Oil Spill Management Market to Undertake Strapping Growth During 2020
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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Report Overview @
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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to view Sample Report:
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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More Information :
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Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
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