A new report has been published by Stratview Research, titled, “Drilling Waste Management Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023–2028.” The experts authoring this report have made an effort at providing in-depth information on leading growth drivers, restrictions, challenges, current and upcoming trends, and opportunities to offer a comprehensive assessment of the Drilling Waste Management Market. Users can use the analysis included in this report to plan effective growth strategies and prepare for future challenges beforehand.
Market Insights
The drilling waste management market was estimated at USD 4.4 billion in 2022 and is likely to grow at a CAGR of 6.09% during 2023-2028 to reach USD 6.29 billion in 2028.
The major factors driving the drilling waste management market are technological developments enhancing the drilling and production capability, which is helping in exploration and production activities in deep-water and ultra-deep-water areas across the globe.
What is drilling waste management?
Drilling waste management is a process in which the drill cuttings are separated from drilling fluids on the surface by solids equipment and some quantity of unrecoverable drilling fluids. These are the major sources of drilling waste.
Drilling waste management contaminates the drilling fluids for successful drilling operations. It removes solid control equipment that is often reported as drill solids.
Market segmentation
Market segmentation has been done correctly to help the users define and better understand their target audiences and ideal customers. Market segmentation in this report allows you to identify the right market for your products and then target your marketing more effectively.
Based on the service type, the drilling waste management market is segmented as treatment & disposal, containment & handling, and solids control. The treatment & disposal segment dominates the market owing to onsite burials (pits and landfills), land-farming, land-spreading, bioremediation, thermal treatment, and slurry injection techniques. The segment is estimated to lead the market during the forecast period due to increasingly stringent regulations, such as zero-discharge standards, which mandate treatment and reuse of all waste without being discharged to the environment, specifically into the sea.
Based on the application type, the market is segmented as onshore and offshore. The onshore segment holds a major share of the market, whereas the offshore application segment is estimated to show higher growth during the forecast period. The onshore application is led by North America, particularly the U.S., which has witnessed historic levels of domestic crude oil production, owing to the widespread use of technologies, such as horizontal drilling and hydraulic fracturing that led to the “shale revolution.” Onshore applications have a wider range of management, which includes land, underground injection, thermal treatment, and biological remediation in comparison to the offshore application segment.
In terms of regions, North America is estimated to lead the market during the forecast period. The region holds over 50% of the share of the market. The market has been hit the hardest as crude oil prices suddenly plummeted. North America and the Middle East portray an increase in energy demand which boosts oil & gas production. All these factors are contributing to the growth of the market during the forecast period.
Competitive landscape
Relying on data to make business decisions and to have a competitive advantage, is a critical aspect every key player needs to be familiar with. The report throws light on the competitive scenario of the Drilling Waste Management Market along with a list of Key players.
Here are a few–
• Augean PLC
• Baker Hughes Incorporated
• Derrick Equipment Company
• Halliburton Company
• Hebei Gn Solids Control Co. Ltd.
• Imdex Limited
• Schlumberger Limited
• Secure Energy Services, Inc.
• Tervita Corporation
• Twma Ltd.
Report Features -
This market report includes the following features –
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints.
- Market trend and forecast analysis.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, M&As etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
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