Global oil spill management market is estimated to witness significant growth over the forecast period on account of escalating oil spill incidents coupled with mounting safety concerns. Increasing oil & gas transportation owing to rising drilling activities is anticipated to fuel the market growth over the forecast period. Strict government regulations regarding safety and pollution such as Oil Pollution Act, Norway Pollution Control Act and Petroleum Activities Act are estimated to drive oil spill management market in foreseeable future. Establishment of regulatory boards such as Bureau of Ocean Energy Management (BOEM), Bureau of Safety and Environmental Enforcement (BSEE) & Canadian Coast Guard agency have enforced oil & gas companies to adhere to safety norms. This is further anticipated to drive the industry growth over the forecast period. Leading oil & gas companies have been constantly involved in R&D to enhance efficiency and oil spill cleaning process which is anticipated to create huge opportunities for industry participants over the forecast period.
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Class A spills accounted for a lion’s share of the market volume in 2013. Non-petroleum spills are expected to gain market share over the forecast period owing to rising number of incidents lately. Mechanical oil spill management methodology was the largest segment on the basis of technology in 2013 and is estimated to witness average growth rates in near future. Chemical and biological methods are estimated to witness significant growth over the foreseeable future.
Offshore locations including Gulf of Mexico and Gulf of Alaska in North America, North Sea in Europe and Persian Gulf in the Middle East witnessed a large number of incidents and had major share of global industry in 2013. Increasing oil spill occurrences in onshore oilfields is anticipated to drive demand in the sector over the next six years. North America accounted for the leading number of oil spills and dominated the global market in 2013 and is estimated to witness average growth rates over the forecast period.
Leading companies operating in global market comprise American Green Ventures Inc., Oil Spill Response Limited, Osprey Spill Control, Skim Oil Inc., Fender and Spill Response Services and OMI Environmental Solutions.
The report “Oil Spill Management Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2014 To 2020” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/oil-spill-management-market
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