Severe Environmental Repercussions of Oil Spills to Put Oil Spill Management Market on Growth Track

An oil spill refers to the release of oils into the environment, particularly in marine areas. Oil spills are typically caused due to human negligence and are considered as a form of pollution. Leakages in oil and gas pipelines are a major concern for key pipeline operators because of the hefty fines and liabilities associated with oil spills. The use of advanced technology to prevent, manage, and clean oil spillage and further minimize its effect on the environment is thus required. This has boosted the emergence of the oil spill management (OSM) market. By type, the global market for oil spill management has been segmented into onshore and offshore.

According to a research study by Transparency Market Research, in 2013, the global market for oil spill management was worth US$94.2 bn and is projected to reach a valuation of US$114.4 bn by the end of 2020. The market is anticipated to register a 2.80% CAGR between 2014 and 2020.

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How Have Oil Spills Risen Over the Years and What Does this Mean for the OSM Market?

The refined fuel and crude oil spills from tanker ships accidents have damaged the ecosystems in several parts of the world. Oil spills at sea are comparatively more damaging than those occuring on the land, as they can spread over hundreds of nautical miles and can cover several beaches with a thin coating of oil. The presence of oil in the sea can kill mammals, shellfish, seabirds, and other organisms they coat.

Some of the most alarming oil spills recorded in the last few decades are:

• GulfWar Oil Spill (240 mn gallons) in 1991

• Deepwater Horizon (206 mn gallons) in 2010

• Ixtoc (140 mn gallons) in 1979

• Atlantic Empress/Aegean Captain (90 mn gallons) in 1979

• Fergana Valley (88 mn gallons) in 1992

An increasing number of oil spills in the last few decades has boosted the demand for the contingent planning of the oil spill management market.

Asia Pacific to Lead Global Oil Spill Management Market

From the geographical standpoint, in 2013, North America accounted for the largest share in the global oil spill management market. Nevertheless, the Asia Pacific market for oil spill management is anticipated to grow at a fast pace in the next few years. The rapid growth of this region can be attributed to the increasing demand for doubled-hulled ships by several big shipping companies in South Korea, Japan, and China. In addition, the increased government funding and easy availability of trained labor are expected to fuel the growth of the global oil spill management market in this region.

Moreover, several South East Asian nations including Thailand, Indonesia, Vietnam, Malaysia, and the Philippines are also anticipated to grow at a fast pace in the domestic shipbuilding and repair segments.

The prominent players operating in the global market for oil spill management include SkimOil, Inc., Control Flow Inc., CURA Emergency Services, Cameron International Corporation, Ecolab Inc., GE Oil & Gas, Hyundai Heavy Industries Co., Ltd., COSCO Shipyard Group Co., Ltd., Northern Tanker Company Oy, National Oilwell Varco, and Fender & Spill Response Services L.L.C.

Global Oil Spill Management Market to Reach US$114.4 bn by 2020

As per a recent research report published by Transparency Market Research, the global oil spill management market is estimated to exhibit a steady 2.80% CAGR from 2014 to 2020. The market was valued at US$94.2 bn in 2013. The report, titled ‘Oil Spill Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020,’ states that the market is expected to reach US$114.4 bn by 2020. Stringent government rules, increasing government funding for oil spill management programs, and the growing volume of seaborne trade are the major factors responsible for the rapid growth of the global oil spill management market.

Oil spills, especially in marine areas, can be due to natural calamities or human errors. Oil spills can have terrible consequences, environmentally and also for the society. Recovery from and cleanup of an oil spill can be difficult if oil spill management procedures are inefficient. The rise in seaborne oil trade and drilling activities, coupled with the rising demand for energy from various industries, have propelled the use of pressure control devices. This is expected to benefit the global oil spill management market.

The global oil spill management market is segmented on the basis of region, technology, and product type. By technology, the global oil spill management market is classified into pre-oil spill and post-oil spill management. Pre-oil spill management comprises activities that prevent possible oil spills whereas post-oil spill management includes activities to clean oil spills. Pre-oil spill management comprises double hulling of ships, pipeline leak detection activities, and installation of various blowout preventers. Increased drilling activities are expected to boost the installation of blowout preventers across the globe. Chemical and biological oil spill management, physical oil spill management, and mechanical containment are the major post-oil spill management technologies.

By region, the global oil spill management market is divided into North America, Asia Pacific, Europe, and Rest of the World. From 2000 to 2013, North America dominated the global oil spill management market. However, Asia Pacific is expected to lead the global market in the near future. The increasing demand for double-hulled ships from the shipping industries in South Korea, China, and Japan is anticipated to strengthen the Asia Pacific oil spill management market.

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Going forward, the increasing number of natural gas pipeline projects and crude oil pipeline projects is expected to bolster the global oil spill management market. Plummeting prices of oil can restrict offshore activities in the near future. Thus, the growth of the global market is expected to be hampered. New developments in the blowout preventer technology are anticipated to result in improved efficiency in oil spill management procedures. Such improvements in the technology and the introduction of new oil spill management technologies are predicted to propel the global market.

National Oilwell Varco, Control Flow Inc., Fender & Spill Response Services L.L.C., GE Oil & Gas, COSCO Shipyard CURA Emergency Services, Group Co., Ltd., Cameron International Corporation, Northern Tanker Company Oy, SkimOil, Inc., and Hyundai Heavy Industries Co., Ltd. are some of the key companies operating in the global oil spill management market.

Key Segments of Global Oil Spill Management Market

Global Oil Spill Management Market, By Region:

• North America
• Europe
• Asia Pacific
• Rest of the World