The Pre -Oil Spill Management segment is expected to dominate the market during the forecast periods
Growth
in oil & gas transportation through tankers and pipelines along with tough government
safety guidelines are anticipated to positively impact on global oil spill
management industry.
According
to TechSci Research report, “Global Oil Spill Management Market - By Region,
Competition, Forecast & Opportunities, 2028”, The Global Oil Spill Management Market is expected to
register CAGR of 4.5%. Oil spill management refers to the prevention and
control of oil spread in the environment. Majorly, it involves the use of
suitable pre-oil spill prevention techniques and post-spill cleaning strategies.
It also includes the deployment of various technologies to reduce the
disastrous ecological effects of spilt fuel. Oil can easily spill in
waterbodies, such as oceans, streams, and bays, because of accidents involving
tankers, drilling rigs, barges, refineries, pipelines, storage facilities, and
recreational boats. The market growth is ascribed to the surge in oil demand,
rise in offshore drilling activities, stringent government norms and
regulations for oil companies, and strong environmental concerns.
Moreover,
in 2020, a Japanese consignment ship met with an accident on the southeastern coast
of Mauritius, as a result of which hundreds of tons of oil spilled on to coral
reefs and untouched waters, thus harming the unique ecosystems of the island
nation. The grounded ship broke up and released more oil into the sea, putting
acres of marine area at risk. Therefore, to address such failures, pre- and
post-spill management technologies are required to lessen the possibility of
such mishaps as well as the effect they have on the ecosystem.
The
demand for oil discharge managing technologies is driven by the hefty penalties
levied on E&P corporations,
depending on the extent of the environmental and economic damage in the case of
such an event. Hydrocarbon companies attempt to lessen their losses by
preventing leaks and installing unconventional solutions and technologies to
monitor tanks and pipes, in order to reduce the risk of undesired discharge.
For instance, Amplify Energy Corp. was fined USD 50 million for the settlement
of a lawsuit involving a pipeline leak into the ocean off Huntington Beach in
2021. The fine was to be distributed among fishers, property owners, and tourism
firms, such as those that offer whale watching tours, which were affected by
this incident. Over the past few years, many more companies were fined in the
aftermath of such detrimental accidents. Therefore, these firms are investing
in R&D to make the whole monitoring process automated and more effective,
which plays a key role in driving the oil spill management market growth.
Leakages
in hydrocarbon pipes may result in high cleanup and restoration costs, as well
as
lawsuits
on pipeline and tanker companies. The implementation of stringent government
regulations
and safety norms to control such industrial hazards is among the
most-significant
factors
projected to boost the deployment of pre-oil spillage management techniques
during
the
forecast period. In January 2021, the state legislature in California passed a
statutory
amendment
to its marine oil pollution law, which significantly raised the fiscal
penalties that
can
be imposed for such incidents.
Browse over xx market data Figures spread through 180 Pages
and an in-depth TOC on "
Oil Spill Management Market.”
Based
on type, the market is segmented into pre-oil spill management and post-oil
spill management. Pre-oil spill management holds the market due to strict
regulations on the transportation of petroleum products in maritime trade. The
double hull technology is used on a larger scale in this category in ships and
submarines to prevent future catastrophic oil spills.
Key
market players in the Global Oil Spill Management Market include:
- Clean
Harbors, Inc
- Oil
Spill Response Limited (OSRL)
- National
Response Corporation (NRC)
- Lamor
Corporation Ab
- Ecochlor,
Inc
- Elastec:
- Darcy
Spillcare Manufacture
- Desmi
- Veolia
Environment,
- Nalco
Water, an Ecolab Company
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“Oil
discharge is harmful to natural resources, coastal and marine environment, and
the health and economies of coastal societies. Different types of marine and
freshwater habitats respond differently to contaminated water, and the animals
thriving in them also possess varying abilities to recover from the damaging
effects. Spilt oil floats and creates a thin film on the
ocean
surface and sticks to the fur and feathers of sea birds and mammals, which
reduces their natural water-repelling and buoyancy properties. Oil-drenched
feathers and fur also
adversely
affect their ability to regulate their body temperature. Further,
oil-contaminated water bodies may result in serious injuries, gastrointestinal
and organ damage, or even the immediate death of the surface-dwelling creatures
due to suffocation. Further, contaminated food supplies may make animals
undernourished or infected over time. Moreover, poisoned waters impact
reproduction and breeding; for instance, infected bird nests on the shore may
suffocate unhatched chicks, or the affected females may lay eggs with thinner
shells, which may break easily.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Oil Spill Management Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Pre-Oil Spill
Management, Post-Oil Spill Management), By End User (Offshore, Onshore) By
Region, Competition 2018-2028 “ has evaluated the future growth
potential of Global Oil Spill Management Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Oil Spill Management Market.
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