Drilling Waste Management Services Market is Estimated to Grow at a CAGR of 2.0%

Date: 2015-08-02

“The drilling waste management services market is estimated to grow at a CAGR of 2.0% from 2014 to 2019. The U.S. holds the largest market share. Mexico is expected to grow at the highest CAGR of 3.0% in the forecast period. There are various factors which drivers the growth of drilling waste management services market in North America region. Growing demand for oil & gas, increase in activities of exploration and production of natural gas reserves, rising concerns for environment, and stringent environmental rules and regulations are some of the factors stimulating the growth of drilling waste management services market in the North American region. However factors such as crude oil price volatility, lack of experienced personals, and high competition in oil field services market are restraining the growth of drilling waste management services market. Furthermore, emerging markets, Mexico and Canada are creating growth prospects for this market.
The report segments the drilling waste management market on the basis of types of services, application, and geography. Two different application areas with different technical requirement for drilling waste management services are onshore and offshore. Onshore area was estimated to have the largest market with 98.4% market share in 2014 and expected to be 97.9% in 2019. However, offshore area has high growth potential and is expected to increase its market share rapidly. Offshore drilling waste management market in North America is expected to grow at a CAGR of 2.0% from 2014 to 2019. The offshore drilling waste management market is further segmented into solid control, containment and handling, and treatment and disposal based upon the type of services. Most of the drilling waste management practices carried out on offshore areas are treatment and disposal services which representing around 40.1% market share in 2014. Factors such as stringent environmental regulations and new technologies are driving the growth of this market.
The North American region is classified into three countries, namely, the U.S., Mexico, and Canada for defining the drilling waste management services market. The U.S. is estimated to dominate the drilling waste management market with a 78.3% market share in 2014. The drilling waste management market of the U.S. is driven by number of factors including stringent environmental rules and regulations. However, Mexico is expected to grow at the highest CAGR of 3.0% from 2014 to 2019.
The drilling waste management services market is a competitive market with a number of market players. As of 2014, the drilling waste management  market is estimated to be dominated by Schlumberger (U.S.), Weatherford International (Ireland), Halliburton (U.S.), Baker Hughes (U.S.), and National Oilwell Varco. New product launches, new technology launch, new establishment, new contracts, new service launch, acquisition, joint venture, agreement, alliance and expansion adopted by key market players to accomplish growth in the drilling waste management services market.

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