Drilling Waste Management Market is Expected to Grow Rapidly Through 2025
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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