Oil Spill Management Market to Observe Highest Growth in APAC
The oil spill management market was USD 139.8 billion in 2022, and it will touch USD 179.6 billion, advancing at a 3.2% compound annual growth rate, by 2030.
The progression of the industry is because of the execution of strict government rules, increasing offshore drilling activities to meet the mounting demand for oil, and the growing prevalence of hull breaching of tanker ships.
In 2022, the post-oil spill management category, based on technology, accounted for the largest share, of approximately 55%. The method includes the utilization of skimmers, sorbents, and booms for cleaning up the spilled petroleum. Moreover, booms and floating barriers are mostly utilized to contain the spread of oil on water.
The pre-oil spill management category held a substantial share, because of the stringent protocols of maritime trade used by oil businesses during the petroleum products transportation.
In 2022, the offshore category, based on location, accounted for the larger oil spill management market share, of approximately 70%. This is attributed to the fact that offshore E&P companies try to match the mounting demand for oil and manage before or once spills arise, to avoid damaging effects on aquatic life and waterbodies.
Furthermore, the mounting offshore exploration activities in the past few years will further boost the growth of this category with a significant growth rate in the years to come.
The requirement for technologies to manage oil discharge is boosted by the heavy fines imposed on E&P business, based on the level of economic and environmental damage in the case of any unfortunate event. Hydrocarbon businesses try to decrease their losses by avoiding leaks and installing alternative technologies and solutions to monitor pipes and tanks, to lessen the risk of unintended discharge.
In 2022, North America accounted for the largest share of the industry, of approximately 40%, and it will further advance at a 3% compound annual growth rate in the years to come. This is attributed to the stringent government rules in the continent for the marine ecosystem’s safety.
Moreover, these rules apply to both onshore and offshore petroleum production in the continent and its transportation through several approaches, including pipelines, ships, and trucks.
The APAC oil spill management industry is expected to observe the highest growth in the years to come during. This is attributed to the surging production and exploration activities, due to the increasing requirement for petroleum products in the region.
Moreover, the prevalence of oil spillage is growing in this continent and boosting the need for pre-and post-spill management technology methods.
With the surging offshore drilling activities, coupled with the surging demand for oil, the oil spill management industry will continue to advance in the years to come.
Source: P&S Intelligence
