NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- The global oil spill management market is expected to witness a CAGR of 3.2%, and is projected to reach USD 135.2 billion by 2024. Increasing E&P activities in deepwater coupled with adequate provision for the management of wastes are the key factors providing boost to the oil spill management market across the globe. Further, government regulations supporting successful waste management and clean-up operations minimizing environmental impact and, subsequently, response costs tends to augment the growth of the market
Offshore application drives the market holding the largest share over the forecast period.
Escalating pipeline and offshore tanker transportation of oil & gas is estimated to positively impact market demand over the forecast period. New technologies for offshore oil spill counter measures along with newly developed monitoring and analysis methods for offshore oil spill has led to greater demand for oil spill management. Programs such as emergency response management of offshore oil spills and technologies being rapidly developed to address the offshore oil spills catastrophe which further aid to the market growth.
Oil spill management Market - Regional insight
North America was the largest oil spill management market, accounting major demand in 2015. It is expected to gain share on account of increasing oil & gas exploration and production activities in the region. North America oil & gas industry is characterized by heavy capitalization of assets in both onshore and offshore reserves. North America oil & gas separation market has been witnessing stagnant growth rates over the last few years owing to increasing governmental norms and standards and the trend is expected to continue over the next seven years. Increasing R&D spending by leading oil spill management companies especially for microbial cleaning for the efficient and rapid cleaning of spills is expected to create immense opportunities for market growth over the coming years globally.
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Key findings from the report:
- The global oil spill management market is likely to reach USD 135.2 billion by 2024
- The offshore application holds the major share of the market in 2017, and the trend is expected to continue over the forescast period.
- Double hull technology held the major market in 2017. However, pipe leak detection technology is likely to exhibit the fastest CAGR from 2018 to 2024
- North America held the largest share of the industry and is expected to continue its dominance over the forecast period
- Some of the key companies operating in the market include SWS Environmental Services, National Oilwell Varco, Inc., Cameron International Corporation, Sorbcontrol S.L., Oil Pollution Environmental Control Ltd., ACME Environmental Inc., Expandi Systems, CURA Emergency Services, Norlense AS among others.
- National Response Corp., provider of oil spill and environmental cleanup services, bought SWS Environmental Services, Inc. . SWS, has 21 locations servicing states throughout the Midwest, Gulf Coast and Southeastern United States, provides hazardous-waste management, emergency response and remediation services to the energy, manufacturing and health care sectors, among others.
The report segments oil spill management market on the basis of technology, application, and region.
By Technology
- Pre-oil spill management
- Double hull
- Pipeline leak detection
- Blow out preventer
- Others
- Post oil spill management
- Mechanical containment recovery
- Others
By Application
- Onshore
- Offshore
By Post Oil Spill Management Response Technique
- Mechanical containment & recovery
- Containment booms
- Hard booms
- Sorbent booms
- Fire booms
- Others
- Skimmers
- Weir skimmers
- Oleophilic skimmers
- Non-oleophilic skimmers
- Others
- Sorbent
- Others
- Containment booms
- Biological recovery
- Chemical recovery
- Dispersing agents
- Gelling agents
- Other
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