New York, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the Drilling Waste Management Market is poised for strong expansion and is expected to reach USD 8,514.43 million by 2030. The market, which was valued at USD 5,053.94 million in 2022, is predicted to grow at a compound annual growth rate of 6.8% during the period 2023-2030. The report highlights the increasing adoption of drilling waste management in onshore projects, which is accelerating market growth at the global level. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the drilling waste management market.
Drilling waste management is an ideal service for the oil and gas industry to ensure the efficient deployment of resources and materials for the same process. Furthermore, the recovered part or the waste can be deployed in a new process over again. For instance, according to the recent statistics published by the U.S. Energy Information Administration, in 2021, the annual production of crude oil in OPEC countries was 31.66 million barrels per day, and in 2022, it was 34.17 million barrels per day. In 2022, the year-on-year growth of crude oil production in OPEC countries was 7.91%. Thus, the increase in the crude oil production activities associated with OPEC countries is boosting the demand growth for drilling waste management to reduce waste generated during the drilling activities, which, in turn, is benefiting the market growth.
Get Sample Report@ https://www.reportsinsights.com/sample/673914
In the oil and gas industry, a wide range of solid and liquid wastes is generated, including drilling wastes, drilling fluids, and others. As a result, the utilization of drilling waste management is increasing in the oil and gas sector to minimize the impact of drilling operations on the environment. The increasing government initiatives for strengthening the oil & gas industry along with the growing foreign direct investments in resource-rich countries are augmenting the development of new oil and gas projects at the global level. Hence, the development of new oil and gas projects at the global level will augment the demand for drilling waste management services to efficiently dispose of drilling fluids, thereby creating a lucrative opportunity for the growth of the global drilling waste management market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 8,514.43 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 6.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Baker Hughes Co., Halliburton Company, Schlumberger Limited, National-Oilwell Varco Inc., TWMA, Weatherford International PLC, Eco-Logic Environmental Engineering Inc., GN Solids Control, SAR AS, and Solids Control Services |
| By Services | Solids Control, Treatment & Disposal, and Containment & Handling |
| By Application | Onshore and Offshore |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
Browse Full Report & TOC @ https://www.reportsinsights.com/industry-forecast/global-drilling-waste-management-market-statistical-analysis-673914
Key Market Takeaways
- Based on services, the treatment & disposal segment accounted for the highest share contribution to the drilling waste management market statistics in 2022.
- In the context of application, the onshore segment is expected to contribute significant shares to the growth of drilling waste management market statistics during the forecast period.
- North America will create favorable circumstances for market growth due to the growing development of new offshore projects particularly in countries such as the United States and Canada.
Global Drilling Waste Management Market Segmentation Details:
Based on Services, the treatment & disposal segment contributed the highest market share in 2022. The treatment & disposal service providers collect and hold the drilling-related waste that is generated from the drilling operation. Additionally, key services provided by the treatment & disposal service providers include good & proper treatment, exhaust mud, and management & disposal of drilling cuttings to make oil & gas well drilling highly compatible with natural environmental requirements. Thus, due to the above benefits, the adoption of treatment & disposal services is increasing in the oil and gas industry to ensure efficient handling of drilling waste. This, in turn, will accelerate the segment growth in the forecast years.
Based on Application, the onshore segment is anticipated to offer substantial shares in the global drilling waste management market. The drilling waste management services are employed in the onshore oil and gas project to provide an integrated solution to the efficient drilling fluids management and the associated drilling waste generated. This results in efficient operation from waste generation to final disposal. The development of new onshore projects will drive the demand for drilling waste management services. Therefore, the future anticipated expansion in the development of new onshore oil and gas projects will drive market growth.
Based on region, in the year 2022, North America accounted for the largest share contribution to the market growth. The prominent factors, including the increasing strategic partnerships, research & development activities associated with the development of a new range of drilling waste management technology, and others are accelerating the drilling waste management market growth in the North American region.
Competitive Landscape
As per the research, Baker Hughes Co., Halliburton Company, Schlumberger Limited, and National-Oilwell Varco Inc., among others, are major market players that comprise the latest market circumstances. These companies have strong production capabilities and an established presence in the market through their extensive service portfolios and distribution networks. Further, the drilling waste management market is expected to grow at a substantial rate due to rising demand from onshore projects mainly in the Asia Pacific, North America, and Europe regions which are estimated to boost the market statistics in the forecast years. Additionally, the new contracts for drilling waste management medications will further increase the competition in the market.
Recent Developments
- In March 2023, TWMA, a specialist drilling waste management company based in the United Kingdom acquired a contract with a leading North Sea oil and gas operator. Thus, the recent contacts for the services of drilling waste management are spurring the market growth.
Request for Inquiry or Customization Request @ https://www.reportsinsights.com/enquiry/673914
List of Major Global Drilling Waste Management Market:
- Baker Hughes Co.
- Halliburton Company
- Schlumberger Limited
- National-Oilwell Varco Inc.
- TWMA
- Weatherford International PLC
- Eco-Logic Environmental Engineering Inc.
- GN Solids Control
- SAR AS
- Solids Control Services
Global Drilling Waste Management Market Segmentation:
- By Services
- Solids Control
- Treatment & Disposal
- Containment & Handling
- By Application
- Onshore
- Offshore
Frequently Asked Questions in the Drilling Waste Management Market Report
- What was the market size of the drilling waste management industry in 2020?
- What will be the potential market valuation for the drilling waste management industry by 2030?
- What are the key factors driving the growth of the drilling waste management market, as well as the opportunities that may impact the market’s future development?
- What is the dominating segment in the drilling waste management market by services?
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the drilling waste management market's growth in the coming years?
Our Other Research Reports here: -
Calcium Carbonate Filler Market Size | Global Industry Report, 2030
Industrial Valves Market Size | Global Industry Report, 2030
Biomass Thermal Energy Boiler Market Size | Global Industry Report, 2030
Medical Power Supply Market Size | Global Industry Report, 2030
Clear Brine Fluids Market Size | Global Industry Report, 2030
About Reports Insights Consulting Pvt Ltd
ReportsInsights Consulting Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.
Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by ReportsInsights Consulting Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in the foremost countries around the globe.
Contact:
Email: sales@reportsinsights.com
USA: +1-214-272-0393
Europe: +44-20-8133-9198
Website:- https://www.reportsinsights.com
