Oil forms a dominant part of energy sources and growing energy intensive industries such as construction, automotive, and power are expected to act as major drivers for oil industry growth over the next nine years. New drilling technologies have contributed to the discovery of hydrocarbon reservoirs in offshore and meet surging energy demand. Technological innovations such as, deploying remotely operated vehicle (ROV) and seismic technology, allow exploration of deep subsurface around oil platforms and infrastructure. Regulatory compliance, equipment stability, and R&D investments for technological innovations are the factors playing key role in deepwater projects. Onset of deepwater exploration is subject to regulatory adherence of subsea equipment used for exploration and transportation of extracted oil resources. Oil spill incidents such as Deepwater Horizon affected the oil & gas industry in 2010. However, stringent regulatory framework coupled with strict adherence of E&P companies contributed to offshore oil production activities in the Gulf region. Materials certified by regulatory bodies, such as coast guards and health agencies of respective regions in the U.S., Europe, the Middle East, Africa, and Asia Pacific, are used in production of subsea equipment. Incidents of oil spill and seismic data have urged companies for R&D investments in developing efficient and durable machinery for oil production and transport activities. Pre-oil spill technologies such as blowout preventers and pipeline leak detection play a significant role in monitoring and identifying fluid movement in offshore activities. Technological innovations such as 3D seismic data analysis, real time monitoring, and remote operating dashboards offer significant potential for minimizing risk of oil-spill incidents. The aforementioned factors are expected to drive prospects in pre-oil spill technologies over the forecast period.
Growing seaborne trade has resulted in increased activities of oil exploration in Arctic waters. Growing environmental concern toward impact of global warming on Arctic region has steered various environmental risk assessment studies for operational feasibility of oil E&P activities in the region. These studies play a significant role in oil spill contingency planning and emergency response services. Regulatory bodies such as Environment Protection Agency, International Maritime Organization, and Norwegian Coastal Administration are involved in consistent research study for technological innovations in oil spill management. Booms, skimmers, in situ burning, use of dispersants, and bioremediation are commonly used equipment in oil containment and recovery procedures. However, the factors in arctic such as low temperatures, presence of ice, daylight variability, harsh climatic condition, and long-distance haul affect the logistics of oil response companies and hamper immediate response to oil spill incidents. Efficacy and reactivity of the equipment is affected by temperature variations. Potential scope of R&D investments includes oil weathering models and full-scale field experiments in Arctic seas. R&D investments gain significance in the event of oil spill incidents and stringent regulatory revisions. This sector witnesses declining trend when the oil & gas enterprises are not facing enhanced risk of oil spill incidents. Although oil spill incident frequency has witnessed a declining trend, there lies a huge potential in developing efficient and fast oil containment equipment. Lack of funding for new projects in spill response activities could impact spill management systems. Lack of awareness to manage oil spill incidents is considered one of the primary reasons behind major incidents such as Deepwater Horizon and Exxon Valdez. Global events, such as Wendy Schmidt Oil Cleanup X Challenge, play a significant role in R&D investments for developing cost-efficient oil spill containment techniques. Such events enhance participation of oil spill response companies to showcase their efficient oil containment and recovery equipment. Deploying technologies such as pipeline leak detection sensors and double hulling of oil tankers enhances the functional efficiency of crude oil transport mediums. However, these technological innovations have minimal effect on hurricanes, earthquake, glacier melting, and daylight visibility that could lead to massive oil spill incidents. Shortage of funding coupled with lack of infrastructure for testing post-oil spill techniques is expected to have a negative impact on the industry growth over the forecast period.
Double-hull has the highest market penetration on account of high demand for oil transportation ships from the industry. This technology enhances the ship durability and minimizes risks associated with structural failure, collisions, and container losses in harsh weather conditions. Double-hull industry has stagnant growth potential for oil spill management products owing to high level of maturity in developed economies such as the U.S., the UK, Mexico, and Saudi Arabia. BOPs play a critical role in subsea drilling activity. These are designed to withstand hightemperature variance and offer real time performance monitoring in deepwater drilling. Growing concern toward product losses and leaks is expected to drive demand for blowout preventers and pipeline detection technologies over the long term. Various factors such as ground topology and marine temperature affect the functional efficacy of the drilling systems. Growing demand for optimization and detection of rupture and leakage is expected to drive demand for leak detection technology over the next forecast period. Ongoing research activities to develop efficient detection systems for detecting leaks, trapped gas, and structural defects offer opportunity for technological innovations in oil spill management systems. Companies, such as Hitachi and Electro Scan, have developed multi-sensor probes for deploying leak detection technologies in various water bodies. The aforementioned factors are expected to drive R&D investments in BOP and leak detection technologies over the forecast period.
This section will provide insights into the contents included in this oil spill management market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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