The global Drilling Waste Management Market is expected to cross USD 7.13 billion by 2025 and is expected to reach a CAGR of 6.57% in the forecast period due to the rise in environmental concern toward effective drilling waste management. Activities about oil & gas exploration, logistics, and transportation entail potential risks to surroundings and the atmosphere. These activities are production, work-over operations, gas plant operations, and completion operations.
The type of wastes in the drilling operation include heavy metals, drilling fluid, and mud. The toxicity of drilling waste determines the deterioration of life and health of living beings due to exposure to toxic substances. Toxicities are determined through bioassays and exposure to laboratory animals to different amounts of the toxic substance. On the other hand, the overall process of drilling oil and gas produces very large volumes of mud and drill cuttings. Hence, offshore and onshore methods have followed a wide range of methods to manage drilling wastes.
Strict regulations by the government and environmental concerns are driving the drilling waste management system market. The rise in ecological awareness in the international market is another factor boosting market growth. In addition, a rise in investments in the mining and construction sector is anticipated to contribute significantly to the market growth in the forecast period. The drilling waste management industry is segmented based on service, application, and geography. Service categories for the drilling waste management market include containment and handling, solids and control & treatment, and disposal. The “Treatment and disposal” category dominates the market segment owing to increasing popularity.
Containment handling stands second to the segmental growth in the forecast period due to efficient methods of service. Application category for drilling waste management industry includes onshore and offshore. Onshore applications registered a CAGR of 6.1% in 2016 and are anticipated to exhibit higher growth during the forecast period. Offshore applications witness moderate growth due to the slowing of the oil and gas sector that contributes majorly to the drilling waste management market.
Geographical segmentation for the drilling waste management industry spans North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa. Europe and North America are sizeable markets due to extensive production of oil and gas coupled with stability in oil prices. Asia-Pacific’s drilling waste management market accounts for a slightly higher growth due to the rise in the export of oil and gas for commercial and industrial use. The rise in government regulations in the offshore regions and rising awareness regarding environmental pollution are likely to drive APAC’s market growth in the forecast period.
In the Middle East and Africa, the market witnesses potential opportunities in form of exploration activities due to oil & gas reserves in these regions. Stern policies by the government for offshore projects trigger the inclination towards drilling waste management processes. The key players in the drilling waste management industry include Soli-Bond Waste Processing Services, Secure Energy Services Inc., Weatherford International Ltd., Soiltech AS, TWMA, STEP OILTOOLs, Specialty Drilling Fluids Limited, and Tervita Corporation.
Technology Outlook (Revenue, USD Billion, 2014 - 2025)
• Treatment & Disposal
• Solids Control
• Containment & Handling
Application Type Outlook (Revenue, USD Billion, 2014 - 2025)
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• the U.S.
• the UK
• the Asia Pacific
• Central & South America
• the Middle East and Africa
• the United Arab Emirates
• Saudi Arabia
Research Support Specialist, USA
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