by Market Overview:
Drilling waste management involves removal and disposal of cutting mud and drill cuttings generated during drilling operation. It prevents contamination of soil and water bodies from toxic cuttings and waste discharge that are produced during oil and gas drilling.
Market key trends:
One of the key trends in the drilling waste management market is the increasing adoption of recycling and reuse technologies. Regulations regarding onshore discharge of drilling waste are becoming more stringent. This is prompting companies to explore recycling and reuse technologies to manage drilling waste in an eco-friendly manner and minimize fresh water usage. For instance, solids control equipment separate drill cuttings from used drilling mud, allowing the mud to be reconditioned and reused. The recovered cuttings can also be recycled for construction purposes after treatment. Such sustainability-focused initiatives are expected to drive the drilling waste management market growth over the forecast period.
The drilling waste management market is witnessing increased adoption of treatment and disposal solutions in order to manage the generation of large volumes of complex multi-phase waste materials during drilling activities in oil & gas fields. Stringent environmental regulations regarding proper handling and disposal of drilling waste are further driving the need for effective waste management techniques and technologies. Key players are focusing on innovative drilling waste treatment solutions such as custom-built solids control systems for enhanced filtration, tank systems for managing liquid and dry waste streams, and integrated environmental management programs.
The global Drilling Waste Management Market Share is estimated to be valued at US$ 5.37 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Effective waste disposal helps companies comply with regulations and avoid environment hazards.
Weakness: High initial investment costs for waste treatment equipment.
Opportunity: Growth in unconventional oil & gas drilling activities is expanding scope of waste generated.
Threats: Stringent environmental norms raise operating costs.
Key Takeaways
The global drilling waste management market is expected to witness high growth at a CAGR of 7.4% over the forecast period, due to increasing shale gas and tight oil exploration and production activities.
Regional analysis: North America is currently the largest market for drilling waste management owing to active drilling in the US shale plays. The region is expected to continue dominating during the forecast period.
Key players operating in the drilling waste management market are Halliburton Co., Weatherford International Ltd., National Oilwell Varco, Inc., Xi’an Kosun Machinery Co., Ltd., Tervita Corporation, TWMA Ltd., Step Oiltools, Soli-Bond, Inc. Specialty Drilling Fluids Ltd., Soiltech, Scomi Group BHD, Secure Energy Services, Inc., Schlumberger Ltd., Nuverra Environmental Solutions, Ridgeline Canada, Inc., Newalta, Hebei Gn, Solids Control Co. Ltd., Imdex Limited, Baker Hughes, Inc., Derrick Equipment Company, and Augean PLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
