Global Drilling Waste Management Market Set for Rapid Growth by 2024
Global Drilling Waste Management Market: Overview
Drilling processes are normally associated with oil & gas industry where drilling wastes are generated such as used drill cuttings and drilling fluids. These wastes are an outcome of oil & gas drilling activities and are hazardous to the environment. In order to lessen the impact on the environment, these wastes need to be effectively treated and disposed of. Various countries have implemented regulatory measures in order to tackle this challenge. The drilling process is accomplished via completion and drilling fluids. A completion fluid is essential in the drilling operations; they are used to perform different functions from controlling pressure to the transmission of data. The completion fluids are used to correctly maintain the higher drilling fluid performance which results in economical, efficient, and safe completion of drilling operations. Acceptance of the drilling waste management will recover the most-valuable fluids for better drilling economics.
Global Drilling Waste Management Market: Growth Factors
The key factors that are responsible for the growth of the drilling waste management market are the increased exploration activity across the world, growing awareness towards environmental pollution, and favorable government policies. However, a huge capital investment that is required for the management of drilling waste and lack of skilled labor are some factors that are hampering the market.
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Global Drilling Waste Management Market: Segmentation
The drilling waste management market is categorized based on services, application, and geography. The services segment is classified into containment and handling, solids control, and treatment and disposal. On the basis of application segment, the market is segmented into offshore and onshore. Geographical breakdown of the market is given by North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Drilling Waste Management Market: Regional Analysis
The presence of large onshore wells along with the rise in the exploration activities in the Gulf regions are factors that are expected to foster the drilling waste management market in the North America. This region also witnesses a considerable market growth in the future due to mounting unconventional resources development. Imposition of the strict waste management and pressure by the government to reduce the amount of drilling waste is anticipated to drive the European drilling waste management growth. Escalating demand for energy is getting higher from the transportation and industrial sector. Offshore exploration activities are growing in the Asia Pacific region which influences the market in a positive way. Population expansion, growing the industrial base, and increasing energy demand will boost the market in future. Oil & gas exploration is flourishing in the Middle East and Africa which is coupled with increasing investments from oil & gas operators thus projecting to propel the drilling waste management market.
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Global Drilling Waste Management Market: Competitive Players
Major leading market players involved in the global drilling waste management market are Halliburton Energy Services, Baker Hughes, National Oilwell Varco, Soiltech AS, Newalta, Schlumberger, and Scomi. Other influencing players include Tervita Corporation, Specialty Drilling Fluids Limited, Weatherford International Limited, and Soli-Bond Waste Processing Services.
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