Increasing exploration activities and technological advancements are acting as key growth driver for global drilling waste management market.
According to TechSci Research report, “Global Drilling Waste Management Market By Services (Treatment & Disposal, Containment & Handling and Solids Control), By Application (Onshore and Offshore), By Region, Forecast & Opportunities, 2025”, the market is anticipated to grow at a significant CAGR during the forecast period on account of rapid rate of exploration activities and favorable government policies in various economies. The introduction of latest technologies has now enabled exploration and production activities in deep-water and ultra-deep-water areas which is a major growth factor for global drilling waste management market. Furthermore, growing demand for energy coupled with increasing oil & gas production are also expected to foster the market growth in next five years. Apart from this, strict waste management regulations and growing environment safety concerns are some other major factors augmenting the growth of global drilling waste management market. With entry of new market players, the drilling waste management market is poised to grow considerably over the forecast period.
Additionally, the discovery of deep-water hydrocarbon reserves is providing profitable growth opportunities for global drilling waste management market. However, the market is also facing some challenges. The high operational cost of drilling waste management and lack of skilled personnel to manage drilling waste activities are likely to hamper the market growth. Although, intensive research & development activities being conducted by companies for high-end treatment technology is expected to foster the market growth in coming years. Along with this, regulations like zero discharge policies are also providing ample growth prospects for global drilling waste management market.
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Global drilling waste management market is segmented based on services, application and region. Based on services, the market is categorized into treatment & disposal, containment & handling and solids control. Among them, the treatment & disposal segment dominated the market until 2019 which includes land farming, land spreading, bioremediation, onsite burial, slurry injection among others. The segment is further expected to undergo fastest growth through 2025 owing to rising environment safety concerns.
Based on application, the global drilling waste management market can be segmented into onshore and offshore. Among them, the onshore application segment underwent high demand util 2019 and is further expected to experience considerable growth during the forecast period. The reasons can be attributed to increasing onshore applications in major markets in the North American and Europe & CIS region.
Major players operating in the global drilling waste management market are Augean plc, Baker Hughes, a GE company, Derrick Equipment Company, Halliburton, HeBei GN Solids Control Co.Ltd., Imdex Ltd, National Oilwell Varco, Inc., Nuverra Environmental Solutions, Inc., Ridgeline Canada, Inc., Schlumberger Ltd., Scomi Group Bhd, Secure Energy Services Inc., Soiltech AS, Soli-Bond, Inc. and Specialty Drilling Fluids Ltd. Leading companies are undergoing growth strategies such as joint ventures, collaborations, mergers & acquisitions and partnerships in order to strengthen their position in global market.
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“United States accounted for largest market share until 2019 and is further expected to dominate the global drilling waste management market with around US$1.4 Billion through 2025. Following US, China is also expected o emerge as the second largest market for drilling waste management in coming years owing to rising exploration activities. Along with this, the presence of strict waste management regulations in these economies is the prime factor behind the increasing demand for drilling waste management,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Drilling Waste Management Market By Services (Treatment & Disposal, Containment & Handling and Solids Control), By Application (Onshore and Offshore),By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of drilling waste management market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global drilling waste management market.
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