LONDON--(BUSINESS WIRE)--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:
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
- National Oilwell Varco
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