According to a new report by Grand View Research, Inc., the global oil spill management market size is expected to reach $125.62 billion by 2022, Increasing oil spill incidents since the past five years coupled with stringent safety and environmental regulations are expected to remain key driving factors 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.
Pipeline leak detection is expected to be the fastest growing pre-oil spill technology segment, at an estimated CAGR of over 4% from 2015 to 2022. Growing concern towards oil spill impacts such as soil fertility and water contamination is expected to drive innovations to develop efficient systems that inform exact location of pipeline leakages.
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