Stringent environment regulations, driving the market growth
An oil spill is the accidental release of a liquid petroleum hydrocarbon into the marine ecosystem, polluting the overall ecological balance of the environment. Oil spill control measures act to decrease and limit oil spills, as well as limit their spreading in the environment. Oil spill management is the utilization of technologies to prevent oil spills. It includes clean-up strategies post spilling to reduce the leakage, and implementing techniques to minimize waste and the devastating ecological effect of the spilled oil. Exploration and production, refining and marketing, and chemicals are the main industries that require oil spill management.
Energy and fuel like oil are the main fuels for the continuous running of economic development. The growing trade of oil among countries through sea-tankers-ferries has mandated the need for oil spill management technologies and methods. Growth in oil & gas transportation through tankers has a positive impact on the global oil spill management market. Major industry players such as SkimOIL Inc., Ecolab Inc. are engaged in investing a huge amount in R&D. This has anticipated helping in building huge opportunities that will results in industry expansion over the forecast period.
In recent years, a hefty penalty has been fined on prominent oil companies for the devastating effect they caused to the ecology and economy due to operational oil spills. Stringent government regulations and safety norms towards controlling occupational threats and spills have improved the overall oil spill management practices across the industries. Furthermore, safety institutions such as the Occupational Safety and Health Administration (OSHA) and the National Institute of Environmental Health Sciences (NIEHS) are working together to prevent and control the oil leakages during transportation or at the source. Overall, the global oil spill management market was US$ 132.6 Bn in 2018 and expected to reach US$ 174.5 Bn by 2027, growing at a CAGR of 3.1% from 2019 to 2027.
Market Snapshot
Technology Type Segment Analysis
Pre-oil spill segment dominating the market
Based on technology, the market is divided into the pre-oil spill and post-oil-spill technologies used for oil spill management. Among the two, pre-oil spill management emerged as the major technology segment in 2018. In the pre-oil spill technology, double hull technology accounted for over 60% of the global pre-oil spill management market in 2018. In the post-oil spill management, mechanical containment and recovery was the largest response technique in 2018. The mechanical method uses booms, sorbents, and skimmers for cleaning up an oil spill. With the growing regulation on preventing oil spill with heavy fines, the oil tanker companies largely adopted preventive technologies such as pipeline leak detection in their tanker. This has helped the pre-oil spill technology market to grow in 2018.
Regional Analysis
North America dominating the global market by region
North America was the largest pre-oil spill management market in 2018. Oil spill incidents in the region such as Marathon Oil, Exxon Valdez, and Deep-water Horizon have also resulted in the formulation of the stringent regulatory framework for onshore as well as offshore oil & gas production activities. Moreover, the U.S. oil boom has further enhanced the tanker ferries from the region. This has also impacted the need for better oil spill management throughout the region.
On the other hand, the Asia Pacific oil spill management market expected to show strong growth during the forecast period. Major countries where oil and gas exploration and production activities are centered on are in India, China, and South Korea. The local governments are encouraging initiatives and regulations for instance tax benefits and other financial aid for discovering hydrocarbon reserves is anticipated to push industry growth in these countries over the coming years.
Growing investment in R&D is keeping the market competitive
The global oil spill management market is competitive. Prominent players operating in the oil spill management market are adopting strategies such as a partnership with other companies, investing in R&D, acquisition of smaller players to increase their client base and geographical reach. Following is the list of players included in the published reports.
List of Companies Covered:
National Oilwell Varco.
SkimOIL, Inc.
Ecolab Inc.
Cameron International Corporation
Omi Environmental Solutions
NRC International Holdings
Osprey Spill Control, LLC
Lamor Corporation
Chemtex
Desmi AS
Oil Spill Response Limited
Others
Key Industry Development:
In November 2018, OSRL and Clean Nigeria Associates are pleased to announce the signing of a Mutual Support Agreement in Oil Spill Preparation and Response. The agreement was signed on 16th November 2018. This agreement will facilitate closer cooperation between our two well-established spill preparedness and response industry co-operatives, which will offer our members, more efficient and effective response.
In June 2018, Oil Spill Response Limited (OSRL) has launched a new, cost effective membership option for shipping companies, offering a comprehensive level of service, with guaranteed and immediate response, 24 hours a day, 365 days per year. OSRL’s new membership package provides the industry with enhanced capability of access to world-class advisory support and a dedicated physical response capability - significantly reducing the complexity of managing an incident and coordinating remediation efforts, wherever it happens.
Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Market Segmentation
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that give a better market understanding of the global oil spill management market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Unique data points of this report
Recent trends across different regions in terms of development of oil spill management market
Attractive investment proposition for application segment as well as geography
Key questions answered in this report
What was the market size of oil spill management market in 201and forecast up to 2027?
What are the key factors driving the global oil spill management market?
What are the key market trends and high-growth opportunities observed in the oil spill management market?
Which is the largest regional market for oil spill management market?
Which segment will grow at a faster pace? Why?
Which region will drive the market growth? Why?
Which players are leading the oil spill management market?
What are the key strategies adopted by the leading players operating in the market?
Frequently Asked Questions:
The market for Oil Spill Management Market is expected to reach US$ 174.5 Bn by 2027.
The Oil Spill Management Market is expected to see significant CAGR growth over the coming years, at 3.1%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
National Oilwell Varco., Skim OIL, Inc., Ecolab Inc., Cameron International Corporation, Omi Environmental Solutions, NRC International Holdings are some of the major players in the global market.
