According to a research study by Transparency Market Research, in 2013, the global market for oil spill management was worth US$94.2 bn and is projected to reach a valuation of US$114.4 bn by the end of 2020. The market is anticipated to register a 2.80% CAGR between 2014 and 2020.
How Have Oil Spills Risen Over the Years and What Does this Mean for the OSM Market?
The refined fuel and crude oil spills from tanker ships accidents have damaged the ecosystems in several parts of the world. Oil spills at sea are comparatively more damaging than those occuring on the land, as they can spread over hundreds of nautical miles and can cover several beaches with a thin coating of oil. The presence of oil in the sea can kill mammals, shellfish, seabirds, and other organisms they coat.
Some of the most alarming oil spills recorded in the last few decades are:
• GulfWar Oil Spill (240 mn gallons) in 1991
• Deepwater Horizon (206 mn gallons) in 2010
• Ixtoc (140 mn gallons) in 1979
• Atlantic Empress/Aegean Captain (90 mn gallons) in 1979
• Fergana Valley (88 mn gallons) in 1992
An increasing number of oil spills in the last few decades has boosted the demand for the contingent planning of the oil spill management market.
Asia Pacific to Lead Global Oil Spill Management Market
From the geographical standpoint, in 2013, North America accounted for the largest share in the global oil spill management market. Nevertheless, the Asia Pacific market for oil spill management is anticipated to grow at a fast pace in the next few years. The rapid growth of this region can be attributed to the increasing demand for doubled-hulled ships by several big shipping companies in South Korea, Japan, and China. In addition, the increased government funding and easy availability of trained labor are expected to fuel the growth of the global oil spill management market in this region.
Moreover, several South East Asian nations including Thailand, Indonesia, Vietnam, Malaysia, and the Philippines are also anticipated to grow at a fast pace in the domestic shipbuilding and repair segments.
The prominent players operating in the global market for oil spill management include SkimOil, Inc., Control Flow Inc., CURA Emergency Services, Cameron International Corporation, Ecolab Inc., GE Oil & Gas, Hyundai Heavy Industries Co., Ltd., COSCO Shipyard Group Co., Ltd., Northern Tanker Company Oy, National Oilwell Varco, and Fender & Spill Response Services L.L.C.