The drilling waste management market is estimated to grow at a CAGR of 6.0% from 2015 to 2020, and is expected to reach USD 5.08 Billion by 2020. The market is driven by rising demand for oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves, preferably in deepwater & ultra-deepwater locations.
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In the drilling waste management market by application, onshore occupies the lions share and offshore is expected to grow at the highest pace.
The drilling waste management market is subsegmented by application into onshore and offshore. The onshore application segment occupies the major share of the market and the offshore application segment is estimated to see high growth rate during the forecast period. The onshore application segment of drilling waste management is led by North America, particularly the U.S., which has witnessed historic levels of domestic crude oil production owing to the widespread use of technologies such as horizontal drilling and hydraulic fracturing that enabled the "shale revolution."
Treatment & disposal services are estimated to drive the drilling waste management market with the highest growth rate.
On the basis of services, the following are the subsegments, namely, treatment & disposal, solids control, and containment & handling. Out of the mentioned, treatment & disposal occupies the major share, which is due to the onsite burial (pits and landfills), land-farming, land-spreading, bioremediation, thermal treatment, and slurry injection techniques. The market for treatment & disposal service would be particularly driven by North America and Europe, due to growing 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.
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North America is estimated to be the global leader in the drilling waste management market by value for the next 5 years.
The North American region has been categorized on the basis of countries into the U.S., Canada, and Mexico. The region accounts for more than half of the market. The market has been hit the hardest due to the meltdown in global crude oil prices, with the U.S. drilling rig count declining nearly 60%, from January 2015 to January 2016. The primary reason for this is the higher break-even costs in shale drilling and production, forcing producers to idle more rigs in face of lower prices compared with drillers in other regions with lower production costs, such as the Middle East.
The drilling waste management market, in terms of developments was dominated by Kosun (China), TWMA (U.K.), Ridgeline Energy Services (Canada), and Soli-Bond, Inc. (U.S.).
This study estimates the global market of drilling waste management, in terms of USD, till 2020. It also offers a detailed qualitative and quantitative analysis of this market. This report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues of the market. The report also covers various important aspects of the market such as value chain, Porter’s Five Forces model, competitive landscape, market dynamics, market estimates in terms of value, and future trends in the drilling waste management market.
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Drilling Waste Management Market Overview, Trends and Global Forecasts to 2020
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