"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 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$ 144.9 Bn in 2021 and is expected to reach US$ 190.7 Bn by 2030, growing at a CAGR of 3.1% from 2023 to 2030.
"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 2021. In the pre-oil spill technology, double hull technology accounted for over 60% of the global pre-oil spill management market in 2021. In the post-oil spill management, mechanical containment and recovery was the largest response technique in 2021. 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 2021.
"North America dominating the global market by region"
North America was the largest pre-oil spill management market in 2021. 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 is 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 are 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:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Oil Spill Management market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
