Oil Spill Management Market Size is Projected to Grow Beyond USD 125.62 Billion by 2024
Oil Spill Management Market, Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies and Forecasts, 2016 To 2024
The global oil spill management market size is projected to grow beyond USD 125.62 billion by 2024. Growing incidents of oil spilling in the past along with severe safety and environmental policies are likely to propel the market over the forecast phase (2016-2024). Also, escalating pipeline and seaborne shipping of crude oil and chemicals could positively impact the market further.
The market is fragmented by technologies, techniques, applications, and regions. Technologies are Pre-oil spill and Post-oil spill. Pre-oil spill segment is divided into double-hull, pipeline, leak detection, blow-out preventers, and others. Double-hulling was the dominant segment in 2015 with highest shares.
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Marine trade registers for a majority of petroleum products and natural gas transportation. Mounting demand for crude and petroleum products oil in Europe and Asia Pacific will boost the maritime trade growth further. Post-oil spill segments are mechanical, chemical, biological, and physical. Chemical and mechanical containment and recovery are the techniques used in the industry.
By applications, the market can be sliced into pre-oil spill management a post-oil spill management. Pre-oil spill covers onshore and offshore sectors. Offshore segment recorded the maximum shares in 2015.It consumed approximately 70% of the total demand in that year.
Post-oil spill management also includes of onshore and offshore segments. In 2015, onshore post-oil spill sector was valued close to 60% of the total market demand. Regions such as Norway, U.S, Mexico, Canada, U.S., China, and Nigeria have observed well blowouts and occurrences of pipeline breakdowns. This could be accredited to huge market diffusion in past
Main regions in the market encompass North America, Europe, Asia Pacific, the Middle East and Africa (MEA), and Central & South America. North America was the leading market for pre-oil spill management. It was estimated at 40.1% of total demand in 2015. This region will potentially face lucrative demand due to production activities and increasing oil & gas discovery. Pre-oil spill management shares in Asia Pacific will gain over USD 21,540 million by 2024. It is mounting at a healthy CAGR of 4.2% in the review phase.
Profits to determine hydrocarbon reserves noticeably and supportive government initiatives in the form of fiscal support in India and China could drive the regional demand. Top-most companies in the global oil spill management market include OMI Environmental Solutions, Skim Oil Inc., American Green Ventures Inc., and Spill Response Services.
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