In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Marine Oil Water Separator (OWS) is an equipment which mainly used in shipping or marine industry. It is used to separate oil and water into different components. Before the wastewater is discharged into the environment, OWS are used to separate oil from oily wastewater. The discharge of wastewater must be in compliance with Marpol73/78. According to the regulation, only 15 PPM of oil can be discharged into the sea for more than 10 seconds as excess oil makes a layer over the sea which stops the flow of oxygen into sea damaging the aquatic system. OWS is used to ensure that the content of oil in water is minimum or under the limit specified by the organizations.
The main purpose of OWS is to remove the oil and other waste from the water which can be harmful for the oceans. The International Maritime Organization (IMO) publishes various regulations related to such issues through Marine Environment Protection Committee (MEPC). Various documents giving the details about the guidelines and specifications for equipment related to preventing pollution have been revised daily by this committee.
Government is continuously working on improving the conditions for the flora and fauna in the aquatic ecosystem and protecting the environment by passing various regulations through the committees working under them and also in coordination with the International Maritime Organization. This will spur the demand for marine oil water separator by 2027. These products are used in marine sector, owing to ecological protocols related to disposal of dirty water into the sea. The growth in defense and marine sector is contributing towards the growth of global marine oil water separator market during the forecast period.
The global marine oil water separator market was valued at USD 7.8 Billion in 2018 and is expected to reach USD 9.9 Billion by 2027. The market is anticipated to record a CAGR of around 3.5% over the forecast period i.e. 2019-2027. The market is segmented by type, application & end use industry. By application, the market is bifurcated into industrial, aerospace, marine, power generation, defense and others out of which, the industrial segment is anticipated to have leading shares on account of rapid industrialization and increasing demand of oil water separators from various industries in this segment.
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The market is further segmented by type into gravity, bioremediation, electrochemical, centrifugal, and coalescing oil water separator out of which the coalescing segment is anticipated to have significant growth on account of its ease of installation, less maintenance required and excellent capacity and other features.
In terms of end use industry, the market is segmented into oil and gas, marine & shipping, military, chemical, general and other industry out of which general industry segment is expected to have significant growth on account of strict protocols and rapid industrialization in various economies where the product is widely used to ensure the compliance with authority. This will propel the oil water separator market by 2027.
Installation of OWS gives an assurance that oil particles in residual water can be continuously overviewed and this is an important factor contributing towards the growth of the market.
Government is continuously working towards drafting strict rules and regulations on the discharge of amount of liquid and sea water by shipping, transport, oil and gas industry and various other industries and this has been a factor which is responsible for the growth of the marine oil water separators market during the forecasted period.
There is an increasing concern for protection of environment, ecosystem and oil and sea ecosystem is also boosting the growth of the market during the forecast period.
The cost of maintenance and service cost of oil water separators is very high, and this factor is acting as a restraint for the growth of the market. Additionally, high cost of customized oil water separator is also restraining the growth of the market as customization requires high specialization which ultimately increases the final cost of the product.
Many people are not aware of the technologies available for protecting the aquatic ecosystem and this may hinder the growth of the market during the forecasted period.
Our-in depth analysis of the marine oil water separators market includes the following segments:
On the basis of regional analysis, the marine oil separators market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The demand of oil water separators is anticipated to increase in Middle East owing to increase in aluminum smelting and growth of automobile industry. Europe has major share of the global marine oil water separators market due to strict rules related to wastewater generation from industries in this region. Europe and North America are the major consumers owing to extensive application of the product in ships and vessels in these regions. Growth of end user industry on account of increasing trade is expected to boost the demand for oil water separators in the Asia Pacific region. Moreover, demand for the product from various industries such as food and beverages, automotive, is increasing in the Asia Pacific region boosting the growth of the market.
The marine oil water separators market is further classified on the basis of region as follows: