The global drilling waste management market is expected to reach USD 7.13 billion by 2025
NEW YORK, Nov. 1, 2017 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05171121
The global drilling waste management market is expected to reach USD 7.13 billion by 2025, according to a new report by Grand View Research, Inc.
Growing ecological awareness towards effective treatment and disposal of drilling wastes coupled with strict regulations to enforce the laws will boost the market growth.
Increasing drilling activity for natural gas exploration along with growing construction sites for residential and commercial spaces is predicted to drive the global drilling waste management market over the forecast timeframe. Applications of the market include onshore and offshore drilling wastes. Onshore application segment is the dominant sub-segment of the market, while the offshore application is predicted to witness significant growth by 2025. North America leads the onshore application segment owing to the unprecedented domestic production levels crude oil, largely due to the wide adoption of innovative technologies including hydraulic fracturing and horizontal drilling, signalling the onset of a shale revolution.
The drilling waste management market is also segmented based on services, including treatment & disposal, containment & handling, and solids control. In 2016, Treatment & disposal accounted for 39.2% of the market share, largely owing to onsite burial sites including landfills and pits, land-spreading, land-farming, incineration & thermal treatment, slurry injection and bioremediation. Treatment & disposal services are chiefly dominant in Europe and North America owing to increasingly strict regulations including zero-discharge standards that direct drilling companies to effectively treat and reuse all drilling waste generated, and forbid any dumping, especially in water bodies like rivers or seas.
Further key findings from the report suggest:
-- The U.S. drilling waste management market will witness growth of 3.79% CAGR over the forecast period. The slowdown in the oil and gas market has deeply impacted the drilling markets in the country, with some estimates suggesting 60% decrease in rig drilling. High break-even costs and longer gestation periods in shale exploration and production have further impacted industry growth.
-- In 2025, UK drilling waste management market is predicted to be valued at USD 0.39 billion. The country has large scale onshore and offshore drilling activities and is among the first nations in the world to introduce stringent waste management legislation.
-- China drilling waste management market is expected to grow at 12.09% CAGR. The country is expected to undertake large scale offshore exploration projects to discover natural gas reserves.
Read the full report: https://www.reportlinker.com/p05171121
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