Increasing focus on reducing environmental impact and need for more efficient solutions and materials to aid in oil spill clean-up up are some key factors driving market growth
The global oil spill management market size is expected to reach USD 197.49 Billion in 2028 and register a moderate CAGR during the forecast period, according to a latest report by Reports and Data. Factors such as rising demand for onshore and offshore drilling management solutions and services and increasing volumes of oil and gas transportation through pipelines and tankers, which sometimes results in oil spills and pipe ruptures, are driving market growth.
The common factor driving revenue growth of the global oil spill management market increasing need for managing potential operational oil spills such as spills during exploration, production, refining, and transporting. Oil spill management includes utilization of technologies to prevent any possible oil spills, development of strategies for clean-up after a spill, and implementation of strategies to reduce waste during various phases and processes related to oil.
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The effects of oil spills can be observed over a wide area in water and can also severely impact the marine ecosystem and cause damage to shorelines vast distances away from the actual spill location. Leakages in oil and gas pipes are also a grave concern for oil tanker and pipeline companies as it can result in high cost for clean-up, restoration, as well as most often results in lawsuits. Stringent regulations implemented by governments and need to comply with safety norms to avoid occupational hazards in the production and transportation of petroleum are other factors expected to boost revenue growth of the oil spill management market during the forecast period.
COVID-19 impact:
The COVID-19 pandemic and subsequent lockdown and lethargic limp back to the new normal had impacted ability to offer oil spill clean-up management, despite the fact that exploration activities continued on grounds of ‘essential services’. The market for oil spill management witnessed a setback during the pandemic due to low manpower availability and social distancing norms and personal preferences. The situation has resulted in major decline in demand for oil from globally, which has also had serious economic consequences in the Middle East.
Key market players include Cameron International Corporation, Ecolab Inc., Hyundai Heavy Industries Co., Ltd., National Oilwell Varco, Fender Spill Response Services L.L.C., SkimOil, Inc., COSCO Shipyard Group Co., Ltd., Control Flow Inc., Northern Tanker Company Oy, and GE Oil Gas.
Some key findings in the report
- Post-oil spill management includes use of chemical, mechanical, and biological technologies. The mechanical post-oil spill management technology segment accounted for largest revenue share in 2020. This segment includes sorbent and skimmers, which are generally used for oil spill cleanups.
- Skimmers are deployed on boats to remove contaminants from water surfaces. These are designed to suck up spilled oil from the water like a vacuum cleaner. Skimmers are also used to physically separate oil from water so the recovered fluid can be processed for further use.
- The offshore sub-segment dominated other sub-segments in terms of revenue share in the pre-oil spill application segment in 2020.
- North America accounted for largest revenue share in 2020, due to extensive oil- and gas-related activities in countries in the region. Furthermore, past incidences of oil spills and their adverse effects on the ecosystem have resulted in deployment of more stringent regulations that players in the market need to comply with.
Read More: https://www.reportsanddata.com/report-detail/oil-spill-management-market
For the purpose of this report, Reports and Data has segmented the global oil spill management market on the basis of technology, response technique, application, and region:
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Middle East and Africa
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Pre-oil spill
- Pipeline Leak Detection
- Double-hull
- Blow-out Preventers
- Others
- Post-oil spill
- Chemical
- Mechanical
- Biological
- Others
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Response Technique Outlook (Revenue, USD Billion; 2018-2028)
- Mechanical Containment and Recovery
- Containment Booms
- Sorbent Booms
- Hard Booms
- Fire Booms
- Others
- Skimmers
- Oleophilic Skimmers
- Weir Skimmers
- Non-oleophilic Skimmers
- Others
- Sorbent
- Others
- Chemical recovery
- Gelling Agents
- Dispersing Agents
- Others
- Biological Recovery
- Others
Application Outlook (Revenue, USD Billion; 2018-2028)
- Pre-oil Spill
- Onshore
- Offshore
- Post-oil Spill
- Onshore
- Offshore
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