The global oil spill management market is expected to reach USD 177.63 billion by 2025, according to a new report by Grand View Research, Inc. Globally increasing onshore and offshore drilling activities are the major factor driving the market growth. Rising oil spill incidents from past five years along with strict environmental regulations are anticipated to remain a key factor for the global market. Moreover, increase in the marine oil & gas transportation globally is also projected to have a positive impact on market growth.
Stringent government regulations are formed particularly in the Europe and North America for installing safety devices & technologies during drilling and transportation of crude oil. This has resulted in the growth of market regions. The increase in the pipeline and tanker transportation of petroleum products is also anticipated to increase the growth for various oil spill management technologies. In addition, increasing investment in R&D activities by key market players for rapid and efficient oil-spill cleaning is anticipated to drive the market growth over the next nine years.
Skimmers post oil-spill response technique emerged as the major technology segment in the year 2015. The method involves the usage of weir skimmers, oleophilic skimmers, and non-oleophilic skimmers to clean up an oil spill. Strict oil & gas transport regulation along with rising concern regarding product losses in maritime trade is anticipated to positively impact market growth.
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Further key findings from the report suggest:
The global pre-oil spill management market was worth USD 100.66 billion in 2015. The market is expected to grow at an anticipated CAGR of 3.2% from 2016 to 2025.
Pipeline leak detection pre-oil spill technology is expected to be the fastest growing segment and is projected to grow at a CAGR of 4.1 from 2016 to 2025
Increasing environmental concern regarding oil spill impacts for instance water contamination and soil fertility is anticipated to drive various innovations to develop efficient systems and technologies that would inform exact location of pipeline leakages
Chemical recovery accounted for over 19% of the total response technology market in 2015. The method involves use of dispersing agents, and gelling agents for efficient clean up.
North America was the largest oil spill management market in 2015. It is expected to gain share on account of increasing E&P activities particularly in the deep sea.
National Oilwell Varco, Cameron International Corporation, Fender & Spill Response Services L.L.C., Ecolab Inc., SkimOil, Inc., Hyundai Heavy Industries Co., Ltd., CURA Emergency Services and COSCO Shipyard Group Co., Ltd. are the prime companies operating in the market.
Grand View Research has segmented the global oil-spill management market on the basis of technology, response technique, application and region:
Technology Outlook (Revenue, USD Million, 2014 - 2025)
Pipeline leak detection
Post-Oil Spill Management Response Technique Outlook (Revenue, USD Million, 2014 - 2025)
Mechanical containment and recovery
Application Outlook (Revenue, USD Million, 2014 - 2025)
Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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