Severe Environmental Consequences of Oil Spills to Place Oil Spill Management Market on Growth Trajectory

Published Date : May 06, 2016

An oil spill is release of oil into the environment, especially marine areas. Oil spills are usually caused due to human carelessness and are regarded as a form of pollution. Defects in oil and gas pipelines that can result in leakages are a major concern for major pipeline operators to be addressed. The utilization of advanced technology for the prevention, management, cleaning of oil spillage, and further minimizing its effect on the environment has favored the emergence of the oil spill management market. 

In the past few years, petroleum spills from tanker ships accidents have been reasons for damaging the ecosystems in many parts of the world. In particular, oil spills that occur at sea are comparatively more harmful than those occurring on land, as these can spread over thousands of nautical miles and can spread of several beaches with a thin film of oil. The presence of oil in sea is dangerous for mammals, seabirds, shellfish, and other organisms it envelops. 

On geographical consideration, North America stood as the largest market for oil spill management in 2013. Nevertheless, the Asia Pacific oil spill management market is expected to rise at a fast pace in the forthcoming years. The rapid growth of this region is attributable to the rising demand for double-hulled ships by large shipping corporations in South Korea, China, and Japan. Moreover, increased government sponsorship and easy availability of trained personnel is expected to fuel growth of the oil spill management market in APAC.

Moreover, many South East Asian nations such as Thailand, Vietnam, Indonesia, Malaysia, and the Philippines are expected to develop fast growth rate in the domestic shipbuilding and renovation segments.

Some top players in the global oil spill management market are SkimOil Inc., CURA Emergency Services, Ecolab Inc., Hyundai Heavy Industries Co. Ltd., Fender & Spill Response Services LLC, Northern Tanker Company Oy, Control Flow Inc., Cameron International Corporation, and GE Oil & Gas.