Market Research Future (MRFR) expects the drilling waste management market 2020 to record a growth rate of 5.64% between 2017 and 2023 (assessment period). We will provide covid-19 impact analysis with the report.
Primary Drivers and Main Challenges
The impact analysis on COVID-19 has been carried out by MRFR, which reveals that the oil and gas industry can be profoundly affected by the plummeting demand and the crashing prices of power around the world. Taking into account the long-term impact of COVID-19, most of the leading companies are presently working on bringing down the costs of protecting their assets, and are also putting in efforts to ensure uninterrupted operations to control the revenue loss. While the world is busy trying to achieve a COVID-19 breakthrough, the lockdown situation has managed to restrain the movement of materials across energy and power plants. The short term impact in line with the current lockdown situation has led to a massive decline in the investment capacity along with a drop in power prices in the face of political uncertainty, suggests the COVID-19 analysis by MRFR.
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Drilling waste management processes are a significant aspect of the oil and gas industry, which generates massive amounts of drilling wastes such as drill cuttings and drilling fluids. Drilling waste management helps maintain proper drilling operations and facilitate environmental protection. Experts are hopeful that the market can maintain its robustness in the coming years on account of the mounting environmental concerns combined with the rising spending by oil & gas companies in various exploration activities across the globe.
Technological evolution in the industry has led to notable advancements in drilling waste management technologies. Lower waste generation-based technologies like slim-hole drilling, directional drilling, pneumatic drilling and coil-tubing drilling are being increasingly used instead of the traditional ones. The focus on achieving zero discharge has also increased, while the number of research & development activities has also grown, in terms of high-end treatment technology, giving rise to abundant opportunities in the global market.
The key players in the global Drilling Waste Management Market are Baker Hughes, a GE company (U.S), Halliburton Company (U.S), Schlumberger Limited (France), Weatherford International PLC (U.S), National Oilwell Varco, Inc. (U.S), and Newalta Corporation (Canada). Hebei Gn Solids Control Co. Ltd. (China), Secure Energy Services, Inc. (Canada), Augean PLC.(U.K), Derrick Equipment Company (U.S), Ridgeline Canada, Inc.(Canada), Specialty Drilling Fluids Ltd.(U.S), and Tervita Corporation (Canada) are among others.
Segmentation of the global drilling waste management market covers waste type, application and service type.
The waste types studied are contaminated water-based muds, waste lubricants, spent bulk chemicals, contaminated oil-based muds, and others. All of these waste types are highly toxic for the environment and consist of harmful elements like inorganic salts, aromatic hydrocarbons, organics, heavy metals, and more.
The application areas of drilling waste management are onshore as well as offshore. Onshore operators are presented with various drilling waste management options, and these options are chosen on the basis of the operation area.
The service types covered in the market analysis include solids control, containment & handling and treatment & disposal services. Treatment & disposal services are quite extensive during the drilling waste management processes, making it the leading segment in the market. The most common treatment and disposable services types are land farming, onsite burial (pits and landfills), bioremediation, land spreading, slurry injection, thermal treatment, among others. However, the second position has been clinched by the solid control services segment in the worldwide market.
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Detailed Regional Analysis
Europe, Asia Pacific or APAC, the Middle East and Africa or MEA and North America are the main markets for drilling waste management.
North America together with Europe can emerge as the biggest markets for drilling waste management largely due to the rising number of oil drilling activities. In North America, there has been a notable surge in shale gas development drilling activities in line with the increasing innovations in drilling technologies, such as vertical drilling and horizontal drilling. The North American market can observe considerable expansion in the coming years, thanks to the increasing use of unconventional resources and their continuous development. The adherence to stringent waste management along with the pressure from the government to bring down the volume of drilling waste can also benefit the regional market. Europe, being the second leading market, can grow on the back of rising number of drilling activities.
In APAC, offshore exploration activities have picked up immense pace in conjunction with the expanding population. The thriving industrial base along with the soaring energy demand can also boost market growth in the future. The MEA market is flourishing with the frequent oil & gas exploration activities and the growing investments from operators in the field.
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