Major players in the oil spill management market are Ecolab, National Oilwell Varco, Northern Tanker Company, SkimOil, Hyundai Heavy Industries Co. Ltd., CURA Emergency Services, Fendercare Marine, Osprey Spill Control (OSC), Sapura GE Oil & Gas Services SdnBhd, OMI Environmental Solutions(OMIES), Oil Soil Response Ltd., VikomaInternational, Oil Recovery and Environment Protection, MARKLEEN, Lamor Corporation, and American Green Ventures Inc.
The global oil spill management market is expected to grow from $139.36 billion in 2022 to $143.92 billion in 2023 at a compound annual growth rate (CAGR) of 3.27%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The oil spill market is expected to reach $163.54 billion in 2027 at a CAGR of 3.25%.
The oil spill management market includes revenues earned by entities by double hut, blowout preventers, pipeline leak detection, mechanical containment methods and chemical and biological management methods.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Oil spill management refers to the process of controlling an oil spill to reduce and contain the spill’s size as well as its environmental impact. Oil spills is partially managed via chemical dispersion, combustion, mechanical containment, and adsorption.
North America was the largest region in the oil spill management market in 2022. The regions covered in the oil spill management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The two major types of oil spill management are pre-oil spill management and post-oil spill management.Pre-oil spill protection comprises devices for detecting pipeline leaks, blowout preventers, double hulls, etc.
Various response techniques involved in oil spill management are mechanical containment and recovery, chemical recovery, and biological recovery, used in offshore and onshore appliactions.
An increase in offshore and onshore drilling activities is expected to propel the growth of the oil spill management market.Onshore drilling is the process of creating on-land oil fields, gas deposits, and geothermal energy sources.
Whereas offshore drilling is a mechanical procedure involving drilling a wellbore beneath the seafloor.Oil spill management is used to decrease and limit oil spills in wells and restrict environmental expansion.
For instance, in March 2021, according to an article shared by the Oil & Gas Journal, an Oklahoma-based leading petroleum industry weekly publication, from the 46,000 wells drilled in 2020 to about 51,700 wells in 2021, onshore drilling activity is anticipated to rise by 12%, and then by another 19% in 2022 to reach around 61,700 wells.In the offshore sector, Rystad anticipates that drilling will pick up roughly 10% year over year in both 2021 and 2022.
Thus, increasing offshore and onshore drilling activities are expected to drive the growth of the oil spill management market.
Technological advancement is a key trend in the oil spill management market.The major players in the oil spill management industry are concentrating on developing innovative technology to maintain their market share.
For instance, in April 2022, Commonwealth Scientific and Industrial Research Organization (CSIRO), an Australia-based government agency for scientific research, introduced new oil spill response technology to eliminate microscopic oil particles.A typical sponge is considered in the process and is coated with a particular polystyrene-based polymer.
The sponge is coated with a superhydrophobic polymer layer.That is, it repels water exceedingly well.
However, it is extremely effective at separating oil from water emulsions: the oil soaks into the sponge while the water wicks away. The method can be utilized after the majority of the oil has been extracted (the skimming operation’). This is when the oil concentration in the water is incredibly low but nonetheless detrimental to the ecosystem. Even at extremely low concentrations (less than 1000 ppm), hydrophobic sponges may separate oil from water.
In March 2021, Lamor Corporation, a Finland-based company focusing on environmental services and products, acquired Harbo Technologies for an undisclosed amount.Through this acquisition, the effectiveness of cleanup is increased by Harbo’s oil spill first response system, which also improves the whole oil spill response procedure.
A portfolio of response products and solutions already robust will benefit greatly from the quick response oil spill solutions offered by Harbo. Harbo Technologies is an Israel-based oil spill management company.
The countries covered in the oil spill management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The oil spill management market research report is one of a series of new reports that provides oil spill management market statistics, including oil spill management industry global market size, regional shares, competitors with a oil spill management market share, detailed oil spill management market segments, market trends and opportunities, and any further data you may need to thrive in the oil spill management industry. This oil spill management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.