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Oil spill management mainly entails the utilization of technologies to prevent oil spills. It also involves devising appropriate clean-up strategies post spilling and implementing techniques to minimize waste and devastating ecological effect of the oil spill. Oil spill management is highly required by the ships during the transportation of oils and petroleum products to prevent environmental pollution. Hence, stringent environmental regulations are made for it by the government. The oil spill management market is mainly driven by the need for managing operational oil spills from sectors such as exploration, production, and transportation. These sectors have been involved in a variety of pipeline transportation and seaborne of crude oil and chemicals.
Based on type, the market is segmented into pre-oil spill management and post-oil spill management. Pre-oil spill management holds the market due to strict regulations on the transportation of petroleum products in maritime trade. The double hull technology is used on a larger scale in this category in ships and submarines to prevent future catastrophic oil spills.
Based on the application, the market is segmented as offshore and onshore. Offshore holds a significant share of the market due to the ever-increasing demand for oil spill management to prevent harmful effects on water bodies. Further, offshore exploration activities have increased rapidly in recent years to utilize the proven reserves.
The key market driver for the oil spill management market is an increase in offshore and onshore drilling activities to suffice the ever-increasing energy demand. The other market drivers include increasing seaborne and pipeline transportation of crude oil and chemicals and hefty investment in R&D activities for efficient spill management techniques.
The key market restraint for the market is the high maintenance required to manage the oil spills efficiently. The other factor hindering the growth of the market is the high operation cost and costly equipment required for these management systems.
Key Market Driver -
Increase in offshore and onshore drilling activities
Key Market Restraint -
Regular maintenance requirement increases the high cost indulged
Some of the major companies in the oil spill management market are Osprey Spill Control (OSC), Ecolab, National Oilwell Varco, Northern Tanker Company, SkimOil, Sapura GE Oil & Gas Services SdnBhd, Hyundai Heavy Industries Co., Ltd, CURA Emergency Services, Fendercare Marine, OMI Environmental Solutions(OMIES), Oil Soil Response Ltd, VikomaInternational, Oil Recovery and Environment Protection, MARKLEEN, and Lamor Corporation.
The global oil spilling management market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Countries like the US and Canada are anticipated to witness substantial gain in market share owing to the rise in oil & gas and exploration and production activities. Also, numerous oil spill incidents in the region have led to the formulation of strict regulatory frameworks in onshore and offshore gas and oil production. Europe is also expected to witness a significant rise in the market due to increased offshore drilling activities, which will boost the growth of the oil spill management market. The market in the Asia Pacific region is expected to grow due to a substantial increase in oil and gas production activities in countries like China and India. The growth of this market in the region is further fueled by the prominent presence of big shipping companies in several Asian nations such as South Korea and Singapore. Latin America and Middle East & Africa are also expected to grow at a healthy rate due to major oil-producing countries like Iran, UAE, Peru, Chile, and Venezuela. Venezuela has maximum proven reserves of oil at offshore locations, which will positively impact the oil spill management market.
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