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Heavy Penalty on Oil Companies Responsible for Oil Spillage Drives Global Oil Spill Management Market


Transportation of oil from oil production centers to major markets has been established through rail, road, shipping and, pipeline infrastructures. Much of the world's oil is transported by sea at some stage of transportation, which puts the marine environment at a much greater risk from oil spillage. Although spills occur mostly in ocean, the spilt oil is often carried to shoreline due to the action of winds, tides, and currents. This has several implications, but one of the most critical issues to deal with is the amount of waste generated after oil spillage. Historical data suggests that the amount of waste generated after an oil spill is nearly 30 times more than the amount of oil actually spilt.
This factor, combined with the harmful effects of oil spillage on human and environmental health, and the continuous surge in oil transportation activities across the globe have made oil spill management a crucial segment of the global oil and gas industry in the past few years.
The billion dollar oil spill management market had a valuation of US$94.2 bn in 2013. The market is expected to expand at a 2.80% CAGR over the period between 2014 and 2020, and reach US$114.4 bn by 2020.