentation Outlook of Global Oil Spill
Management Market
The report segments the global oil spill management market in
terms of product type, technology, and geography. On the basis of type, the
market is segmented into onshore spill management and offshore spill
management. On the basis of technology, the oil spill management market is
segmented into pre-oil spill and post-oil spill. Pre-oil spill management
includes double hulling, blowout preventers, and pipeline leak detection. On
the other hand, the post-oil spill management segment includes mechanical,
physical, and chemical and biological methods intended to minimize the effects
of the oil spill. Pre-oil spill management comprises technologies for
preventing oil spills, whereas the post-oil spill management includes various
methods utilized to clean, manage, and contain an oil spillage.
Rising drilling activities, along with strict regulations posed
by governments on oil spillage, are amongst the prime factors stimulating the
demand for blowout preventers. On the other hand, strict International Maritime
Organization (IMO) regulations have made double-hulled ships mandatory in oil
transportation. This has also increased the market share of double-hulled ships
on a global level.
Asia Pacific Dominated the Global Oil
Spill Management Market in 2018
On the basis of geography, the global oil spill management
market is segmented into Europe, North America, Asia Pacific, and Rest of the
World (RoW). Amongst these, Asia Pacific constituted the leading share of the
market in 2018, and is anticipated to maintain its lead during the forecast
period. The presence of big shipping industries has raised the orders for
double-hulled ships in China, Japan, and South Korea.
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Competitive Landscape: Global Oil Spill Management Market
The major players dominant in the market include National Oilwell Varco, Cameron
International Corporation, Control Flow Inc., Northern Tanker Company Oy,
Fender & Spill Response Services L.L.C., SkimOil, Inc., GE Oil & Gas,
Hyundai Heavy Industries Co., Ltd., COSCO Shipyard CURA Emergency Services,
Ecolab Inc., and Group Co., Ltd., among others.
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