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Rapid technological developments improving the drilling and production capability aid exploration and production activities in the deep-water and ultra-deep-water areas across the globe. These factors boost the drilling waste management market. The drilling waste management contains three types of processes, namely, solids control, containment and handling, and treatment and disposal.

The growth of the drilling waste management market can be attributed to the growing environmental concerns, stringent government regulations and introduction of new drilling technologies.

In the coming years, the market is expected to witness the highest growth rate in the North America region. This region has been categorised on the basis of countries into the US, Canada, and Mexico The region accounts for more than half of the market. The market has been hit the hardest due to the meltdown in global crude oil prices, with the US drilling rig count declining nearly 60%, from January 2015 to January 2016. The primary reason for this is the higher break-even costs in shale drilling and production, forcing producers to idle more rigs in face of lower prices compared with drillers in other regions with lower production costs, such as the Middle East.

The research study of drilling waste management further segmented into service and application:

• “Services” is classified into treatment and disposal, solid control, and containment and handling. Nearly two-fifths of the drilling waste management market is covered by treatment and disposal, a service which includes the services such as onsite burial (pits and landfills), land farming, land spreading, bioremediation, thermal treatment, and slurry injection among others. Solid control services occupy the second largest market share and are growing at a moderate pace.
• “Application” is classified into onshore and offshore. Onshore application market occupies the major share among the application segment and is expected to grow at a steady rate during the forecast period. It finds its major market in the North American and European region. Offshore drilling waste management market is expected to grow at a much faster pace, reasons for which can be attributed to the strict waste management regulations, high cost of the treatment and increase in the drilling activities in the deep and ultra-deep region.

Development in drilling, new completion requirements and new oil production sources are expected to create new opportunities for drilling waste management. All these factors will drive the drilling waste management market during the forecast period.

Key players include Schlumberger Ltd., Halliburton Co., Baker Hughes Inc., Weatherford International Ltd., National Oilwell Varco Inc., Scomi Group BHD, Hebei Gn Solids Control Co. Ltd, Newalta, Nuverra Environmental Solutions, Secure Energy Services, Inc., Imdex Limited, Augean PLC., Xi’an Kosun Machinery Co., Ltd., Derrick Equipment Company, Ridgeline Canada, Inc., Soiltech as, Soli-Bond, Inc., Specialty Drilling Fluids Ltd., Step Oiltools, Tervita Corporation, TWMA Ltd.

For more details visit: www.marketsandmarkets.com/Market-Reports/drilling-waste-management-market-1242.html

Tags: MarketsandMarkets Research Private Ltd.