A new Transparency Market Research report states that the global oil spill management market stood at US$94.2 bn in 2013 and is predicted to reach US$114.4 bn by 2020. It is expected to expand at a CAGR of 2.80% from 2014 to 2020. The title of the report is “Oil Spill Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”.

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According to the report, increasing safety concerns, coupled with the rising number of incidents of oil spills in the past few years, are predicted to boost the market for oil spill management. Furthermore, rising pipeline and seaborne transportation of chemicals and crude oil all around the world is amongst the prime factors fuelling the oil spill management market.

In addition, strict regulations made by governments around the world for using safety technologies and devices during transportation and drilling of crude oil is also a major factor stimulating the market for oil spill management. The rising offshore and pipeline tanker transportation of oil and gas is also predicted to have a positive impact on the demand for oil spill management. Additionally, the rising research and development spending by top oil spill management companies for rapid and efficient spill cleaning is predicted to lead to promising opportunities for the growth of the market in the coming years.

The continued rise in oil drilling activities, especially onshore, has bolstered the uptake of pressure control equipment such as blowout preventers and technologies such as pipeline leak detection. Stringent regulations imposed by governments of several nations to prevent accidental and operational oil spills have stimulated oil companies to strictly follow preventive measures.

The International Maritime Organization (IMO), primarily involved with regulating shipping, imposes stringent regulations, such as the mandatory use of double-hulled ships for newly built oil tankers, in order to minimize marine pollution. This has accentuated the market in recent years. Furthermore, several governmental regulation in advanced nations such as the U.S. has made double-hulled ships compulsory for all new ships with oil tankers. In addition, mounting concerns arising due to the leaks in oil and gas pipelines has propelled the demand for pipeline leak detection systems among operators.

On the basis of geography, the global oil spill management market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America constituted the biggest share in the market from 2000 to 2013. On the other hand, Asia Pacific is anticipated to dominate the market for pre-oil spill management in the forecast horizon. The presence of big shipping industries has raised the orders for double-hulled ships in China, Japan, and South Korea.

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The major players dominant in the market include National Oilwell Varco, Cameron International Corporation, Control Flow Inc., Northern Tanker Company Oy, Fender & Spill Response Services L.L.C., SkimOil, Inc., GE Oil & Gas, Hyundai Heavy Industries Co., Ltd., COSCO Shipyard CURA Emergency Services, Ecolab Inc., and Group Co., Ltd., among others.

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