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The worldwide expansion of the upstream oil and gas industry for future energy demand is associated with enormous waste generation. Drilling is one of the major operators in the upstream oil and gas industry that can potentially impact the environment through generation of different types of wastes. The drilling process generates millions of barrels of waste each year, which poses a risk to environment. In the early years of oil industry, little attention was given to environmental management of drilling. However, the rapid development in oil and gas industry in the last couple of decades and stricter environmental regulatory resulted in adoption drilling waste management and disposal. Over the several companies voluntarily embraced waste management option with more benign ecological impacts. Consequently, drilling waste management is gaining importance to prevent the deterioration of the environment.
The segmentation of the drilling waste management market is done based on solids control, treatment & disposal, and containment & handling. Treatment and disposal are forecasted to account substantial share of drilling waste management market. The waste is treated by using various techniques to mitigate the impact of the pollutants on the environment. Based on application, the marke is segmented into onshore and offshore.
Key Market Driver -
Key Market Driver – Stringent rules and regulation and rising concern over environmental degradation
Key Market Restraint -
Key Market Restraint – Volatile prices of crude oil in the international market and high treatment cost
An enormous amount of waste is generated during crude oil and gas exploration activities, which may pose severe threats to the environment. The EPA and other international bodies have drafted strict rules and regulations to prevent deterioration of the environment. The operator must process the generated drilling waste during exploration. Also the rising drilling activities and enlarging demand for oil are expected to drive the drilling waste management market.
The new drilling operation may be impacted due to the persistent fluctuation of crude oil in the international market, which slows down the upstream activities. Also, the technological investment for treating drilling waste and lack of awareness among operators is projected to retard the growth of the drilling waste management market.
The major conglomerate companies in the drilling waste management market are Baker Hughes, Halliburton, Schlumberger, Weatherford, TWMA, National Oilwell Varco, QMax, Scomi Group Bhd, Terra Oilfield Solutions, GN Solid Control, KOSUN Machinery Co., Ltd, Newalta, and Derrick Corporation, among others.
The global drilling waste management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to lead the global drilling waste management market owing to strict environmental regulations, rising well intervention activities, and consistent investment in E&P activities. The Environmental Protection Agency (EPA) of the United States made several rules and regulations to prevent degradation of the environment. Therefore, companies are inclined towards implementing waste management at their well site.
These factors would exhibit concrete growth for the drilling waste management market. European Union has learned a lesson from an oil spill following an accident during offshore drilling in the Gulf of Mexico in April 2010. After the incident, the commission has reviewed its policies and imposed several restrictions on oil-producing companies. Europe is already focussed on achieving Europe 2020 target by acting sternly on rising GHG emission and taking severe steps which would enlarge the growth of the drilling waste management market. Asia Pacific exhibiting reasonable growth in drilling waste management market owing to surging investment by China and India to increase domestic production.
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The emerging economies are committed to conserving environment and enacting severely that would augment drilling waste management market. OPEC is one of the largest suppliers of the global oil demand as several countries are going to increase their production. Several investments are being planned in exploration and production activities, which may exhibit concrete growth for the drilling waste management market.
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