11th November 2019 – The global oil
spill management market is expected to cross a higher CAGR during the
forecast period. Oil spill waste management results in generation and
collection of huge quantities of oily waste. Gravel, emulsified oil, oiled
sand, and accumulated debris could raise the waste volume to a greater extent
of oil split originally. This waste typically surpasses the management of oily
waste and response-relevant wastes can turn more time demanding and incur
significant costs of an oil spill. Management of waste from a spill comprises
setting up of logistical arrangement to allocate waste in a safe and efficient
manner from the recovery point to disposal.
Market driving factors for oil spill
management industry include rise in oil & gas transportation coupled with
stringent policies of government pertaining to safety. Rise in huge investments
for R&D positively is likely to impact the market development in the near
future. In addition, strategic alliances for expansion could also result in
market growth for the estimated period.
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Technological segment for oil spill
management market includes pre-oil spill and post-oil spill. Pre-oil spill and
post-oil spill are further segmented into offshore and onshore. By response
technique, the oil spill management industry includes chemical recovery,
biological recovery and mechanical containment & recovery.
Geographical segment for oil spill
management market includes North America, South America, Europe, Asia-Pacific,
Middle East and Africa. North American market is expected to dominate the
market in the forecast period owing to stringent policies and regulatory
framework by government. Asia-Pacific’s market is anticipated to rise at a
significant CAGR owing to increased oil and gas exploration activities and
government support for tax benefits and financial assistance for R&D
activities.
The key players in the oil spill
management market include Skim Oil Inc, OMI Environmental Solutions, American
Green Ventures Inc, Spill Response Services, Oil Spill Response Limited, Osprey
Spill Control and Fender.
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