Drilling Waste Management Market is estimated to reach USD 8.5 billion in 2029, growing at 5.8% CAGR during 2022-2029 | Size, Share & Forecast

Drilling Waste Management Market

Drilling Waste Management Market generated a revenue of USD 5.4 billion in 2021 and is projected to reach USD 8.5 billion in 2029, growing at a CAGR 5.8% during the forecast period.

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The factors driving the growth of Drilling Waste Management Market includes rise in the oil and gas production activities around the world, strict regulations imposed by Governments regarding water and land pollution and the discovery of deep-water hydrocarbon reserves. According to the report published by Statista, the Oil production across the globe has increased from 92 barrels/day in 2017 and 94.9 barrels/day, which is expected to boost the Drilling Waste Management Market size in the approaching years. Moreover, rising concerns related to environment degradation, technological advancements in the drilling waste management systems, growing demand for petrochemical products and rapid growth in the construction and manufacturing industry, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporation on research and development, growing disposable incomes and rising population growth rates, are further contributing to the Drilling Waste Management Market share.

However, the growth of Drilling Waste Management Market is hindered due to insufficient availability of skilled workforce.

The major players operating in the Drilling Waste Management Market includes GN Solids Control, Waste Management Inc., Halliburton Company, NOV, Inc., Baker Hughes Company, Schlumberger Limited, Eco-Logic Environmental Engineering Inc., SAR AS, Weatherford International Plc and TWMA, among others.

Based on Application, the Offshore segment is predicted to expand at a remarkable CAGR during the forecast period

As per the Drilling Waste Management Market Analysis, rise in the drilling activities in the deep and ultra-deep regions and increasing consumption of energy, are some of the factors responsible for the segment's growth.

Based on Service, the Solids Control segment is projected to grow at a significant CAGR over the forecast period

According to the Drilling Waste Management Market Report, solid controls equipment is increasingly used to remove the unwanted solids from the surface such as drill cuttings from drilling fluid, is propelling the segment's growth.

Based on Region, the North American region is anticipated to capture a sizeable market share during the forecast period

Rise in the number of oil and gas exploration activities, strict regulations imposed by Governments regarding waste management, emerging need to reduce water pollution, rising pupation growth rates and high per capita incomes are some of the important factors augmenting the market growth in North America.  

Key Developments

In 2020, Waste Management Inc., acquired Disposal Services, Inc., through this acquisition, Waste Management Inc, aims to provide effective waste management and recycling services in the commercial, industrial and residential sectors.

Market Segmentation

Segmentation by Application

On Shore
Off Shore

Segmentation by Service

Solids Control
Containment & Handling
Treatment & Disposal

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.