Global Drilling Waste Management Market is expected to foresee significant growth. North America to lead the growth!
- Himanshu Patni
- June 4, 2022
- ENERGY & POWER, NEWS
- Drilling Waste Management Market, Drilling Waste Management Market Growth, Drilling Waste Management Market Share, Drilling Waste Management Market SIze, Drilling Waste Management Market Trends
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The global drilling waste management market is expected to grow at a CAGR of more than 6% during the forecast period 2021-2027). Drilling wastes are the second-largest volume of waste, behind produced water, generated by the oil and gas exploration and production industry. Depending on the depth and diameter of the wellbore, the volume of drilling wastes generated from each well is different. Typically, each well can generate a few thousand barrels of drilling waste. With the high volume of waste generated from the drilling operation. The soaring expansion of the upstream oil and gas industry worldwide for future energy demand is generating waste at an enormous rate.
However, the rapid development in the oil and gas industry in the last couple of decades and stricter environmental regulations resulted in the adoption of drilling waste management and disposal. Moreover, globally several companies voluntarily embraced waste management options with more benign ecological impacts. Consequently, drilling waste management is gaining importance to prevent the deterioration of the environment.
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The drilling waste management market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are positively accentuating its market size are such as rapid technological developments improving the drilling and production capability to aid exploration and production activities in the deep-water and ultra-deep-water areas across the globe. In addition, the discovery of deep-water hydrocarbon reserves created several opportunities for the oil and gas manufacturers, supporting the growth of the market.
Moreover, stringent legal regulations towards restricting the proliferation of water and land pollution along with financial benefits offered to augment the adoption of effectively managing waste generated are expected to drive the drilling waste management market.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/drilling-waste-management-market/
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. The strict guidelines were issued by governments and local authorities, and industrial, and commercial activities even all non-essential operations were halted which had suspended the activities of end-users. COVID-19 has adversely affected the growth of the oil and gas industry as it resulted in a decline in fuel prices, delayed operations, manpower shortages, and supply chain disruptions, amongst others, in turn, affecting the demand for the drilling waste management market.
Based on service, the drilling waste management market is classified into sold control, containment & handling, treatment & disposal. The treatment and disposal service segment caters to extensive market share in the drilling waste management market and is predicted to be the fastest-growing segment in the forecasted period. As treatment is used to reduce the volume and/or toxicity of wastes and put them in a suitable position for final disposal. The waste is treated by using various techniques to mitigate the impact of the pollutants on the environment.
Based on application, the drilling waste management market is bifurcated into onshore and offshore. The offshore segment caters to a considerable share of the drilling waste management market and is expected to witness high growth during the forecasted period. During offshore drilling, drilling fluid requirements are very specific. To meet these requirements, the drilling fluid comprises many different chemicals, which can be hazardous to the environment if released untreated.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. North America acquired an extensive market share in the drilling waste management market and is expected to grow at an increasing rate. Factors such as the increasing oilfield exploration with the presence of several companies offering oilfield services are some of the major factors that augment the market growth in the region.
Some of the major players operating in the market Baker Hughes Inc., Halliburton Co., National Oilwell Varco, Schlumberger, Weatherford International Ltd., Ridgeline Energy Services, Derrick Equipment Company, GN Solids Control, Imdex Limited, Kosun. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Drilling waste management Market Segmentation
Market Insight, by Service
• Solid Control
• Containment & Handling
• Treatment & disposal
Market Insight, by Application
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• Baker Hughes Inc.
• Halliburton Co.
• National Oilwell Varco
• Weatherford International Ltd.
• Ridgeline Energy Services
• Derrick Equipment Company
• GN Solids Control
• Imdex Limited