PUBLISHER: Grand View Research | PRODUCT CODE: 1728435
PUBLISHER: Grand View Research | PRODUCT CODE: 1728435
The global oil spill management market size is anticipated to reach USD 183.50 billion by 2030 and is anticipated to grow at a CAGR of 3.3% during the forecast period, according to a new report by Grand View Research, Inc. Stringent regulations associated with oil spill prevention and frequent incidents that cause oil spills, such as accidents, climate-driven calamities, and others, are expected to drive demand.
Regulatory requirements such as installing pipeline leak detection sensors and incorporating spill prevention measures fuel the growth of this market. Significant growth in maritime trade, the impact of hull-breach incidents, and the growing focus of vessel owners on oil spill prevention are likely to develop growing demand for the market.
Technology-powered innovations related to pre-spill management, the launch of application-specific services, and increasing regulatory requirements are anticipated to develop further growth. Location-specific oil spill management services also contribute to the advancements. Numerous incidents of spillages, pipeline failures, and equipment malfunctions, especially in the U.S., Canada, Norway, China, and other countries with onshore businesses, are likely to generate growth in demand.