Global Drilling Waste Management Market - Size, Projections, Drivers, Trends, Vendors, and Analysis Through 2021 by Technavio

Technavio has published a new report on the global drilling waste management market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--The global drilling waste management market is projected to grow to USD 4,968.64 million by 2021, at a CAGR of more than 4% over the forecast period, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global drilling waste management market for 2017-2021. Based on the service type, the market is divided into solid control; treatment, recycling, recovery, and disposal; and containment and handling segments.

 
Drilling waste management encompasses services provided by the waste management companies to reduce the waste to acceptable levels as set by environmental bodies. The environmental norms are currently very stringent and not likely to be relaxed anytime soon, and therefore, will continue to be a major revenue stream for the drilling waste management market during the forecast period.
 

Technavio’s research study segments the global drilling waste management market into the following regions:

  • Americas
  • EMEA
  • APAC

Drilling waste management market in the Americas

The shale revolution is one of the biggest events in the recent past for the oil and gas industry. It has previously inaccessible reserves to be explored and made profitable. The shale revolution resulted in excess oil and gas production in the US,” says Sayani Roy, a lead analyst at Technavio for oil and gas research.

Shale exploration and production generate large quantities of drilling waste which need to be treated as per the environmental norms of that region. The projected stabilization of oil prices is expected to result in a surge in drilling activities in the Americas, which will drive the market for waste management services.

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Drilling waste management market in EMEA

The major discoveries of gas reserves in Tanzania and Mozambique, along with increased exploration activities in Uganda and Kenya show that there is still untapped oil and gas reserve potential in the region. The exploration of more number of reserves is expected to boost the drilling activities, and thereby create additional demand for drilling waste management activities since both are correlated. Also, the environmental norms for offshore projects are more stringent, and any spillage would result in additional operating cost, ensuring the adoption of drilling waste management by the industry.

Drilling waste management market in APAC

The drilling waste management market in APAC is expected to grow at a CAGR of nearly 5%, due to the growing exploration and drilling activities for unconventional sources such as shale. Stringent environmental laws will drive the regional and the local players to invest in drilling waste management,” says Sayani.

The consumption of crude oil in APAC is increasing due to the rising energy demands in countries such as China, Indonesia, Japan, India, and South Korea. In India, the Oil and Natural Gas Corporation announced its plans to invest in shale exploration and drilling activities on the country’s eastern and western coasts. Also, the approval of Hydrocarbon Exploration and Licensing Policy in India is in favor of the regional players, which will boost the demand for waste management.

The top vendors in the global drilling waste management market highlighted in the report are:

  • Baker Hughes
  • Halliburton
  • National Oilwell Varco
  • Schlumberger
  • Weatherford

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

The global drilling waste management market is projected to grow to USD 4,968.64 million by 2021, at a CAGR of more than 4% over the forecast period.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com