Energia
Regulatory Mandates for Preventing Spills from Oil Tankers Pave Way to New Vessel Designs in Oil Spill Management Market, Valuation to Touch US$ 139.4 Bn by 2027: TMR
ALBANY, N.Y , Aug. 17, 2020 /PRNewswire/ -- Wide spectrum of pre- and post-spill technologies and methods are employed by businesses in seaborne activities and companies related to oil drilling, storage, and transportation to prevent, minimize, or devise effective clean-up of oil spills. Consequently, around the world these are crucial in minimizing the adverse environmental effects of oil spills, propelling the oil spill management market to evolve.
Oil tankers adopt new vessel designs, notably double hulling, in managing pre- spills.
Research analysts at TMR projects the global oil spill management market to clock a CAGR of 3.1% from 2019 to 2027, and thereby reach valuation of US$ 139.4 bn by the end of this forecast period.
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Industry-specific trends and regulatory mandates in minimizing the impact of oil spills on ecology in general and marine life in particular have shaped the growth trajectories of the oil spill management market. In coming years, numerous drivers will spur revenue scope in the market, some of which are discussed below:
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Among the various key geographies contributing revenues to the market, Asia Pacific holds the sway and accounted for the leading share in 2018. The growth of this regional market has been fueled increasingly by the vibrant shipbuilding as well repairing activities that have taking place in China , South Korea , and Japan . Rapidly increasing trend of double hulling has also spurred revenue generation for players in this regional market. A vibrant shipping industry will help the Asia Pacific market retain its dominance throughout the assessment period.
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On the other hand, North America is also a promising market for stakeholders engaged in oil spill management. The market has gained substantial opportunity due to focus on prevention of oil spills.
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