Oil Spill Management Market to Reach Value of USD 192.06 Billion By 2027 | Reports and Data

New York, Jan. 11, 2021 (GLOBE NEWSWIRE) -- The global oil spill management market is projected to reach value of USD 192.06 Billion by 2027, according to a new report by Reports and Data. Oil spill management integrates devices, technologies, and equipment to prevent the incidence of oil spills and clean-up the oil spills to minimize their effect on the environment. Oil spill management can be deployed onshore or offshore during transportation or production.

According to the United States Environmental Protection Agency (EPA), almost 14,000 oil spills are reported every year in the United States alone. Oil spill management aims to limit the frequency of oil spills and their spread to the environment. There exists high demand for oil spill management as it heavily pollutes the environment.

The market is also driven by hefty penalties imposed on leading oil companies due to the devastating effect they have on the environment as well as the economy, due to oil spills. Market players are trying to prevent leaks to avoid penalties and revenue loss. They are investing heavily in research and development, which is projected to boost the market in the next few years. Advancements in technology for pre- and post-oil spills are expected to boost oil spill management market in the next few years.

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The COVID-19 Impact:

The COVID-19 pandemic has made a significantly negative impact on the oil spill management market. Exploration activities were still underway during the pandemic, but clean-up activities were on hold. Economic consequences of oil spills was witnessed in the Middle East during the pandemic.

Further Key Findings from the Report Suggest

• Pre-spill oil management includes use of various protection management technologies such as blow-out preventers, pipeline leak detection, and double-hull. Market players insist on maintaining regular checkups and strict monitoring of pipes and tankers to avoid heavy losses after oil spills.
• Sorbents are materials that soak up liquids through adsorption or absorption. Materials commonly used as sorbents are peat moss, hay, vermiculite, or straw. Sorbents make the clean-up process for oil spills easier. The sorbents segment is anticipated to expand at a CAGR of 3.5% during the forecast period.
• The onshore sub-segment dominated the post-oil spill management segment in the year 2019. Several incidences of blowout or damage of pipelines in China, Mexico, Canada, and the U.S. have driven the onshore segment.
• The market in Asia Pacific is projected to expand at the highest CAGR during the forecast period, owing to presence of large shipping companies in Japan, China, and South Korea. Moreover, increase in repairing and shipbuilding activities in the region has also contributed to market in the region.
• Key market players include Cameron International Corporation, Ecolab Inc., Hyundai Heavy Industries Co., Ltd., National Oilwell Varco, Fender & Spill Response Services L.L.C., SkimOil, Inc., COSCO Shipyard Group Co., Ltd., Control Flow Inc., Northern Tanker Company Oy, and GE Oil & Gas.

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For the purpose of this report, Reports and Data has segmented the global oil spill management market on the basis of technology, response technique, application, and region as follows:

• Technology Outlook (Revenue, USD Billion; 2017–2027)
  • Pre-oil Spill
    1. Pipeline Leak Detection
    2. Double-hull
    3. Blow-out Preventers
    4. Others
  • Post-oil spill
    1. Chemical
    2. Mechanical
    3. Biological
    4. Others
• Response Technique Outlook (Revenue, USD Billion; 2017–2027)
  • Mechanical Containment and Recovery
    1. Containment Booms
       • Sorbent Booms
       • Hard Booms
       • Fire Booms
       • Others
    2. Skimmers
       • Oleophilic Skimmers
       • Weir Skimmers
       • Non-oleophilic Skimmers
       • Others
    3. Sorbents
    4. Others
  • Chemical Recovery
    1. Gelling Agents
    2. Dispersing Agents
    3. Others
  • Biological Recovery
  • Others
• Application Outlook (Revenue, USD Billion; 2017–2027)
  • Pre-oil Spill
    1. Onshore
    2. Offshore
  • Post-oil Spill
    1. Onshore
    2. Offshore

Click on the link to read key highlights of the report and look at projected trends for years to come:   https://www.reportsanddata.com/report-detail/oil-spill-management-market

• Regional Outlook (Revenue, USD Billion; 2017–2027)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA
  • Latin America
    1. Brazil
    2. Rest of LATAM

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