Report ID: 10294050 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
REPORT HIGHLIGHT
The oil spill management market was valued at USD 138.9 billion by 2017, growing with 2.9% CAGR during the forecast period, 2018-2025
Market Dynamics
During surging safety apprehensions, an increase in the incidents of oil spill all over the world in the course of the last few years is expected to boost the global market. Moreover, due to the substantial increase in the offshore and onshore drilling activities is facilitating the growth in the transportation of gas and oil.
The global oil spill management industry will experience a positive influence due to stringent safety guideline as imposed by the government concerning the transportation of gas and oil transportation through pipelines and tankers. Hence, industry players are making hefty investments in research and development. As a result, it will create huge opportunities and make the industry to prosper.
Technology Takeaway
In the contemporary market, the two major technologies used in the management of oil spill are pre-oil spill and post-oil spill. It is expected that the growing concern about product losses, together with the strict regulations on the transportation of petroleum products in maritime trade, will have a positive impact on the market expansion.
Market By Pre-Oil Spill Application
There are three major bifurcations of technology used in the management of pre oil spill namely, blowout preventers, detection of a pipe leak, and the double hull. Over the past few years, double hulling technology has emerged as the major pre-oil spill management technique. Offshore happens to be the largest application of pre-oil spill management. The ever-increasing demand for oil spill management technology in remote locations, harsh environment, and deep water is anticipated to drive the product demand over the next few years.
Market By Post-Oil Spill Application
There are mainly four bifurcations of response techniques associated with post oil spill. These are chemical recovery (gelling agents and dispersing agents), biological recovery, recovery (skimmers (non-oleophilic skimmers, oleophilic skimmers, weir skimmers), sorbent, containment booms (fire, sorbent, and hard booms)), mechanical containment and physical recovery.
Stringent regulations, fines, and taxes concerning post-oil spill containment are putting pressure on midstream and upstream gas and oil companies for deploying high-tech safety equipment and ensure interrupted operation. In this regard, mention could be made to blowout preventers, and pipeline leak detection systems. Onshore is the largest application of post-oil spill management technology. Moreover, stringent environmental regulations coupled with large-scale spillage are the major factors responsible for the implementation of post-oil spill management techniques.
Regional Insights
North America is one of the largest markets of pre-oil spill management technology. The regions are likely to experience substantial gain in market share due to the rise in gas and oil E&P activities. Numerous oil spill incidents in the region have led to the formulation of strict regulatory framework onshore and offshore gas and oil production.
The market in the Asia Pacific region is expected to grow due to a substantial increase in oil and gas production activities in countries like China, South Korea, and India. Different kinds of regulation and government initiative such as financial aid and tax benefit for uncovering hidden sources of hydrocarbons are expected to push the industry’s growth.
Key Vendors
A fragmented disposition characterizes the global oil spill management industry. The market is quite competitive and companies are striving for acquiring the position of market leadership. Some of the renowned names in the global industry of oil spill management are Fender, Oil Spill Response limited, Osprey Spill Control, Spill Response Services, American Green Ventures Inc., OMI Environmental Solutions, CURA Emergency Services, Hyundai Heavy Industries Co., Ltd., COSCO Shipyard Group Co., Ltd. and Skim Oil Inc.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TECHNOLOGY
Pre-Oil Spill
Pipeline Leak Detection
Double Hul
Blowout Preventers
Post-Oil Spill
Mechanical Containment Recovery
MARKET, BY PRE-OIL APPLICATION
Onshore
Offshore
MARKET, BY POST-OIL APPLICATION
Mechanical Containment And Recovery
Sorbent Booms
Hard Booms
Containment Booms
Fire Booms
Skimmers
Non-Oleophilic Skimmers
Oleophilic Skimmers
Weir Skimmers
Sorbent
Chemical Recovery
Dispersing Agents
Gelling agents
Biological Recovery
MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
The Middle East and Africa
Latin America
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Report ID: 10294050 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
