The global drilling waste management market was valued at US$ 3.91 billion in 2016 and is expected to reach US$ 6.69 billion by 2025, witnessing a CAGR of 6.30% over the forecast period (2017-2025), according to the Drilling Waste Management Market Report, by Service Type (Solid Control, Treatment & Disposal, Containment & Handling, and Others) and by Application (Onshore and Offshore) published by Coherent Market Insights. Increasing E&P activities, growing concerns related to environment, and increasing awareness related to hazardous effects are some of the factors fueling growth of the market. Furthermore, ongoing activities regarding offshore drilling and improvements in shale gas explorations creates various growth opportunities for oil and gas manufacturers.
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Browse 772 pages, 400 market data tables* and 110 figures* on "Drilling Waste Management Market” - Global forecast to 2025.
Key Trends and Analysis of the Drilling Waste Management Market:
Among service type, the treatment & disposal segment held a dominant position in 2016 and is expected to retain its dominance over the forecast period, owing to large scale penetration. The characteristics of waste and the regulatory requirements decide the treatment and disposal services required.
Among application, the onshore segment accounted for the largest market share in 2016, owing to wide number of applications in management operations as compared to offshore applications. Some of the operations include, underground injection, land application, biological remediation, and thermal treatment. Onshore applications in managing waste is more convenient and cost-effective as compared to offshore application. This is owing to stringent environmental regulations that promote offshore drilling operations and limited space available for such operation. According to Oil Scams, the average cost of onshore drilling completion is around US$ 4.9 MM to US$ 8.3 MM, which is cost-effective than offshore drilling.
Key Takeaways of the Market:
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