Growth opportunities in the drilling waste management market look promising over the next six years. This is mainly due to stringent legal regulations towards effective drilling waste management to reduce water and land pollution and increasing demand for oil & gas.
Drilling Waste Management Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmenting demand for oil and gas, rapid expansion in the production & exploration of shale gas, rising concerns towards the environment, and strict legal norms concerned with the effective drilling waste management to decrease water and land pollution are some of the drivers responsible for the growth of the global drilling waste management market. Also, the surging exploration activities in deep and ultra-deepwater will further stimulate market growth.
The surge in demand for natural gas, diesel, oil, and other fuels across industrial and residential areas will strengthen the market share. In accordance with the Energy Information Administration (EIA), natural gas production has been increased to a growth rate of 2.7% in 2019, from 1.5% in 2018. According to World Oil, the worldwide spending on E&P is predicted to escalate to 6.8% in 2021 after experiencing around 25% collapse in 2020, thus bringing enormous growth opportunities for the market growth. However, the decreasing price of crude oil is likely to hinder market growth. Moreover, high initial investment and inadequately skilled labor in the drilling waste management process will curb the drilling waste management market size.
Service Segment Drivers
Based on the service, solids control is predicted to witness a higher CAGR over the forecast period owing to their efficiency, ease of use, and adoption. Additionally, the use of this equipment to remove unwanted solids and recover the drilling fluid for reuse will propel the market growth.
Regional Drivers
Based on regional coverage, North America is anticipated to dominate the market over the forecast period, majorly because of the growing oil drilling and extraction activities and rising government regulations for waste treatment in the oil & gas sector. According to Energy Information Administration (EIA), natural gas accounts to be a source for about 31% of energy consumption in 2019. Additionally, natural gas in US, counted to be a source for around 20% of commercial, 24% of residential, and 33% of industrial sector’s total energy consumption in 2019, thereby propelling the market growth.
Drilling Waste Management Market’s leading Manufacturers:
- Waste Management Inc.
- Weatherford International Plc
- NOV, Inc.
- GN Solids Control
- Schlumberger Limited
- TWMA
- SAR AS
- Halliburton Company
- Eco-Logic Environmental Engineering Inc.
- Baker Hughes Company
Drilling Waste Management Market Segmentation:
Segmentation by Application:
- On Shore
- Off Shore
Segmentation by Service:
- Solids Control
- Containment & Handling
- Treatment & Disposal
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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