The rise in the demand for natural resources has intensified the need for drilling waste management solutions. Market Research Future (MRFR) has revealed in its latest report that the global drilling waste management market will thrive steadily at 5.64% CAGR during the forecast period 2017 to 2023.
The hazards of waste materials produced in the process of procuring natural resources are intense on the environment. The governments across the world are already endeavoring to contain the problem of pollution which has fueled demand in the drilling waste management market. Furthermore, the advancements and innovations introduced by the market operators have facilitated the treatment of the waste materials efficiently, and it is complementing the growth of the market.
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In the last few decades, several processes have been embraced for the production of oil & gas that has helped in minimizing the quantity of materials wasted, which might hold the market growth across the next few years.
The key players profiled by MRFR in its report for providing an insightful conclusion to the market forecast include Baker Hughes, a GE company (U.S), Schlumberger Limited (France), National Oilwell Varco, Inc. (U.S), Hebei Gn Solids Control Co. Ltd. (China), Augean PLC.(U.K), Derrick Equipment Company (U.S), Specialty Drilling Fluids Ltd.(U.S), Halliburton Company (U.S), Weatherford International PLC (U.S), Newalta Corporation (Canada), Secure Energy Services, Inc. (Canada), Ridgeline Canada, Inc.(Canada), and, Tervita Corporation (Canada) among others. The key strategies deployed by the top-notch players for gaining prominence in the market include product innovation, Memorandum of Understanding (MoU), acquisitions & mergers, agreements, etc.
By waste type, the global Drilling Waste Management market has been segmented into waste lubricants, contaminated water-based muds, contaminated oil-based muds, spent bulk chemicals, and, others.
By application type, the market for drilling waste management is segmented into onshore, and, offshore. The offshore segment accounts for the largest share of market size due to the stringent laws implemented for governing deepwater and ultra-deepwater drilling activities.
By service type, the market has been segmented into treatment & disposal, solids control, and, containment & handling. The treatment & disposal segment accounts for the most significant share in the market trailed by solids control segment.
Diamond Offshore, a pioneer in offshore drilling, has announced its collaboration with Data Gumbo which provides blockchain as a service to industries. The drilling service of Diamond will be using blockchain technology for increased efficiency and waste management.
By region, the market has been segmented into North America, Europe, Asia Pacific, and, Middle East & Africa. North America market has captivated the most significant share in the market and is expected to continue exercising its dominance over the forecast period. The key driver of market growth in the region is an extensive exploration of shale gas. The production of shale gas is expected to reach 33 trillion cubic feet in 2050 from 14.24 trillion cubic feet in 2016.
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Europe market holds the second position in the market in terms of market revenue and will persistently thrive across the assessment period. The Arctic drilling activities undertaken by Russia will drive the expansion of the market in the region. The CEO of state-controlled Russian oil giant Rosneft plans to continue drilling the region for studying geology and search for more oil.
The growth-inducing competitive landscape of Asia Pacific market will accelerate the rate of revenue generation from the market in the region. The region holds immense potential for growth and is projected to be one of the largest markets for drilling waste management over the next couple of years. The need for curbing pollution in developing economies such as India and China is fueling demand for natural gas in the region which will lead the market growth throughout the projection period. Middle East & Africa market will grow at a steady CAGR throughout the assessment period owing to the extensive drilling activities being undertaken in the Middle East region.
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