Home » Manufacturing & Industry, Marketing & Sales, Pharmaceuticals & Biotech, Science, World » Global Oil Spill Management Market is Expected to Witness Significant Growth by 2024, due to Growing Efforts by Oil & Gas Companies – Hexa Research
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Growing number of onshore and offshore drilling activities is expected to drive the demand for the “oil spill management market” over the next seven years. The industry is expected to be driven by increasing expenditure on the research and development activities, particularly microbial cleaning.

The global oil spill management market is expected to witness significant growth owing to growing efforts by oil & gas companies to curb spillage. Growing number of onshore and offshore drilling activities is expected to drive the demand for the market over the next seven years. In addition, growing transportation of oil through tankers and pipelines has prompted the oil production companies to employ oil spill management mechanism to counter the threat of oil spills. Furthermore, stringent government regulations for the production of oil is expected to bode well for the oil spill management market.

The industry is expected to be driven by increasing expenditure on the research and development activities, particularly microbial cleaning. As a result, the market is expected to witness significant growth over the forecast period. Increasing marine trade for transportation of natural gas and petroleum products is expected to drive the growth of the aforementioned segment. In addition, increasing demand for crude oil and other petroleum products from the energy intensive industries in Asia Pacific and Europe is expected to strengthen the market.

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Growing environmental concerns over the impact of oil spills caused by hull breaches has prompted the governments to reinforce the hull design. Blowout preventers technology accounted for 26% of the market share in 2014. Increasing use of blowout preventers in subsea wells, offshore rigs, and land wells is expected to drive the market growth over the forecast period.

Increasing demand for pre-oil spill management techniques in a harsh environment, deepwater and remote locations is expected to promote growth. Furthermore, the renewal of the abandoned wells coupled with upcoming offshore exploration and production activities in the Persian Gulf and the South China Sea is expected to drive industry growth. growing concern towards containment of oil spills coupled with the economic losses incurred by the companies is expected to drive pre-oil spill technologies demand over the forecast period.

Growing seaborne trade between Europe and North America coupled with harsh weather conditions along this route has mandated the need for securing the vessels against oil spills. Furthermore, growing exploration and production activities especially in the deep sea and ultra-deep sea basins of Gulf of Mexico is expected to drive the growth of oil spill management techniques in North America.

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In the post-oil spill management market, onshore accounted segmented account for a significant share due to increasing incidents of blowouts and pipeline failure, especially in the U.S., China, Mexico, and Canada. Increasing use of mechanical response technique for large-scale oil spills is expected to drive the growth of the market. In addition, increasing R&D activities have resulted in the manufacture of booms, skimmers, and sorbents that are highly efficient resulting in an increase in the demand for the technique.

Increasing environmental concerns have resulted in growing demand for biological response techniques. Increasing use of biological techniques in cases where the spill reaches the shore is expected to fuel the demand for this technique. Furthermore, use of this technique in river systems is will drive the growth of the market over the forecast period.

Oil spill management demand in North America accounted for the largest market share in 2014. The market in the region is estimated to witness substantial growth over the projected period owing to increasing oil exploration and production activities. Furthermore, oil spill incidents such as Marathon Oil, Exxon Valdez, and Deepwater Horizon have resulted in the formulation of stringent regulations regarding the E&P and transportation of oil and natural gas in the region.

Asia Pacific oil spill management market is estimated to witness substantial growth owing to rising demand from the exploration and production activities in countries such as India, China, and South Korea. Furthermore, government initiatives such as tax benefits and financial aid in the form of subsidies for oil E&P in developing countries such as India and China is expected to drive the growth of the aforementioned market in Asia Pacific over the forecast period.

Key players in the market include Skim Oil Inc American Green Ventures Inc., OMI Environmental Solutions, Osprey Spill Control, Fender Spill Response Services, and Oil Spill Response Limited. Key companies in the market include National Oilwell Varco, Fender & Spill Response Services L.L.C., Cameron International Corporation, Ecolab Inc., Hyundai Heavy Industries Co., Ltd., SkimOil, Inc., CURA Emergency Services and COSCO Shipyard Group Co., Ltd.

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