Market Trends of Marine Oil Water Separator Industry
This section covers the major market trends shaping the Marine Oil Water Separator Market according to our research experts:
Shipping and Marine Industry Segment to Dominate in the Market
- Governments across different countries are continuously working on enhancing the conditions for the flora and fauna in the aquatic ecosystem and protecting the environment by passing MARPOL's "ANNEX I' regulations which limit the oil content in the bilge water that vessels can legitimately discharge into the sea. It is now a compulsory requirement for all vessels to have an oil discharge monitoring and control system along with an oil-water separator.
- With the rapid development of the global shipping industry, the marine oil water separator market is expected to have significant growth during the forecast period.
- The international shipping industry is responsible for the carriage of around 90% of world trade. Intercontinental trade, the bulk transport of raw materials, and the import/export of affordable food and manufactured goods are held through shipping.
- Seaborne trades are expected to expand further, there are over 50000 merchant ships trading internationally, transporting every kind of cargo. Hence, with the rise in shipping industry activities and stringent government regulations, the demand for marine oil water separator is expected to increase over the forecast period.
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Europe to Dominate the Market
- Europe is home to the world's largest shipping fleet. The European Union (EU) controls around 40% of the world's tonnage and can boast of the world's youngest and most innovative fleet. It is also home to a thriving maritime services sector and marine equipment industry.
- Europe contributed significantly towards the growth of global marine oil water separators market due to strict rules related to wastewater generation from various industries in this region.
- As 75% of European external trade transits through EU ports, the growing trade influence the growth of end-user industries in Europe, which, in turn, boosts the demand for the marine oil water separator in the region.
- Europe's offshore and service vessels are expected to have the fastest-growing segment of the EU shipping industry. As of May 2020, Europe's offshore active rig count was 26. Europe's ongoing offshore exploration and production activities are attributed to boosting the demand for marine oil water separators since the necessary supplies while undertaking exploration, drilling, and construction activities are provided by offshore support vessels.
- Therefore, since major portion of the trade occurs through ships, the demand for marine oil water separators is expected to grow further in the region during the forecast period.
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