This new report from Stratview Research analyses the Drilling Waste Management Market over the trend period from 2014 to 2019 and forecast period from 2020 to 2025. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Drilling Waste Management Market Overview:
The sudden outbreak of the COVID-19 has led to unforeseen fluctuations across many industries and the Drilling Waste Management Market is no different. Derived from the previous market scenario, the Drilling Waste Management Market is likely to witness an impressive CAGR of 6.1% during 2020-25 but with the global crisis in action, the growth curve has deviated from its expected path and exhibits an uncertain trajectory at present.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
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Drilling Waste Management Market Share: By Service Type
Based on the service type, the drilling waste management market is segmented as treatment & disposal, containment & handling, and solids control. The treatment & disposal segment dominates the market owing to onsite burials (pits and landfills), land-farming, land-spreading, bioremediation, thermal treatment, and slurry injection techniques. The segment is estimated to lead the market during the forecast period due to increasing stringent regulations, such as zero-discharge standards, which mandate treatment and reuse of all waste without being discharged to the environment, specifically into the sea.
Drilling Waste Management Market Share: By Application Type
Based on the application type, the market is segmented as onshore and offshore. The onshore segment holds a major share of the market, whereas the offshore application segment is estimated to show a higher growth during the forecast period. The onshore application is led by North America, particularly the U.S., which has witnessed the historic levels of domestic crude oil production, owing to the widespread use of technologies, such as horizontal drilling and hydraulic fracturing that led to the “shale revolution.” Onshore applications have wider range of management, which includes land, underground injection, thermal treatment, and biological remediation in comparison to the offshore application segment.
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Drilling Waste Management Market Share: By Region
In terms of regions, North America is estimated to lead the drilling waste management market during the forecast period. The region holds over 50% of the share of the market. The market has been hit the hardest as crude oil prices suddenly plummeted. North America and the Middle East portray an increase in energy demand which boosts oil & gas production. All these factors are contributing to the growth of the market during the forecast period.
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