San Francisco, Feb. 23, 2016 (GLOBE NEWSWIRE) --
The global oil spill management market size is expected to reach USD 125.62 billion by 2022, according to a new report by Grand View Research, Inc. Increasing oil spill incidents since the past five years coupled with stringent safety and environmental regulations are expected to remain key driving factor for global oil spill management market. In addition, increasing seaborne and pipeline transportation of crude oil and chemicals globally is also expected to have a positive impact on market growth.
Strict government regulations particularly in North America and Europe for employing safety devices and technologies during drilling and transportation of crude oil have contributed towards market development in these regions. Increasing offshore and pipeline tanker transportation of petroleum products is also expected to increase demand for various oil spill management technologies. Additionally, increasing R&D by key players for efficient and rapid oil spill cleaning is expected to create opportunities for the market over the forecast period.
Pre-oil spill management emerged as the major technology segment in 2014. Double hull technology accounted for over 60% of the global pre-oil spill management market in 2014. Double hulling of ships enhances the durability in harsh ocean weather conditions and arctic areas. Growing seaborne trade between North America and Europe has resulted in increased ship traffic in arctic region. Growing concern towards product losses coupled with stringent regulations regarding transportation of petroleum products in maritime trade is expected to positively impact market expansion.
Browse to access In-depth research report on Global Oil Spill Management Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/oil-spill-management-market
Further key findings from the report suggest:
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Grand View Research has segmented the oil spill management market on the basis of technology, post-oil spill technique, application and region:
Global Oil Spill Management Technology Outlook
Global Post-Oil Spill Management Response Technique Outlook (Revenue, USD Thousand, 2010 - 2014)
Global Oil Spill Management Application Outlook
Global Oil Spill Management Regional Outlook (Revenue, USD Million (Pre-oil spill management, USD Thousand (Post-oil spill management))
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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