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Emergency Spill Response Market Projected To Reach 33.68 Billion Usd By 2022
The report "Emergency Spill Response Market by Type (Product (Booms, Skimmers, Transfer Products, Sorbents), Services (Product Rental, Waste Management, Manpower Training), Spill Material (Oil, Chemical & Hazardous), Vertical - Global Forecast to 2022", The emergency spill response market is expected to be worth USD 33.68 Billion by 2022, growing at a CAGR of 7.0% between 2016 and 2022.
The emergency spill response market is driven by the increasing international trade and transportation and initiatives taken by government agencies of various countries globally to protect the environment from the adverse effects of pollution by enacting various environmental protection and restoration policies and legislations.
In the future, government initiatives to strengthen the response to oil spills on the sea would provide opportunities to the players operating in this market.
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“Skimmers held the largest share of the market based on product type”
Skimmers held the largest market size, in terms of product, primarily due to the increased demand for mechanical recovery methods for spill recovery. Unlike other methods, the mechanical recovery methods remove the spill material from the spill environment. Thus, skimmers are more effective in mitigating the environmental impact of the spills.
“Product rental services segment is estimated to be the largest market based on services”
The product rental services segment is expected to hold the largest market share between 2016 and 2022. This is primarily because the companies operating in various industry verticals depend on additional resources for emergency spill response operations. They acquire these resources on a rental basis as companies usually maintain only tier 1 spill response equipment in-house as it is not cost effective to have tier 2 and tier 3 spill response capabilities internally.
“Ports and harbors is estimated to be the fastest-growing market based on vertical”
The market for the ports and harbors segment is expected to grow at the highest CAGR between 2016 and 2022. This growth is mainly attributed to the increasing international sea trade and growing focus on the environmental impact of oil spills. The increasing sea trade results in increased spills during vessel operations including loading/discharging, bunkering, anchoring, underway, and others. The primary causes of larger spills are allisions/collisions, groundings, hull failures, equipment failures, fire, and explosion, among others. The increasing government focus on reducing the environmental impact of spills on the environment further strengthens its market for the ports and harbors vertical.
“North America is expected to be the largest market for emergency spill response market during the forecast period”
North America held the largest share of the emergency spill response market in 2015 owing to the presence of a large number oil rigs and subsea oil operations as well as government focus on reducing the environmental impact of spills.
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This report also profiles the most promising players in the emergency spill response market. Major companies operating in the emergency spill response market include Veolia Environnement S.A. (France), Polyeco Group (Greece), Elastec, Inc. (U.S.), Markleen A/S (Norway), Clean Harbors, Inc. (U.S.). US Ecology, Inc. (U.S.), Oil Spill Response Ltd (U.K.), Marine Well Containment Company (U.S.), Vikoma International Ltd (U.K.), DESMI A/S (Denmark), and Adler and Allan Limited (U.K.).
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