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Global Drilling Waste Management Market to Reach About USD 7.87 Billion by 2027, Driven by the Surging Drilling Activities

According to a new report by EMR titled, ‘Global Drilling Waste Management Market Report and Forecast 2022-2027’, the market attained a value of about USD 5.46 billion in 2021. The market is further expected to grow at a CAGR of 6.30% in the forecast period of 2022-2027 to reach nearly USD 7.87 billion by 2027.

The increasing drilling activities, completion operations, gas plant operations, and production operations are driving the market for drilling waste management. With the growing awareness regarding the toxicity of drilling waste, the requirement for drilling waste management is surging.

 

The introduction of various stringent government regulations to control pollution in water bodies and air, among others, is propelling the market growth. The deployment of innovative methods for drilling wastes by onshore and offshore operators is likely to fuel the market growth. Technological advancements and innovations to enhance the efficiency of drilling and solids control are anticipated to provide further impetus to the market growth in the forecast period.

 

Some of the significant companies in the drilling waste management market include Halliburton Company (NYSE: HAL) and TWMA. The latter announced in February 2021 that it had secured a seven-figure contract with Spirit Energy, a leading exploration and production company. Under the five-year contract, the company would offer drilling waste management services on the harsh environment jack-up rig Maersk Resolve. This contract marks the company’s first project with the E&P company, and it would provide Spirit Energy access with its bulk cutting transfers, skip and ship, drill cutting processing, and NORM services.

 

In addition, the company would also offer its flagship, TCC RotoMill®, that can be deployed at the rig side offshore to enable rig contractors and operators to treat drill cutting at source for eliminating carbon footprint and costs associated with ship to shore methods. As the service processes drill cuttings offshore, it reduces lifting operations by up to 95% while improving the risk profile of drilling projects.

 

Market Analysis by Application, Service, and Region:

  • The market, on the basis of application, can be divided into onshore and offshore.
  • Based on service, the market can be divided into solid control, containment and handling, and treatment and disposal.
  • The regional markets for drilling waste management include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The increasing drilling activities across the globe are bolstering the market for drilling waste management.
  • The market for drilling waste management is being fuelled by the surging interest in exploration and production (E&P) in the oil and gas sector, which, in turn, is increasing drilling waste generation.
  • The surging investments in the oil and gas, construction, and mining sectors are bolstering the market growth of drilling waste management.
  • The introduction of various stringent government regulations regarding waste disposal from drilling activities is providing impetus to the market growth.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for drilling waste management for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the applications, services, and major regions of drilling waste management.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market are Halliburton Company Weatherford International plc, NOV Inc., Scomi Group Bhd, and KOSUN Machinery Co., Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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