Albany, NY -- (SBWIRE) -- 07/06/2016 -- As per a recent research report published by Transparency Market Research, the global oil spill management market is estimated to exhibit a steady 2.80% CAGR from 2014 to 2020. The market was valued at US$94.2 bn in 2013. The report, titled 'Oil Spill Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020,' states that the market is expected to reach US$114.4 bn by 2020. Stringent government rules, increasing government funding for oil spill management programs, and the growing volume of seaborne trade are the major factors responsible for the rapid growth of the global oil spill management market.

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Oil spills, especially in marine areas, can be due to natural calamities or human errors. Oil spills can have terrible consequences, environmentally and also for the society. Recovery from and cleanup of an oil spill can be difficult if oil spill management procedures are inefficient. The rise in seaborne oil trade and drilling activities, coupled with the rising demand for energy from various industries, have propelled the use of pressure control devices. This is expected to benefit the global oil spill management market.

The global oil spill management market is segmented on the basis of region, technology, and product type. By technology, the global oil spill management market is classified into pre-oil spill and post-oil spill management. Pre-oil spill management comprises activities that prevent possible oil spills whereas post-oil spill management includes activities to clean oil spills. Pre-oil spill management comprises double hulling of ships, pipeline leak detection activities, and installation of various blowout preventers. Increased drilling activities are expected to boost the installation of blowout preventers across the globe. Chemical and biological oil spill management, physical oil spill management, and mechanical containment are the major post-oil spill management technologies.

By region, the global oil spill management market is divided into North America, Asia Pacific, Europe, and Rest of the World. From 2000 to 2013, North America dominated the global oil spill management market. However, Asia Pacific is expected to lead the global market in the near future. The increasing demand for double-hulled ships from the shipping industries in South Korea, China, and Japan is anticipated to strengthen the Asia Pacific oil spill management market.

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Going forward, the increasing number of natural gas pipeline projects and crude oil pipeline projects is expected to bolster the global oil spill management market. Plummeting prices of oil can restrict offshore activities in the near future. Thus, the growth of the global market is expected to be hampered. New developments in the blowout preventer technology are anticipated to result in improved efficiency in oil spill management procedures. Such improvements in the technology and the introduction of new oil spill management technologies are predicted to propel the global market.

National Oilwell Varco, Control Flow Inc., Fender & Spill Response Services L.L.C., GE Oil & Gas, COSCO Shipyard CURA Emergency Services, Group Co., Ltd., Cameron International Corporation, Northern Tanker Company Oy, SkimOil, Inc., and Hyundai Heavy Industries Co., Ltd. are some of the key companies operating in the global oil spill management market.

Key Segments of Global Oil Spill Management Market

Global Oil Spill Management Market, By Region:

North America
Europe
Asia Pacific
Rest of the World

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