22nd August 2019 – The global 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.
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.
Get
a Sample Copy of This Report @ https://www.millioninsights.com/industry-reports/drilling-waste-management-market/request-sample
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.
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.
For More Details, Visit @ http://www.millioninsights.com
No comments:
Post a Comment