Oil Spill Management Market Size – USD 155 Billion in 2019, Growth - CAGR of 3.0%, Trends –Implementation of more stringent regulations

The global Oil Spill Management Market size is expected to reach USD 197.49 Billion in 2028 and register a moderate CAGR during the forecast period, according to a latest report by Reports and Data. Factors such as rising demand for onshore and offshore drilling management solutions and services and increasing volumes of oil and gas transportation through pipelines and tankers, which sometimes results in oil spills and pipe ruptures, are driving market growth.

The common factor driving revenue growth of the global oil spill management market increasing need for managing potential operational oil spills such as spills during exploration, production, refining, and transporting. Oil spill management includes utilization of technologies to prevent any possible oil spills, development of strategies for clean-up after a spill, and implementation of strategies to reduce waste during various phases and processes related to oil.

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Top Companies: Cameron International Corporation, Ecolab Inc., Hyundai Heavy Industries Co., Ltd., National Oilwell Varco, Fender & Spill Response Services L.L.C., SkimOil, Inc., COSCO Shipyard Group Co., Ltd., Control Flow Inc., Northern Tanker Company Oy, and GE Oil & Gas.

Further Key Finding from the Report Suggestion:

• Post-oil spill management includes use of chemical, mechanical, and biological technologies. The mechanical post-oil spill management technology segment accounted for largest revenue share in 2020. This segment includes sorbent and skimmers, which are generally used for oil spill cleanups.
• Skimmers are deployed on boats to remove contaminants from water surfaces. These are designed to suck up spilled oil from the water like a vacuum cleaner. Skimmers are also used to physically separate oil from water so the recovered fluid can be processed for further use.
• The offshore sub-segment dominated other sub-segments in terms of revenue share in the pre-oil spill application segment in 2020. Growing need to monitor leaks in pipelines in remote locations or underwater locations has been fueling revenue growth of the offshore sub-segment.
• North America accounted for largest revenue share in 2020, due to extensive oil- and gas-related activities in countries in the region. Furthermore, past incidences of oil spills and their adverse effects on the ecosystem have resulted in deployment of more stringent regulations that players in the market need to comply with.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

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The global Oil Spill Management Market is segmented into:

Technology Outlook (Revenue, USD Billion; 2018-2028)

• Pre-oil spill
  • Pipeline Leak Detection
  • Double-hull
  • Blow-out Preventers
  • Others
• Post-oil spill
  • Chemical
  • Mechanical
  • Biological
  • Others

Response Technique Outlook (Revenue, USD Billion; 2018-2028)

• Mechanical Containment and Recovery
  • Containment Booms
    • Sorbent Booms
    • Hard Booms
    • Fire Booms
    • Others
  • Skimmers
    • Oleophilic Skimmers
    • Weir Skimmers
    • Non-oleophilic Skimmers
    • Others
  • Sorbent
  • Others
• Chemical recovery
  • Gelling Agents
  • Dispersing Agents
  • Others
• Biological Recovery
• Others

Application Outlook (Revenue, USD Billion; 2018-2028)

• Pre-oil Spill
  • Onshore
  • Offshore
• Post-oil Spill
  • Onshore
  • Offshore

Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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