The latest research report on ‘Oil Spill Management Market‘ added by Global Market Insights, LLC, presents a detailed analysis concerning market share, market valuations, revenue estimation, SWOT analysis, and regional spectrum of the business. The report further highlights key challenges and growth prospects of the market, while examining the business outlook comprising expansion strategies implemented by market leaders.
Global Oil Spill Management Market size is predicted to pace at a rapid scale with rising safety issues towards the increasing occurrences of oil spill events in the recent years. Growing onshore and offshore drilling activities in the oil spill management market, have significantly propelled the growth in oil & gas transportation through tankers and pipelines. Leakage associated with oil and gas pipelines is emerging as a principal concern for pipeline and tanker companies owing to the costs involved including lawsuits, clean-up costs, restoration costs. In 2010, the largest onshore oil spill occurred in the U.S. with over 3 million liters of heavy crude oil into a tributary of the Kalamazoo River in Michigan. The US Environmental Protection Agency (EPA) later assessed the spill to be above 1 million gallons.
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Stringent government regulations and safety norms towards controlling occupational threats and hazards in petroleum production and transportation facilities are estimated to strengthen the oil spill management market in the coming years. Numerous initiatives are mandated by national governments and safety institutions including Occupational Safety and Health Administration (OSHA) and National Institute of Environmental Health Sciences (NIESHS) to prevent and control the oil leakages during transportation or at source. OSHA collaborated with the NIEHS to ensure that workers participating in an oil spill response and cleanup receive appropriate training and protective equipment.
EPA is the principal federal response agency regulating the oil spill management market to prevent, prepare for, and respond to oil spillage occurring in inland waters of the United States. The U.S. Coast Guard is the lead response agency for spills in coastal waters and deep water ports. EPA’s Oil Spill Prevention Program includes the Facility Response Plan (FRP) and the Spill Prevention, Control, and Counter measure (SPCC) rules. The FRP rule governs response plan for a worst-case oil discharge or threat of a discharge. The SPCC rule facilities prevention of oil discharge into navigable waters or adjacent shorelines.
The global oil spill management market can be segmented based on technology into post-oil spill and pre-oil spill. Pre-oil spill employs blowout preventers, double hulling and pipeline leak detection. Increase in worldwide drilling activities fueled by growing demand for energy for industrial development is a substantial factor in driving the demand for pressure control equipment including blowout preventers (BOPs).
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Pre-spill management dominates the industry with double hull technology accounting for a major share of the global oil spill management market in 2015. Oil spill statistics reported that double hulled tankers spill less than, double sided tankers, pre-MARPOL single hull tankers and double bottom tankers. The post-oil spill segment includes mechanical, chemical, physical and biological technologies. Advancement in research and development towards oil spill management market, particularly innovation of microbial cleaning of oil spill is anticipated to augment the industry.
Marine trade is widely characterized by petroleum products and natural gas transportation. Increasing demand for petroleum and crude oil products in Europe and Asia Pacific will boost the maritime business growth. Rise in the global shipping trade, particularly in North America and Europe resulted in increased maritime traffic in arctic region. Rising concern towards losses and spillage in the transportation of petroleum products in shipping trade is predicted to augment the oil spill management market.
Notable players in the global oil spill management market include National Oilwell Varco, SkimOil, Control Flow Inc., Cameron International, Northern Tanker, COSCO Shipyard, CURA Emergency Services, GE, Ecolab, Fender & Spill Response Services among others.