Drilling Waste Management Market is expected to cross USD 7.13 billion by 2025 and is expected to reach at a CAGR of 6.57% in the forecast period due to rise in environmental concern toward effective drilling waste management. Activities pertaining to oil & gas exploration, logistics and transportation entail a potential risk to surroundings and 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 of toxic substances. Toxicities are
determined through bioassays and exposure to laboratory animals to different
amounts of 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.
Request Sample Copy of This Market Research @
https://www.millioninsights.com/industry-reports/drilling-waste-management-market/request-sample
Strict
regulations by the government and environmental concerns are driving the
drilling waste management system market. Rise in ecological awareness in the
international market is another factor boosting the market growth. In addition,
rise in investments in the mining and construction sector is anticipated to
contribute significantly to the market growth in the forecast period. Drilling
waste management industry is segmented based on service, application, and
geography. Service categories for drilling waste management market include
containment and handling, solids and control & treatment, and disposal.
“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 is anticipated to exhibit a higher growth
during the forecast period. Offshore applications witness a moderate growth due
to slowing of oil and gas sector that contributes majorly to the drilling waste
management market.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/drilling-waste-management-market
Geographical
segmentation for drilling waste management industry spans North America, Latin
America, Europe, Asia-Pacific, Middle East and Africa. Europe and North America
are sizeable markets due to extensive production ofoil and gas coupled with
stability in oil prices. Asia-Pacific’s drilling waste management market
accounts for a slightly higher growth due to rise in export of oil and gas for
commercial and industrial use. Rise in government regulations in the offshore
regions and rising awareness regarding environmental pollution are likely to
drive the 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 government for offshore projects triggers 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.
Comments
Post a Comment