Market Overview:
The drilling waste management market deals with providing treatment, storage and disposal services for solid and liquid wastes generated during drilling of oil and gas wells. Drilling muds require proper treatment and recycling to remove solids and recover reusable drilling fluid before disposal. This helps reduce environmental footprint of drilling activities.
Market key trends:
Growing focus on drilling mud recycling is a key trend in the market. Drilling muds used in oil and gas operations contain various clay minerals and weighting agents. These valuable components in drilling muds can be recovered and reused through recycling processes. Recycling reduces fresh mud requirement and lowers overall waste generation. Regulation push for responsible waste management is also fueling adoption of mud recycling solutions. Stringent norms demand reuse of drilling wastes to prescribed quality standards before disposal. Technological advances enable higher recycling rates through efficient solid-liquid separation. This boosts sustainability and aids compliance with environment rules.
The global Drilling Waste Management Market Share is estimated to be valued at US$ 5.37 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The drilling waste management market is dominated by the solid control sub-segment. It accounts for over 35% of the overall market share owing to the large volume of drilling fluids and cuttings produced during drilling operations that require proper disposal and reuse. Compliance with strict environmental regulations have increased demand for solid control equipment such as shale shakers and centrifuges.a
Key Takeaways
The global drilling waste management market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing environmental regulations regarding drilling waste disposal.
Regional analysis
North America currently dominates the drilling waste management market, accounting for over 30% of the global market share in 2023. This is due to large-scale drilling activities in the region mainly in the USA. However, the Middle East & Africa is expected to grow at the highest CAGR during the forecast period due to increasing exploration & production activities in the oil & gas sector in countries like Saudi Arabia and UAE.
Key players
Key players operating in the drilling waste management market include Halliburton Co., Weatherford International Ltd., National Oilwell Varco, Inc., Xi'an Kosun Machinery Co., Ltd., Tervita Corporation, TWMA Ltd., Step Oiltools, Soli-Bond, Inc. Specialty Drilling Fluids Ltd., Soiltech, Scomi Group BHD, Secure Energy Services, Inc., Schlumberger Ltd., Nuverra Environmental Solutions, Ridgeline Canada, Inc., Newalta, Hebei Gn, Solids Control Co. Ltd., Imdex Limited, Baker Hughes, Inc., Derrick Equipment Company, and Augean PLC. Halliburton aims to increase its market share in the solid control equipment segment through strategic mergers and acquisitions.
