Regulatory Mandates for Preventing Spills from Oil Tankers Pave Way to New Vessel Designs in Oil Spill Management Market, Valuation to Touch US$ 139.4 Bn by 2027: TMR

ALBANY, N.Y, Aug. 17, 2020 /PRNewswire/ --  Wide spectrum of pre- and post-spill technologies and methods are employed by businesses in seaborne activities and companies related to oil drilling, storage, and transportation to prevent, minimize, or devise effective clean-up of oil spills. Consequently, around the world these are crucial in minimizing the adverse environmental effects of oil spills, propelling the oil spill management market to evolve.

Oil tankers adopt new vessel designs, notably double hulling, in managing pre- spills.

Research analysts at TMR projects the global oil spill management market to clock a CAGR of 3.1% from 2019 to 2027, and thereby reach valuation of US$ 139.4 bn by the end of this forecast period.

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Key Findings of Oil Spill Management Market Report

• The global valuation of the oil spill management market was pegged at a whopping US$ 105.9 bn in 2018
• In pre-spill segment, rising adoption of double-hulled ships in oil transportation was attributed largely to regulatory mandates
• During 2019 – 2027, the double-hulled ships segment is expected to gain market share
• Regionally, North America has been buoyant market on the global front
• Asia Pacific accounted for the major share of global market in 2018
• Remarkable rise in oil drilling activities onshore to drive the uptake of this product type

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Oil Spill Management Market: Key Driving Factors and Promising Avenues

Industry-specific trends and regulatory mandates in minimizing the impact of oil spills on ecology in general and marine life in particular have shaped the growth trajectories of the oil spill management market. In coming years, numerous drivers will spur revenue scope in the market, some of which are discussed below:

• Rise in transportation and drilling of crude oil around the world has led to the demand for vessel designs that can effectively prevent oil spills. Also, rise in seaborne transportation activities have alarmed governments about the concerns of oil spills on the marine life.
• Rise in in case of accidental oil spills has gravitated oil drilling and transportation companies give due caution to oil spill management market.
• Advances in designs of oil vessels have been crucial part of preventing oil spills.
• Rising domestic shipbuilding and repairing activities in some parts of the developing world has also spurred the prospects in the market.
• Demand for new techniques and methods of cleaning up marine oil spills also boosts the market outlook.
• Implementation of international conventions on reducing oil spill in developed economies has positively affected the demand for oil spill management services.
• Rise in onshore oil drilling activities has fueled new revenue prospect for shipbuilding prospects.

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Oil Spill Management Market: Geographical Assessment

Among the various key geographies contributing revenues to the market, Asia Pacific holds the sway and accounted for the leading share in 2018. The growth of this regional market has been fueled increasingly by the vibrant shipbuilding as well repairing activities that have taking place in China, South Korea, and Japan. Rapidly increasing trend of double hulling has also spurred revenue generation for players in this regional market. A vibrant shipping industry will help the Asia Pacific market retain its dominance throughout the assessment period.

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On the other hand, North America is also a promising market for stakeholders engaged in oil spill management. The market has gained substantial opportunity due to focus on prevention of oil spills.

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The Oil Spill Management Market can be segmented as follows:

Technology

• Pre-Oil Spill Management
• Blowout Preventers
• Double Hulling
• Pipeline Leak Detection
• Post-Oil Spill Management
• Mechanical Containment Methods
• Chemical and Biological Management Methods
• Physical Management Methods

Product Type Analysis

• Onshore
• Offshore

Regional Analysis 

• North America
• U.S.
• Canada
• Europe
• U.K.
• Norway
• Russia & CIS
• Rest of Europe
• Asia Pacific
• China
• India
• ASEAN
• Rest of Asia Pacific
• Rest of the World
• GCC
• Venezuela
•  Nigeria
• Others

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