Market Research Future published research report on Global Drilling Waste Management Market. The Drilling Waste Management market is expected to witness ~5.64% CAGR during the period 2018 to 2023.
The oil and gas drilling process generate a very large volume of drill cuttings and used muds. With the development of technology, onshore and offshore operators have employed a variety of methods for managing drill wastes. Onshore and offshore drilling operations are currently witnessing an increase as the oil prices have been increasing in the past year. However, with safety of operations being of prime importance to oil and gas operators, stringent environmental norms have been imposed on reducing drilling waste activities.
The global oil and gas drilling operators are aiming to ensure an environmentally safe waste disposal approach. In drilling operations, many of the materials and waste associated with the operations have very high impact on environment. Drilling waste can severely impact the water bodies, pollution of land, and can also result in air pollution. Improper disposal of drilling wastes can also affect the marine and aquatic life.
The drilling waste management market is segmented on the basis of waste type as waste lubricants, contaminated water based muds, and contaminated oil based muds, spent bulk chemical and others. On the basis of application type, the market is segmented as the onshore and offshore. On service type, the market is segmented by service type as treatment & disposal, solids control and containment & handling services and by regions. North American and European regions are expected to dominate the market as many new oil and gas drilling projects are currently being performed in the region.
Market Research Analysis
North America and Europe regions are expected to command a major market share.
North America region is dominating the market for drilling waste management. With increasing onshore drilling activities due to techniques such as directionless drilling and horizontal drilling, the market is further expected to be driven by the stringent environmental regulation in the regions. In Europe, Russia is continuously investing in arctic drilling activities where new oil and gas drilling projects are currently being carried out. Also, in U.S. enhancement of oil field production activities are carried out in the Gulf of Mexico region where several oil fields are currently reaching the end of their operational lifetime.
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