Market Overview:
Drilling waste management refers to the processes and technologies adopted for safe and environment-friendly disposal of drilling waste generated during oil and gas exploration and production. Drilling waste includes drilling mud, cuttings,produced water and others. Rapid pace of urbanization and industrialization worldwide has increased the demand for energy which has boosted the oil and gas exploration and production activities. This has significantly increased the volumes of drilling waste generated which needs to be managed efficiently and as per environmental regulations. Adopting proper drilling waste management practices prevents the pollution of soil, groundwater and surrounding environment.
Market key trends:
One of the key trends in the drilling waste management market is increasing adoption of advanced solids control equipment for efficient management of drill cuttings. Players are focusing on developing advanced cuttings dryers, centrifuge and shakers which can separate higher volumes of cuttings in lesser time and with improved efficiency. Growing importance of recycling and reusing the drilling waste is another key trend. Players offer services and equipment for recycling recovered oil from cuttings and produced water which helps in reducing operational costs for oil producers. Rising environmental regulations regarding drilling waste disposal is also driving shift towards more sustainable onsite zero discharge systems.
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.
Porter’s Analysis
Threat of new entrants: The threat is moderate due to high capital requirements and established nature of existing players in the drilling waste management market.
Bargaining power of buyers: The bargaining power is high due to availability of several service providers and environmental regulations favoring buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutable components and establishment of long term contracts.
Threat of new substitutes: The threat is low as drilling waste management services have few substitutes and require significant investments to develop new alternative technologies.
Competitive rivalry: High due to presence of numerous regional and global players competing on basis of product differentiation and pricing.
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 stringent environmental regulations regarding drilling waste disposal.
Regional analysis: North America is currently the dominant as well as the fastest growing market for drilling waste management owing to rise in shale oil & gas drilling activities in the US. However, Middle East & Africa is also expected to showcase significant growth in coming years backed by increasing deepwater and unconventional oil & gas drilling projects.
Key players operating in the drilling waste management market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
