Global Drilling Waste Management Market Analysis:
The Drilling Waste Management Market size is predicted to grow 5.64% CAGR between 2019- 2027, states the recent Market Research Future (MRFR) analysis. Drilling waste management, simply put, is a constituent of flourishing operation activities associated with E&P operations that is crucial for effective production and drilling operation as well as environmental protection.
Various factors are propelling the global drilling waste management market share. According to the recent MRFR report, such factors include increasing environmental concerns, growing expenditure from oil and gas companies in developmental & exploration activities, strict government regulations persuading oil and gas companies to implement effective drilling waste management practices, the focus to attain zero discharge, and increasing R&D activities for high-end treatment technology.
On the contrary, high operational cost, the shortage of skilled personnel, other economic challenges, and the impact of the on-going COVID-19 pandemic are factors that may impede the global drilling waste management market growth over the forecast period.
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Leading contenders profiled in the global drilling waste management market report include Tervita Corporation (Canada), Specialty Drilling Fluids Ltd. (U.S), Ridgeline Canada, Inc. (Canada), Derrick Equipment Company (U.S), Augean PLC. (U.K), Secure Energy Services, Inc. (Canada), Hebei Gn Solids Control Co. Ltd. (China), Newalta Corporation (Canada), National Oilwell Varco, Inc. (U.S), Weatherford International PLC (U.S), Schlumberger Limited (France), Halliburton Company (U.S), and Baker Hughes, a GE company (U.S).
Drilling Waste Management Industry Segmentation:
The MRFR report highlights an inclusive segmental analysis of the global drilling waste management based on service type, application, and waste type.
By waste type, the global drilling waste management is segmented into contaminated oil-based muds, spent bulk chemicals, waste lubricants, water-based muds, and others.
By application, the global drilling waste management is segmented into offshore and onshore. Of these, the onshore application segment will dominate the market over the forecast period.
By service type, the global drilling waste management is segmented into treatment and disposal services, containment and handling, and solids control. Of these, treatment and disposal services will have a major share in the market over the forecast period. This will be followed by the solid control services segment, which is predicted to grow at a high CAGR.
Based on the region, the global Drilling Waste Management Industry report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, & the Middle East & Africa.
Of these, North America will dominate the market over the forecast period. The increasing number of oil drilling activities, growth in shale gas development drilling activities, and rising innovations in drilling technologies like horizontal and vertical drilling are adding to the global drilling waste management market growth in the region. Additional factors adding market growth include constant development, the growing use of unconventional resources, the adherence to strict waste management, and pressure from the government to reduce drilling waste.
The global drilling waste management market in Europe is predicted to hold the second-largest share over the forecast period. The growing number of drilling activities, growing awareness about environmental pollution, supportive regulations, and growing exploration activities are adding to the global drilling waste management market growth in the region.
The global drilling waste management market in the APAC region is predicted to grow at a fast pace over the forecast period. The increasing use of offshore exploration activities, expanding population, soaring energy demand, and thriving industrial base are adding to the global drilling waste management market growth in the region.
The global drilling waste management market in the Middle East and Africa is predicted to have steady growth over the forecast period. Increasing investments from leading operators in the sector, coupled with frequent oil and gas exploration activities, are adding to the global drilling waste management market growth in the region.
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