Transparency Market Research has published a new report "Oil Spill Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 03/07/2016 -- Transportation of oil from oil production centers to major markets has been established through rail, road, shipping and, pipeline infrastructures. Much of the world's oil is transported by sea at some stage of transportation, which puts the marine environment at a much greater risk from oil spillage. Although spills occur mostly in ocean, the spilt oil is often carried to shoreline due to the action of winds, tides, and currents. This has several implications, but one of the most critical issues to deal with is the amount of waste generated after oil spillage. Historical data suggests that the amount of waste generated after an oil spill is nearly 30 times more than the amount of oil actually spilt.
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This factor, combined with the harmful effects of oil spillage on human and environmental health, and the continuous surge in oil transportation activities across the globe have made oil spill management a crucial segment of the global oil and gas industry in the past few years.
The billion dollar oil spill management market had a valuation of US$94.2 bn in 2013. The market is expected to expand at a 2.80% CAGR over the period between 2014 and 2020, and reach US$114.4 bn by 2020.
Regulations Mandating Oil Spill Management Protocols Boost Adoption of Oil Spill Measures
Each year, there are hundreds of thousands of oil spills in coastal waters across the globe. Spills range from fuel transfer mishaps to small ship collisions to massive spill events such as the Deepwater Horizon oil spill in the Gulf of Mexico. The severity of environmental and economic damages caused by major oil spills, which can also linger for decades, has made government and private bodies more aware about the adverse implications of such incidents in the past few years.
The rising awareness about these aspects of oil spill has led to the legislation of several regulations that mandate the observation of oil spill management protocols during oil transportation. There have also been several cases in the past few years where companies failing to follow protocols have been levied with huge fines for oil spills. Provisions for heavy fines in cases of oil spill are present in several countries around the Mediterranean, which has some of the busiest sea routes of the world, Europe, North America, and Asia Pacific.
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Pre-oil Spill Management Measures Lead Global Market
Of the key type of products available in the global oil spill management market, the segment of preventive measures such as double hauling ships is more preferred over post-oil spill management products and techniques. Several regulations such as the one legislated by the International Maritime Organization, which mandates double hulling in all oil carrying ships, have also helped in boosting growth prospects of the global oil spill management market in the past few years.
The demand for double hulled ships has also seen a significant rise in Asia Pacific countries such as Japan, China, and South Korea, all of which are dynamically growing economies with vast presence in the maritime transport industry. Owing to this, the market for oil spill management in Asia Pacific is expected to be the leading regional market in the global market for oil spill management in the years to come.
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