Key Highlights
A new Transparency Market Research report states that the global oil spill management market stoodat US$ 105.9 bn in 2018 and is predicted toreach US$139.4 bn by 2027. It is expected toexpand at a CAGR of 3.1% from 2019 to 2027. Thetitle of the report is “Oil Spill Management Market - Global IndustryAnalysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027”.
According to the report, increasing safety concerns, coupled with therising number of incidents of oil spills in the past few years, are predictedto boost the market for oil spill management. Furthermore, rising pipeline andseaborne transportation of chemicals and crude oil all around the world isamongst the prime factors fueling the oil spill management market.
Key Drivers: Global Oil Spill Management Market
In addition, strict regulations made by governments around the world forusing safety technologies and devices during transportation and drilling ofcrude oil is also a major factor stimulating the market for oil spillmanagement. The rising offshore and pipeline tanker transportation of oil andgas is also predicted to have a positive impact on the demand for oil spillmanagement. Additionally, the rising research and development spending by topoil spill management companies for rapid and efficient spill cleaning ispredicted to lead to promising opportunities for the growth of the market inthe coming years.
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Segmentation Outlook of Global Oil Spill ManagementMarket
The report segments the global oil spill management market in terms ofproduct type, technology, and geography. On the basis of type, the market issegmented into onshore spill management and offshore spill management. On thebasis of technology, the oil spill management market is segmented into pre-oilspill and post-oil spill. Pre-oil spill management includes double hulling,blowout preventers, and pipeline leak detection. On the other hand, thepost-oil spill management segment includes mechanical, physical, and chemicaland 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 toclean, manage, and contain an oil spillage.
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Rising drilling activities, along with strict regulations posed bygovernments on oil spillage, are amongst the prime factors stimulating thedemand for blowout preventers. On the other hand, strict International MaritimeOrganization (IMO) regulations have made double-hulled ships mandatory in oiltransportation. This has also increased the market share of double-hulled shipson a global level.
Asia Pacific Dominated the Global Oil SpillManagement Market in 2018
On the basis of geography, the global oil spill management market issegmented into Europe, North America, Asia Pacific, and Rest of the World(RoW). Amongst these, Asia Pacific constituted the leading share of the marketin 2018, and is anticipated to maintain its lead during the forecast period.The presence of big shipping industries has raised the orders for double-hulledships in China, Japan, and South Korea.
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Competitive Landscape: Global Oil Spill ManagementMarket
The major players dominant in the market include NationalOilwell Varco, Cameron International Corporation, Control Flow Inc., NorthernTanker Company Oy, Fender & Spill Response Services L.L.C., SkimOil, Inc.,GE Oil & Gas, Hyundai Heavy Industries Co., Ltd., COSCO Shipyard CURAEmergency Services, Ecolab Inc., and Group Co., Ltd., among others.
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Global Oil Storage Market – Key Developments
· On 8th February 2020, United Arab Emirates stateoil & gas company Abu Dhabi National Oil Company (ADNOC) announced that ithas signed an agreement in order to enhance its oil spill capabilities. Thecompany has collaborated with Japan Cooperation Center Petroleum (JCCP), aJapanese oil and gas player. As a part of agreement, both the companies woulddevelop oil drifting simulation, an environmental sensitivity index, tidalcurrent surveys and a comprehensive oil spill response plan. ADNOC said thatthe emerging technologies would improve its preparedness in the unlikely eventof an oil spill.
In coming years,as the debate on the potential impact of the chemical manufacturing acrossindustries on the ecology gets fiercer, new monitoring technologies willemerge. Latest compliance regulations will expand the scope of greenchemistries for businesses in the downstream value chain. Further,manufacturers in the market will increasingly leverage digital channels to reachhigh-value customers. Many will use them to avoid disruption such as by pandemics.
An assortment ofanalytics technologies will help in augmenting the commercial productivity.However, until now, the pace of adoption of digital technologies in the overallchemicals industry has been relatively slow. It thus remains to be seen how farthe players in the market will be able to unlock long-term productivitybenefits of AI-driven management of various business functions, particularlyresearch and development and production.
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