The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Drilling Waste Management Market.
It was estimated prior to this unanticipated outbreak that the Drilling Waste Management Market will reach CAGR of 6.1 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Drilling Waste Management Market is likely to witness an impressive CAGR of 6.1% during the forecast period. The major factors driving the drilling waste management market are technological developments enhancing the drilling and production capability, which is helping in exploration and production activities in the deep-water and ultra-deep-water areas across the globe.
Drilling Waste Management Market Share: By Service Type
Based on the service type, the drilling waste management market is segmented as treatment & disposal, containment & handling, and solids control. The treatment & disposal segment dominates the market owing to onsite burials (pits and landfills), land-farming, land-spreading, bioremediation, thermal treatment, and slurry injection techniques. The segment is estimated to lead the market during the forecast period due to increasing stringent regulations, such as zero-discharge standards, which mandate treatment and reuse of all waste without being discharged to the environment, specifically into the sea.
Drilling Waste Management Market Share: By Application Type
Based on the application type, the market is segmented as onshore and offshore. The onshore segment holds a major share of the market, whereas the offshore application segment is estimated to show a higher growth during the forecast period. The onshore application is led by North America, particularly the U.S., which has witnessed the historic levels of domestic crude oil production, owing to the widespread use of technologies, such as horizontal drilling and hydraulic fracturing that led to the “shale revolution.” Onshore applications have wider range of management, which includes land, underground injection, thermal treatment, and biological remediation in comparison to the offshore application segment.
Drilling Waste Management Market Share: By Region
In terms of regions, North America is estimated to lead the drilling waste management market during the forecast period. The region holds over 50% of the share of the market. The market has been hit the hardest as crude oil prices suddenly plummeted. North America and the Middle East portray an increase in energy demand which boosts oil & gas production. All these factors are contributing to the growth of the market during the forecast period.
Some of the major players in the drilling waste management market are Augean PLC, Baker Hughes Incorporated, Derrick Equipment Company, Halliburton Company, Hebei Gn Solids Control Co. Ltd., Imdex Limited, Schlumberger Limited, Secure Energy Services, Inc., Tervita Corporation, and Twma Ltd.