The latest market report published by Credence Research, Inc. “Global Oil Spill Management Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global oil spill management market was US$ 132.6 Bn in 2018 and expected to progress with CAGR of 3.1% from 2019 to 2027, reaching US$ 174.5 Bn in 2027.
“Rising oil spilling accidents demand oil spill management”
Oil spilling is a major environmental concern across the world. According to the EPA, almost 14,000 oil spills are reported each year in the U.S. alone. The major impact is on marine life as the spread is faster and life forms are present in the large quantity in the ocean. Therefore, oil spill control measures are the necessity of the time to decrease and limit oil spills, as well as limit their spreading in the environment. The rising requirement for oil-spill management technology remote locations such as Arctic Circle is anticipated to drive the market demand in the near future. Upcoming projects predominantly in the South China Sea & addition of oil wells by shale oil companies in the U.S. are anticipated to drive the market growth over the foreseeable future.
The rising number of oil spill incidents across the world has once again pointed out the necessity of stringent laws to counter the spilling. On 12th April 2020, Alyeska Pipeline Service Company has founded roughly 326 barrels — 13,692 gallons — of oily water have been recovered at the Valdez Marine Terminal. Such accidents have further presses the need to follow the regulations and keep the water free from oil. Therefore, stringent environment regulations charted by countries across the world are helping to counter the accidental spill off of oil while importing and exporting from the source country. This has influenced the ships and tankers to keep their vessel at a good condition installed with essential sensors.
Browse the full report at https://www.credenceresearch.com/report/oil-spill-management-market
The overall oil spill management market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching innovative & new products, agreements, partnership & collaboration, and investment in R&D to stay competitive in the market.
• In November 2019, US Ecology, Inc., announced the completion of its previously announced merger with NRC Group Holdings Corp. a leader in comprehensive environmental, compliance and waste management services to the marine and rail transportation, general industrial and energy industries in an all-stock transaction. With this merger, both companies expected to create cross-selling opportunities and operational efficiencies and provide compelling long-term value to both our customers and stockholders.”
• In December 2018, Oil Spill Response Ltd (OSRL) has announced the signing of a new “Strategic Cooperation Agreement” with Genesis Oil and Gas Consultants Ltd to support its Subsea Well Intervention Service (SWIS) members. The agreement provides OSRL’s SWIS members with access to Genesis’s extensive knowledge and expertise in subsea systems engineering, installation, operation (process/flow assurance) and computational fluid dynamics – all to promote best-practice subsea well incident planning, preparedness and response.
Key Market Movements:
• Based on technology, pre-oil spill segment captured the largest share in 2018. Subsequently, the same segment expected dominate the market with higher CAGR during the forecasted period.
• Based on region, North America was the largest regional oil spill management market in 2018. On the other hand, Asia Pacific expected to drive the market growth with the highest CAGR from 2019 to 2027.
List of Companies Covered:
• National Oilwell Varco
• SkimOIL, Inc.
• Ecolab Inc.
• Cameron International Corporation
• Omi Environmental Solutions
• NRC International Holdings
• Osprey Spill Control, LLC
• Lamor Corporation
• Desmi AS
• Oil Spill Response Limited
The Global Oil Spill Management Market is Segmented into:
|Segmentation||Technology Segment (2017-2027; US$ Bn)|
|Application Segment (2017-2027; US$ Bn)|
|Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page