Albany, NY -- (SBWIRE) -- 02/15/2019 -- Global Oil Spill Management Market
Oil spill management mainly entails the utilization of technologies to prevent oil spills, devising appropriate clean-up strategies post spilling, and implementing techniques to minimize waste and devastating ecological effect of the spilt oil. The oil spill management market is mainly driven by the need for managing operational oil spills from sectors such as exploration and production, refining and marketing, and chemical. World over, these sectors have been involved in a variety of pipeline transportation and seaborne of crude oil and chemicals. This has mandated the need for oil spill management technologies and methods.
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In recent years, hefty penalty borne by prominent oil companies for the devastating effect they caused to the ecology and economy due to operational oil spills has boosted the demand for proper oil spill management mechanism. Constant advancement in technologies for pre-oil spill and post-oil management teams is expected to boost the market.
The global oil spill management market is projected to rise at a CAGR of 2.80% from 2014 to 2020. Growing at this pace, the opportunities in the market is expected to reach US$114.4 bn by the end of the forecast period.
Growing Use of Double-Hulled Ships and Blowout Preventers in Managing Pre-Oil Spills
On the basis of product type, the market is segmented into offshore and onshore. Based on technology, the market is segmented into post-oil and pre-oil spill management scenarios. The pre-oil spill management is further segmented into double hulling, pipeline leak detection, and blowout preventers (BOPs). The post-oil spill management segment is further divided into physical, mechanical, and chemical and biological methods.
The continued rise in oil drilling activities, especially onshore, has bolstered the uptake of pressure control equipment such as blowout preventers and technologies such as pipeline leak detection. Stringent regulations imposed by governments of several nations to prevent accidental and operational oil spills have stimulated oil companies to strictly follow preventive measures.
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The International Maritime Organization (IMO), primarily involved with regulating shipping, imposes stringent regulations, such as the mandatory use of double-hulled ships for newly built oil tankers, in order to minimize marine pollution. This has accentuated the market in recent years. Furthermore, several governmental regulation in advanced nations such as the U.S. has made double-hulled ships compulsory for all new ships with oil tankers. In addition, mounting concerns arising due to the leaks in oil and gas pipelines has propelled the demand for pipeline leak detection systems among operators.
Asia Pacific to Provide Lucrative Growth Avenues for Market Players
Based on geography, the market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, Asia Pacific is projected to lead the market over the forecast period. The growth of the regional market is fueled by the prominent presence of big shipping companies in several Asian nations such as Japan, South Korea, and China. A number of ship building companies have witnessed substantial demand for double-hulled ships in recent years. In addition, the rapidly rising number of domestic shipbuilding and repairing activities in countries such as Thailand, Vietnam, Malaysia, the Philippines, and Indonesia is expected to boost the regional market.
Meanwhile, North America is a prominent market for oil spill management. The extensive implementation of mechanical containment in managing oil spills is anticipated to accentuate the regional market.