NEW YORK, June 7, 2016 /PRNewswire/ -- "Increasing environmental concerns and stricter government regulations along with new drilling technologies are expected to drive the drilling waste management market at a CAGR of 6.0%"
The drilling waste management market is estimated to be USD 3.80 billion in 2015, and is expected reach a market size of USD 5.08 billion by 2020. The market is projected to grow at a CAGR of 6.0% from 2015 to 2020. Decrease in oil & gas production in shallow water basins, untapped potential for large hydrocarbon reserves in deep-water, improvement in technology, and stringent governmental regulations are major drivers for the growth of the drilling waste management market. Ongoing discoveries of deepwater hydrocarbon reserves create several opportunities for the oil & gas producers as well as service providers along with the value chain, which are also supporting the growth of the market.
"Offshore application type is expected to witness the highest growth in the drilling waste management market"
The offshore market segment is the next major application after the onshore market segment in the drilling waste management market in 2015, and is expected to be the highest growing application during the forecast period. Regulations for disposal and treatment of drilling wastes are much more stringent for offshore installations compared with onshore ones. Equipment for managing drilling wastes at location is more costly, whereas stricter rules for discharge into the sea make it mandatory to transport waste to onshore facilities for processing, which further increases handling costs.
"Europe is expected to lead the global drilling waste management market in terms of growth rate"
Among all the regions, Europe has taken the lead with the fastest growth rate followed by North America and Africa, respectively. Stringent environmental regulations, such as zero-discharge policy in the offshore region, and heavy penalties for violation of the regulations have given a push to the market. The slump in global crude oil prices, which started in the latter half of 2014 and deepened in 2015, took its toll on the drilling waste management market, with huge spending cuts on new drilling projects implemented by all leading exploration and production companies. The market for drilling waste management is expected to grow at a moderate pace during the forecast period as global crude oil prices are expected to post a slow but steady recovery during the second half of 2016 and beyond during the forecast period.
The data have been collected through several primary and secondary sources. A comprehensive discussion guide was sent to several experts in the field of drilling waste management and offshore exploration & production services experts for the verification of the market findings.
- By Company Type: Tier 1—39%, Tier 2—15%, and Tier 3—46%.
- By Designation: Director level—8%, C level—23%, and Engineer level—69%
- By Region: Americas—7%, Europe—8%, APAC—54%, and Middle East & Africa—31%
Schlumberger Ltd. (U.S.), National Oilwell Varco (U.S.), Halliburton Co. (U.S.), Secure Energy Services, Inc. (Canada), Scomi Group Bhd (Malaysia), Kosun (China), TWMA (U.K.), Ridgeline Energy Services (Canada), Soli-Bond, Inc. (U.S.), Newalta (Canada), and others.
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