Selbyville, Delaware,, Oct. 28, 2024 (GLOBE NEWSWIRE) --
The drilling waste management market is predicted to reach USD 11.14 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing emphasis on sustainable drilling operations and stringent environmental regulations are driving the demand for advanced waste management solutions. With the global energy demand on the rise, the drilling industry faces increasing pressure to minimize its environmental footprint, particularly in waste management, propelling market growth.
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The containment and handling segment will witness significant growth, driven by the rising need for safe and efficient waste management practices in the drilling industry. As drilling activities expand, particularly in environmentally sensitive regions, the demand for advanced containment systems and handling techniques becomes paramount. These services are crucial in preventing contamination and ensuring compliance with environmental regulations. Innovations in waste handling technologies, such as improved containment units and automated handling systems, will further boost segment growth, ensuring effective management of drilling waste.
The onshore segment will continue to dominate the drilling waste management market through 2032, supported by the extensive drilling activities conducted on land, especially in regions like North America and the Middle East. Onshore drilling operations generate significant amounts of waste, necessitating efficient waste management solutions. The growing focus on reducing environmental impact and complying with stringent regulations will drive the adoption of advanced onshore drilling waste management services.
Europe will establish a notable presence in the global drilling waste management market from 2024 to 2032, with the region's stringent environmental regulations and emphasis on sustainable drilling practices driving demand. Countries like Norway and the UK, with their mature oil and gas industries, lead the adoption of advanced waste management solutions. The European Union's strict regulations on waste disposal and environmental protection further fuel market growth. Additionally, the increasing offshore drilling activities in the North Sea and the ongoing energy transition towards cleaner fuels underscore Europe's pivotal role in the global drilling waste management industry.
Leading companies in the drilling waste management industry include Halliburton Company, Schlumberger, Baker Hughes, Augean Plc, Ridgeline Canada Inc., Derrick Equipment Company, GN Solids Control, Imdex Limited, NOV Inc., SELECT WATER SOLUTIONS, CLEAN HARBORS, INC., Geminor, Halliburton, Newpark Resources Inc., Secure Energy Services, Inc., Soli-Bond, Inc., TWMA, Weatherford
These key players are expanding their market share through technological advancements, strategic partnerships, and enhanced service offerings. Investment in research and development is crucial to introducing innovative waste management solutions that meet evolving industry needs. Collaborations with oil and gas companies and environmental agencies ensure market penetration and access to new opportunities. Additionally, providing comprehensive support services, such as waste management consulting and compliance training, strengthens their position in the competitive drilling waste management market.
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Partial chapters of report table of contents (TOC):
Chapter 4 Competitive landscape, 2023
4.1 Strategic outlook
4.2 Innovation & sustainability landscape
Chapter 5 Market Size and Forecast, By Service, 2019 – 2032 (USD Million)
5.1 Key trends
5.2 Solid Control
5.3 Containment & handling
5.4 Treatment & disposal
5.5 Others
Chapter 6 Market Size and Forecast, By Application, 2019 – 2032 (USD Million)
6.1 Key trends
6.2 Onshore
6.3 Offshore
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
