The oil spill management market is witnessing considerable growth. This is due to rising safety concerns regarding oil spills and rising oil spill incidents. Additionally, rapid growth in the sector of oil and gas transportation through offshore and onshore drilling activities is likely to augment the oil spill management market.
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The key factors propelling the market over the forecast period are rising seaborne trade volume and increasing pipeline trade for natural gas and crude oil. However, volatility in the prices of oil can slow down the speed of offshore exploration activities and is likely to restrain the market.
The oil spill management market can be segmented into three categories, including types, technologies and locations. The market, on the basis of types, can be divided into offshore post-oil and on-shore post spill management.
The oil spill management market, on the basis of technologies, can be split into mechanical containment methods, chemical and biological management methods, and physical management methods. Mechanical containment methods include skimmers, barriers and booms.
Chemical and biological management methods include the use of different microbial agents and oil eating chemicals to control oil spill. Physical management methods have been found to be useful for cleaning the shorelines through wiping and pressure washing.
The oil spill management market, on the basis of locations, can be sliced into onshore locations and offshore locations. Offshore locations occupied majority of the share in 2013. Regions included in offshore locations are Gulf of Mexico, Gulf of Alaska and North Sea in Europe.
On-shore locations consist of Russia, Australia, Saudi Arabia, United States and others.
Information Source: Grand View Research