Rising expenditure for oil production across the world to meet the soaring energy demand and tightening government regulations with respect to the management of drilling waste to avoid its hazardous environmental impact are the major trends identified in the drilling waste management market. Furthermore, significant increase in the exploration of proven gas reserves in Russia, Turkey, and the U.S. is strengthening the market. Additionally, advancements in waste management technologies (focused on achieving zero discharge and increasing the use of nanotechnology) are expected to positively influence the market growth in the near future.
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Geographically, the drilling waste management market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and the Middle East and Africa (MEA). North America and the MEA are among the largest revenue generators in the market, owing to the presence of a large number of proven oil and gas reserves in countries such as the U.S., Canada, Saudi Arabia, and Qatar. Furthermore, rising investments by oil and gas E&P companies in North America to meet the soaring energy demand globally is expected to strengthen the drilling waste management industry in the region.
The growth of the drilling waste management market is primarily driven by the increasing expenditure of oil and gas companies for the management of drilling waste on account of its rising hazardous environmental effects. Keeping an eye on the harmful effects of the drilling waste, governments of various countries are imposing strict regulations regarding the management of waste generated from drilling activities.
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This Study Covers
• Historical and the present size of the drilling waste management market
• Future potential of the drilling waste management market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Competitive scenario of various drilling waste management market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the drilling waste management market and their service offerings
• Recent strategic developments by the major players in the market