15-October-2018: The global oil spill management market is predicted to touch a valuation of USD 177.63 billion by 2025 due to the rising incidence of oil spills, according to a report by Grand View Research, Inc. Oil spills occur due to the release of crude oil into oceans or coastal waters. This can be harmful to the marine ecosystem and may also end up harming birds and mammals that rely on these waters for food.
The market is driven by government regulations permitting offshore and onshore drilling activities. Recent oil spill cases such as the Deepwater Horizon oil spill have led to the passing of stringent environmental policies. Investment in R&D by various companies for efficient oil spilling cleaning methods is expected to drive market growth over the forecast period (2014-2025). Demand for crude oil amid the growing energy crisis is also predicted to play a major role in boosting market demand.
In light of recent oil spills, major oil exploration and production (E&P) companies are creating strategies to respond better to situations. For instance, British Petroleum (BP) has provided training to its staff to handle such cases. The company has also created incident management teams to respond better by keeping open communication lines with situation-dependent team leaders. Aptomar, a Norwegian company, has developed field sensors to detect oil spills to forewarn management. In addition, its systems contain a user interface to monitor the spread of oil spills as well as detection of weather patterns.
The oil spill management market is segregated by technology, post-oil spill response technique, application, and region. By technology, the market is bifurcated into pre- and post-oil spill. Major post-oil spill response techniques comprise biological recovery, chemical recovery, and mechanical containment and recovery. Major applications are focused on two segments, namely pre-oil and post-oil spills.
Regions covered in the market report include Central and South America (CSA), North America, Asia Pacific (APAC), Middle East and Africa (MEA), and Europe. The North America market is expected to retain a major market share till 2025 on account of increased E&P activities. Offshore and onshore activities, as well as cases related to oil spill such as Marathon Oil, are predicted to contribute to its market revenue.
The Europe market is also expected to thrive over the forecast period due to various oil reserves in the North Sea. Technologies such as synthetic aperture radar (SAR) remote sensing technology or satellite remote sensing (SRS) are being considered to tackle oil spillage. Furthermore, tax incentives for decommissioning of oil fields is also anticipated to drive market demand for spill management technologies.
The APAC market is anticipated for high growth due to oil and gas production activities in South Korea, China, and India. This can be credited to tax incentives offered by the government for discovering gas reserves as well as the booming pre-oil spill management sector. The Indian market is attempting to create awareness with the help of Oil Spill India, a forum dedicated to prevention and management of oil spills. The MEA market is projected to accrue significant returns owing to demand for pre-oil spill management technology in Qatar and Saudi Arabia. The African market has high potential for growth on account of oil reserves in Algeria, Angola, and Nigeria. Nigeria, in particular, has created the National Oil Spill Detection and Response Agency (NOSDRA) to contain oil spillage and protect its after effects on surrounding flora and fauna.
Key market players include Hyundai Heavy Industries Co., Ltd., Fender & Spill Response Services LLC, Cameron International Corporation, National Oilwell Varco (NOV), and Osprey Spill Control, L.L.C. Mergers, acquisitions, and strategic alliances are strategies being employed by these players to sustain their hold.
Recently, NOV acquired Fjords Processing in order to attain the latter’s technology and processes related to oil and gas processing. This move allows the former to provide all manners of spilling management techniques. The formation of oil spill contingency plans by various nations to combat marine oil pollution is expected to play a key role in the players’ growth strategies.
In-Depth Research Report On Oil Spill Management Market:
https://www.grandviewresearch.com/industry-analysis/oil-spill-management-market
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