February 9, 2017 by John Nicholson
According to a recent market study, the emergency spill response market is estimated to reach $33.68 billion (USD) by 2022, at a compound annual growth rate (CAGR) of 7.0% between 2016 and 2022. The market is expected to have significant growth in the coming years owing to stringent environmental regulations across world to reduce the environmental pollution from spills.The government agencies across the world are focused on reducing environmental pollution from the spills, leading to the growth of the emergency spill response market. For example, in Canada, the federal government recently announced $1.5 billion (Cdn.) ocean protection plan to address concerns about potential fuel spills from oil tankers. The funding includes increased coast guard capacity and new rescue stations.
According to the market report, radio communication products are expected to have the highest growth in the market during the forecast period. The growth of this segment can be primarily attributed to the increasing focus on preventing spills as well as reducing environmental pollution by minimizing the spill pollution through early detection.
The market for the ports and harbors vertical is expected to grow at the highest CAGR during the forecast period owing to the increasing international sea trade, which may result in large spills during the various vessel operations including loading/discharging, bunkering, anchoring, underway, and other operations. These spills can impact the environment of the ports and harbors. Furthermore, the increasing government focus on reducing environmental impact of spills on the environment strengthens its market for Ports & harbors vertical.
The market in North America is expected to grow at the highest rate between 2016 and 2022 because of the government focus on reducing the environmental impact of spills. In addition, the presence of a large number oil rigs and subsea oil operations provide opportunities for the growth of the market in this region.