Oil Spill Management Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1320
Oil Spill Management Market size will register notable gains over 2021-2027 owing to increasing oil spill incidents. The occurrence of a significant number spills in the U.S. waters has signified the importance of oil spill management. A rise in drilling activities and oil transportation will drive the demand for these solutions.
Oil spills can cause immense damage if they occur in sensitive environments such as mangroves, beaches and wetlands. Additionally, large oil spills during breakage of pipelines, mishaps in drilling operation or sinking of big oil tanker ships have further fostered the trend for the management of spills. Stakeholders will play a pivotal role in protecting the environment through preparation, prevention of and response to oil spills.
Based on technology, the oil spill management market share from the pre-oil spill segment will expand at a notable rate by 2027. Strong demand for petroleum products and crude oil will further fuel the trend for blowout preventers, pipeline leak detection and double-hull. With a surged demand for advanced pre-oil spill technology, oil spill management suppliers are expected to further their investments in the segment.
In upstream and midstream operations, oil and gas companies are expected to deploy safety equipment for seamless service. Regulations such as mandatory use of double-hulled ships for newly built oil tankers to reduce marine pollution will boost the demand for double-hull technology.
On the basis of the post-oil spill segment, the mechanical containment & recovery sub-segment will expand at a healthy growth rate. The technique is preferred over other methods owing to the recycling or disposal of recovered oil and the minimization of direct environmental impacts. Additionally, containment booms have become popular to control the spread of oil to minimize the chances of polluting shorelines. Other methods such as skimmers and sorbents are also likely to seek cleaning up and recovery of spilled oil.
In terms of application, the offshore spill management segment will witness an appreciable gain over 2021-2027. Increased demand for oil-spill management technology in deepwater and remote locations will accentuate the need for offshore spill management. Oil spill cases in the Gulf of Mexico and the South China Sea are expected to drive the industry growth.
With respect to regional demand, the North America oil spill management market will account for a notable share over the forecast period. Many occurrences of oil spills into American waterways have been observed over the past decade, for instance Deepwater Horizon spill, which have further led to the implementation of the regulatory framework. An upsurge in onshore and offshore oil gas production activities will continue to encourage companies to invest in oil spill management.
Major industry participants in the global oil spill management industry are CURA Emergency Services, Fender & Spill Response Services, Northern Tanker, National Oilwell Varco, Control Flow Inc., COSCO Shipyard, Ecolab, GE and SkimOil, among others. COSCO is contemplating the acquisition of Hamburg Container terminal to gain a hold in the European oil spill management market. The former company acquired a 35% equity stake in Tianjin Container Terminal and a 20% equity interest in Red Sea Gateway Terminal Company in 2021.
COVID-19 pandemic influencing global oil spill management market outlook
Coronavirus has been challenging for the Latin American shores following the oil spill in the tropical oceans eleven years ago. The heavy toll of the pandemic in Brazil and lack of systematic field survey owing to COVID-19 have escalated ecosystem service losses owing to the oil spill in the region reported in 2019. The impact of this spill in Rio de Janeiro and Amazonian coast will lead companies to invest in the Latin America oil spill management industry.
Besides, According to ITOPF, around 800-900 tons of fuel oil had leaked from a breached tank in Mauritius, as of August 2020. In the midst of reduction in repairing and shipbuilding activities owing to the outbreak, industry growth will largely depend upon developments in pre-oil and post-oil spill technologies.
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