Key Highlights
A new Transparency Market Research report states that the global oil spill management market stood at US$ 105.9 bn in 2018 and is predicted to reach US$139.4 bn by 2027. It is expected to expand at a CAGR of 3.1% from 2019 to 2027. The title of the report is “Oil Spill Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027”.
According to the report, increasing safety concerns, coupled with the rising number of incidents of oil spills in the past few years, are predicted to boost the market for oil spill management. Furthermore, rising pipeline and seaborne transportation of chemicals and crude oil all around the world is amongst the prime factors fueling the oil spill management market.
Key Drivers: Global Oil Spill Management Market
In addition, strict regulations made by governments around the world for using safety technologies and devices during transportation and drilling of crude oil is also a major factor stimulating the market for oil spill management. The rising offshore and pipeline tanker transportation of oil and gas is also predicted to have a positive impact on the demand for oil spill management. Additionally, the rising research and development spending by top oil spill management companies for rapid and efficient spill cleaning is predicted to lead to promising opportunities for the growth of the market in the coming years.
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Segmentation Outlook of Global Oil Spill Management Market
The report segments the global oil spill management market in terms of product type, technology, and geography. On the basis of type, the market is segmented into onshore spill management and offshore spill management. On the basis of technology, the oil spill management market is segmented into pre-oil spill and post-oil spill. Pre-oil spill management includes double hulling, blowout preventers, and pipeline leak detection. On the other hand, the post-oil spill management segment includes mechanical, physical, and chemical and biological methods intended to minimize the effects of the oil spill. Pre-oil spill management comprises technologies for preventing oil spills, whereas the post-oil spill management includes various methods utilized to clean, manage, and contain an oil spillage.
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Rising drilling activities, along with strict regulations posed by governments on oil spillage, are amongst the prime factors stimulating the demand for blowout preventers. On the other hand, strict International Maritime Organization (IMO) regulations have made double-hulled ships mandatory in oil transportation. This has also increased the market share of double-hulled ships on a global level.
Asia Pacific Dominated the Global Oil Spill Management Market in 2018
On the basis of geography, the global oil spill management market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, Asia Pacific constituted the leading share of the market in 2018, and is anticipated to maintain its lead during the forecast period. The presence of big shipping industries has raised the orders for double-hulled ships in China, Japan, and South Korea.
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Competitive Landscape: Global Oil Spill Management Market
The major players dominant in the market include National Oilwell Varco, Cameron International Corporation, Control Flow Inc., Northern Tanker Company Oy, Fender & Spill Response Services L.L.C., SkimOil, Inc., GE Oil & Gas, Hyundai Heavy Industries Co., Ltd., COSCO Shipyard CURA Emergency Services, Ecolab Inc., and Group Co., Ltd., among others.
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Global Oil Storage Market – Key Developments
- On 8thFebruary 2024, United Arab Emirates state oil & gas company Abu Dhabi National Oil Company (ADNOC) announced that it has signed an agreement in order to enhance its oil spill capabilities. The company has collaborated with Japan Cooperation Center Petroleum (JCCP), a Japanese oil and gas player. As a part of agreement, both the companies would develop oil drifting simulation, an environmental sensitivity index, tidal current surveys and a comprehensive oil spill response plan. ADNOC said that the emerging technologies would improve its preparedness in the unlikely event of an oil spill.
In coming years, as the debate on the potential impact of the chemical manufacturing across industries on the ecology gets fiercer, new monitoring technologies will emerge. Latest compliance regulations will expand the scope of green chemistries for businesses in the downstream value chain. Further, manufacturers in the market will increasingly leverage digital channels to reach high-value customers. Many will use them to avoid disruption such as by pandemics.
An assortment of analytics technologies will help in augmenting the commercial productivity. However, until now, the pace of adoption of digital technologies in the overall chemicals industry has been relatively slow. It thus remains to be seen how far the players in the market will be able to unlock long-term productivity benefits of AI-driven management of various business functions, particularly research and development and production.
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