The Global Drilling Waste Management Market was valued at US$ 5.0 billion in 2022 and is expected to reach US$ 8.9 billion by 2030, witnessing a CAGR of 7.47% over the forecast period (2023-2030), according to the Global Drilling Waste Management Market Report, by Service Type (Solid Control, Treatment & Disposal, Containment & Handling, and Others) and by Application (Onshore and Offshore). Increasing E&P activities, growing concerns related to the environment, and increasing awareness related to hazardous effects are some of the factors fueling growth of the market. Furthermore, ongoing activities regarding offshore drilling and improvements in shale gas explorations create various growth opportunities for oil and gas manufacturers.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/drilling-waste-management-market-990
Browse 772 pages, 400 market data tables* and 110 figures* on "Drilling Waste Management Market” - Global forecast to 2030.
Key Trends and Analysis of the Drilling Waste Management Market:
- Among service type, the treatment & disposal segment held a dominant position in 2022 and is expected to retain its dominance over the forecast period, owing to large-scale penetration. The characteristics of the waste and the regulatory requirements decide the treatment and disposal services required.
- Among application, the onshore segment accounted for the largest market share in 2022, owing to a wide number of applications in management operations as compared to offshore applications. Some of the operations include underground injection, land application, biological remediation, and thermal treatment. Onshore applications for managing waste is more convenient and cost-effective as compared to offshore application. This is owing to stringent environmental regulations that promote offshore drilling operations and limited space available for such operations. According to Oil Scams, the average cost of onshore drilling completion is around US$ 4.9 Mn to US$ 8.3 Mn, which is more cost-effective than offshore drilling.
Key Takeaways of the Market:
- According to study, North America accounted for the highest market share, in terms of revenue, in the global drilling waste management market in 2022. This is mainly due to increasing E&P activities created by shale gas. Due to the exploration of shale gas, there is an increase in the usage of horizontal drilling and hydraulic fracturing techniques. The manufacturers of oil, natural gas, and shale gas are focusing on exploration, production, and development in New Brunswick. These projects are registered for Environmental Investment Assessment (EIA) review.
- Europe accounted for the second largest market share in the drilling waste management market, followed by Africa. The burgeoning growth in the North Sea, rising offshore exploration, and production activities in Nigeria have further augmented the drilling waste management market in the region. In 2016, Exxon Mobil along with its partners announced the discovery of oil in the Owowo-2 and Owowo-3 fields on Nigeria’s shores. The discovery is estimated to be between 500 million to 1 billion barrels of crude oil. An estimation of around 85 trillion cubic feet of gas was discovered in the Rovuma basin in Mozambique, which has fueled the growth of offshore drilling rigs in Africa.
- Asia Pacific has witnessed significant growth in the global drilling waste management market, owing to stringent government regulations and increasing activities for unconventional sources. In India, the oil & natural gas corporation (ONGC) announced its project of drilling 22 exploratory wells located at Ahmedabad and Gandhinagar, districts of Gujarat, in 2016. With the increasing demand for the reduction of the environmental impact of operations globally, manufacturers continue to develop facilities and manage waste streams produced by operations.
- The key players operating in the global drilling waste management market include Halliburton Co., Weatherford International Ltd., National Oilwell Varco, Inc., Xi'an Kosun Machinery Co., Ltd., Tervita Corporation, TWMA Ltd., Step Oiltools, Soli-Bond, Inc. Specialty Drilling Fluids Ltd., Soiltech as, Scomi Group BHD, Secure Energy Services, Inc., Schlumberger Ltd., Nuverra Environmental Solutions, Ridgeline Canada, Inc., Newalta, Hebei Gn, Solids Control Co. Ltd., Imdex Limited, Baker Hughes, Inc. Derrick Equipment Company, and Augean PLC.
