2014-01-21 13:24:04 - Drilling Waste Management Market: Global Trends & Forecasts to 2018 - a new market research report on companiesandmarkets.com
The global drilling waste management market is expected to have reached a value of around $4 billion in 2013 to approximately $8 billion by 2018, at a CAGR of more than 10% from 2013 to 2018.
Increased exploration activities and investments drive the need for effective waste management practices. The demand for hydrocarbons escalates the drilling activities that sequentially generate associated wastes, which are required to be safely disposed. Stringent government regulations play a key role in the growth of drilling waste management services within a region.
Europe being one of the most developed offshore arenas, has already established the zero discharge policy. In North America, elevated onshore activities as well as offshore are increasing the concerns related to soil and sea
water contamination. The governments are therefore imposing stringent regulatory norms to minimize hazardous waste disposals, in turn escalating the market of drilling waste management services.
The golden triangle of Brazil, U.S. Gulf of Mexico, and West Africa, which have large scale offshore drilling activities are some of the key markets for drilling waste management. The Middle East and Asia-Pacific are currently the upcoming markets with growing exploratory activities and increased importance attached to environmental protection. Consequently, the increasing understanding to decrease environmental hazards, the sustainable development of energy resources, and safe disposal of associated waste continues to encourage the need for drilling waste management services.
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