Drilling Waste Management Market 2019: Global Leading Growth Drivers, Business Growth, Size, Share, Industry Challenges, Key Vendors, Trends & Forecast to 2023
Drilling Waste Management Market is Increase rapidly at a 5.64% CAGR during the Forecast years, and is Segmented on the Basis of Waste Type, Application Type, and Service Type.
Pune, India – February 18, 2019 /MarketersMedia/ —
Market Analysis
The Drilling Waste Management Market is expected to register a healthy growth at a striking 5.64% CAGR during the predicted years (2018-2023). Drilling waste management simply put is a service or solution for managing the drilling waste. These wastes are created while drilling water, gas or oil and categorized as drill cuttings and used drilling fluids. It is a method to control, collect, store, transport, process and dispose wastes that are generated at the time of drilling in an acceptable and safe environment in context with the current regulatory needs.
Different management choices such as biological processes, thermal treatment, underground injection and land application can be utilized for drilling wastes remediation.
There are many factors that can be linked to the growth of drilling waste management market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include growing environmental concerns, favorable government policies, increasing production activities and oil exploration, increasing awareness about hazardous effects, future enhancements in the exploration of shale gas, ongoing research and development in the offshore drilling. However, the factors for which the drilling waste management market may get constrained include slump in the price of crude oil, extreme competition in the market, high operational cost and lack of skilled personnel for managing the drilling waste activities.
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Industry Updates:
Stage 3 Separation and Cubility have come up with an attractive value proposition and an effective business model for drilling contractors and operators in North America, outperforming the competition along with offering a flexible and modular solids control solution which will create an impact on the customers bottom line within days. This will be the biggest MudCube deployment that will cater to the industry demand for enhanced drilling efficiencies, cleaner drilling waste, reduced volumes and lower mud consumption. It will offer users with unmatched HSE performance and control vapors, vibration and noise. The best part is, it can be affordably and easily installed in well pads and rigs with negligible impact on the ongoing operations along with offering instant ROI.
Total SA has joined hands with TWMA for a 3-year contract to offer drilling waste management solutions in the continental shelf region of the UK.
Key Players
Leading players profiled in the Drilling Waste Management Market include-
Tervita Corporation (Canada), Specialty Drilling Fluids Ltd. (U.S), Ridgeline Canada, Inc. (Canada), Derrick Equipment Company (U.S), Augean PLC. (U.K), Secure Energy Services, Inc. (Canada), Hebei Gn Solids Control Co. Ltd. (China), Newalta Corporation (Canada), National Oilwell Varco, Inc. (U.S), Weatherford International PLC (U.S), Schlumberger Limited (France), Halliburton Company (U.S) and Baker Hughes, a GE company (U.S).
Market Segmentation
The MRFR report provides a comprehensive segmental analysis of the Drilling Waste Management Market on the Basis of Waste Type, Application Type, and Service Type.
Waste Type : Spent Bulk Chemicals, Contaminated Oil-Based Muds, Contaminated Water-Based Muds and Waste Lubricants.
Application Type : Onshore and Offshore.
Of these, the onshore segment has a bigger market share and is predicted to see a healthy growth over the forecast period.
Service Type : Containment and Handling, Solids Control and Treatment and Disposal.
Of these, the treatment and disposal segment occupy the largest share owing to slurry injection techniques, thermal treatment, bioremediation, land-spreading, land-faming and burial (landfills and pits).
Regional Analysis
Based on Region, the drilling waste management market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Middle East and Africa. Of these, both North America and Europe are predicted to have a higher share in the drilling waste management market. North America dominates the market. Owing to rising onshore drilling activities on account of the use of techniques such as horizontal drilling and directionless drilling, the market in this region is expected to grow further based on the strict environmental regulation there. In the European region, Russia is investing constantly in various arctic drilling activities where at present new gas and oil drilling projects are being performed. Also, in the US, improvement of activities associated to oil field production is being performed in the region of the Gulf of Mexico where a couple of oil fields at present are reaching the termination of its operational lifetime.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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