Press release
Latin America drilling fluids waste management market is anticipated to expand at a significant CAGR of 12.6% By 2020
Due to the dominance of a few key players in the Latin America drilling fluids waste management market, the market here is highly concentrated, reports Transparency Market Research in a new study. Leading players operating in the Latin America drilling fluids management market are aiming at integrating their operations backward to provide customers with economical services. Leading multinational companies present in the Latin America drilling fluids management market such as Halliburton, Weatherford, Baker Hughes, and Schlumberger also provide customers with turnkey solutions that in turn helps drilling fluid production and exploration companies to manage drilling waste safely along with environment sustainability.Download Free Research Report Brochure : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3022
The Latin America drilling fluids waste management market is anticipated to expand at a significant CAGR of 12.6% from 2014 to 2020. The market stood at a value of US$521.4 mn in 2015 and is projected to rise to US$945.3 mn by 2020. Onshore drilling fluids waste management services are likely to dominate the application segment with an overall share of 52.83% in terms of revenue in 2020. The onshore application segment is likely to maintain a lead due to the reliance of countries such as Argentina, Colombia, and Venezuela on their considerable onshore reserves. The discovery of new onshore reserves, including those of shale gas, is likely to attract potential foreign investors towards Latin America. As a result of this, the increase in onshore exploration and drilling activities is further expected to augment the growth of drilling fluids waste management services in the onshore application segment.
Tax Leniency by Brazilian Government to Aid in Mass Adoption of Drilling Fluids Waste Management Services
Owing to the ongoing offshore drilling and exploration activities in the Pre-Salt area of Brazil, the market for drilling fluids waste management is anticipated to significantly grow in the coming years. Brazil is anticipated to account for 34.5% of the overall share in the Latin America drilling fluids waste management market. Moreover, the regulations imposed by the Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA) are likely to positively guide the drilling fluids waste management market in Brazil. Furthermore, the progress of the drilling fluids waste management services in Brazil is dependent on the tax incentives allowed by the government to attract foreign players. However, apart from Brazil, Argentina and Venezuela are also anticipated to witness stable growth until 2020.
Rigid Government Regulations Regarding Drilling Fluid Management to Drive Demand for Drilling Fluids Waste Management Services
According to a TMR analyst, “Governments of countries in Latin America have levied severe environmental protections rules for companies operating in the drilling and exploration industry.” The generation of harmful wastes such as drill fluids and drill cuttings from drilling processes extensively harms the environment. Therefore, government agencies such as IBAMA have enacted standards pertaining to waste disposal, emission of pollutants, and release of effluents. Similarly, regulations such as Law on Substances, Materials and Hazardous Waste (SMHWL) and the Law on Waste Management (LWM) are further anticipated to encourage the adoption of drilling fluids waste management in Latin America.
Operational Efficiency Pressure Added with Need to Stick to Government Regulations to Create Challenges for Vendors
The main challenge faced by companies operating in the drilling fluid waste management business is the transportation of necessary equipment to offshore drilling locations. These remote locations are sometimes severe environmentally sensitive areas and require special attention towardsthe management of .drilling fluids waste. The pressure of maintaining operational efficiency and cost in adverse climatic situations is anticipated to act rogue in the process of managing drilling fluids waste. Moreover, the lack of proper oil and gas infrastructure in countries in Latin America is another factor inhibiting the growth of the drilling fluids waste management market in the region.
However, the abundance of deep water and ultra-deep water oil reserves is likely to present companies with profitable growth prospects for the future and aid in the adoption of drilling fluids waste management services.
Key segments of the Latin America Drilling Fluids Waste Management Market
Latin America Drilling Fluids Waste Management Market: Service Segment Analysis
Solid control
Treatment & disposal
Containment & handling
Latin America Drilling Fluids Waste Management Market: Application Analysis
Offshore
Onshore
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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