Rising exploration and production activities to drive demand for sustainable drilling waste management solutions
Market key trends:
One of the key trends in the drilling waste management market is the increasing adoption of sustainable waste management practices. With growing environmental concerns, drilling waste management companies are focusing on recycling and reuse of drilling waste to reduce the environmental footprint of drilling operations. Many companies have implemented zero waste discharge policies and are recycling cuttings and mud to be reused. They are also treating and disposing waste in an eco-friendly manner through various treatment methods like thermal desorption and bioremediation.
Key Takeaways
The Global Drilling Waste Management Market Size was valued at US$ 5.0 Billion in 2022. The market is projected to grow at a CAGR of 7.47% during the forecast period of 2023 to 2030.
Regional analysis: The drilling waste management market in North America, led by the US, holds the major share currently due to extensive onshore and offshore drilling activities in the region. Asia Pacific is expected to witness the fastest growth over the coming years, supported by increasing exploration in countries like China and India.
Key players: Major 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. The key players are focusing on expanding their presence in fast-growing regions through strategic partnerships and mergers & acquisitions.
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