LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global drilling waste management market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
The rising investments in shale gas is one of the major trends being witnessed in the global drilling waste management market 2018-2022. Shale is a sedimentary rock formation with natural gas trapped inside. These formations have fine grains and are good sources for obtaining petroleum and natural gas. Shale has low permeability, and it ensures that the gas is not lost through the cracks of the rock. Horizontal drilling and hydraulic fracturing are the techniques used to harness shale gas. This process involves the application of pressure on the shale rock by using a combination of sand, water, and detergents to fracture the rock and allow the gas to rise to the surface.
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According to Technavio analysts, one of the key factors contributing to the growth of the global drilling waste management market is the increase in oil rig count:
Global drilling waste management market: Increase in oil rig count
Various drilling and production projects that were planned were kept on hold until the oil prices stabilized. Several exploration and drilling projects across the world were canceled due to these variations in prices. During 2014, the global rig count was high. A decline in the number of active rigs started post 2014 with a sharp decline in 2015 and 2016 during which the crude oil prices reached the rock bottom.
According to a senior analyst at Technavio for research on oil and gas, “The global rig count reduced at a rate of nearly 14.65% year-over-year till 2016 and kept declining till mid-year of 2017. After this period, crude oil prices started recovering gradually, along with a rise in the rig count. This was due to a gradual increase in onshore and offshore drilling projects due to a relative increase in profit margins for oil and gas companies.”
Global drilling waste management market: Segmentation analysis
The global drilling waste management market research report provides market segmentation by service type (solid control, treatment, recycling, recovery, disposal, and containment and handling) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
68% of the incremental growth is expected to originate from the EMEA region followed by the Americas and APAC with 22% and 10%, respectively.
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- Market definition
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Five Forces Analysis
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- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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