6
million tonnes of crude oil is transported by tank-ships on a daily
basis, incurring the risk of oil spills in spite of strict
regulations for lowering the risk of the same and adoption of oil
spill management technology. The global oil spill management market
is witnessing steady growth in the market due to these risks.
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The
stringent rules and regulations enforced by the government mandating
higher investments towards avoiding and managing oil spills bring in
a substantial amount of capital in the global oil spill management
industry. Apart from this, the rise in the volume of seaborne trade
is likely to augment the expenditure on offshore oil spill
management. The pipeline trade for natural gas and crude oil is also
expected to rise in the near future. This growth is expected to
strengthen the industry for leak detection and several other spill
management equipment and services market.
On
the other hand, plunging oil prices are resulting in a reduction in
offshore exploration activities, which in turn is limiting the demand
for blowout preventers. However, advancement in blowout preventer
technology is expected to act as a cost-saver for the major players
in the oil spill management.
Asia
Pacific and North America Dominate Pre-oil Spill and Post-oil Spill
Management Industry, Respectively
Technology-wise,
the global oil spill management industry is classified into the
pre-oil spill management market and post-oil spill management market.
Pipeline leak detection systems, blowout preventers, and double
hulling of ships are the major techniques used in pre-oil spill
management. Double hulling of tankers is the most common method
employed for reducing the chances of oil spills. Mechanical,
physical, chemical, and biological methods are employed in post-oil
spill management. Apart from the technology, the oil spill management
industry is categorized into onshore and offshore oil spill
management markets by application.
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Among
the regional markets for oil spill management, such as North America,
Europe, Asia Pacific, and the Rest of the World, the market in Asia
Pacific is expected to lead the global pre-oil spill management
industry during the period from 2014 to 2020.
The
presence of a huge shipping industry has enabled Asian nations such
as Japan, China, and South Korea to grab most of the orders for newly
constructed double-hulled ships. The substantial growth of the market
for shipbuilding in Asia Pacific, which is majorly driven by
government-initiated funding by the Export Credit Agency, also known
as ECA, and abundant availability of steel and a skilled workforce is
the main reason for the rapid development of the oil spill management
market in this region.
Apart
from this, various Southeast Asian nations such as Thailand, Vietnam,
Indonesia, Malaysia, and the Philippines are also witnessing healthy
growth rates of local shipbuilding and repair industries, resulting
in significant development of the oil spill management industry in
Asia Pacific.
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Press Release Of Oil Spill Management Market
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The
global post-oil spill management industry was headed by North America
during the period of 2000 to 2013. Most of the overall expenditure in
the region was utilized to control the Deepwater Horizon oil spill,
also known as BP oil spill, which occurred in the year 2010.
Mechanical containment is the most popular method to control oil
spills in North America.
Global
Oil Spill Management Market to Develop Moderately at 2.8% CAGR
In
2013, the global industry for oil spill management generated revenue
of US$94,218.1 million. The market is projected to reach a value of
US$114,441.1 million by the end of 2020, developing at a 2.8% CAGR
from 2014 to 2020.
The
global market for oil spill management has a number of players
operating it. Cameron International Corporation, Control Flow Inc.,
National Oilwell Varco, Fender & Spill Response Services L.L.C.,
SkimOil, Inc, Northern Tanker Company Oy, Hyundai Heavy Industries
Co., Ltd., Cosco Shipyard Group Co., Ltd., GE Oil & Gas, Ecolab
Inc., and CURA Emergency Services are some of the major players in
this market.
Browse
TMR Oil Spill Management Market Blog :
http://www.tmrblog.com/2015/04/global-oil-spill-management-market-is.html
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