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.
The effects of oil spills can be observed over a wide area in water and can also severely impact the marine ecosystem and cause damage to shorelines vast distances away from the actual spill location. Leakages in oil and gas pipes are also a grave concern for oil tanker and pipeline companies as it can result in high cost for clean-up, restoration, as well as most often results in lawsuits. Stringent regulations implemented by governments and need to comply with safety norms to avoid occupational hazards in the production and transportation of petroleum are other factors expected to boost revenue growth of the oil spill management market during the forecast period.
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Prominent players analyzed in the report are :
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.
Some key findings in the report
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.
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Chemicals are required in many industrial processes. As a result, the materials and chemicals industry is inextricably linked to other sectors. When one is utilized to produce the other, there is a correlation. Other industries use chemicals from chemical makers and suppliers as raw materials.
More than 70% of chemical industry products are being consumed by other industries, with roughly 20?ing used by the industry for other purposes. This 70 percent supports food and health, textiles, transportation, medications, and other sectors. Only 10% of the products are intended to be sold to the general public. The expansion of the materials and chemicals business is dependent on demand from other industries. As a result, supply is directly affected by increased manufacturing rates in other industries.
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Pipeline Leak Detection
Regional analysis covers the following key regions:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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