#WasteHandling

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Drilling Waste Management Market to Reach USD 10.82 Billion by 2032 Due to Increasing Environmental Regulations and Demand for Sustainable Practices

With rising environmental concerns and stricter regulations, the industry is evolving to adopt innovative solutions that minimize waste and enhance operational efficiency.

The Drilling Waste Management Market was valued at USD 6.19 billion in 2023 and is expected to grow to USD 10.82 billion by 2032, with a CAGR of 6.4% over the forecast period of 2024-2032.

The drilling waste management market is important to save the environment from missed impacts of oil & gas drilling operations. The increasing world energy requirement has meant that drilling is commenced on a larger scale onshore and offshore, giving rise to large volumes of drilling wastes. Drilling waste includes drilling fluids, cuttings, and other potentially hazardous substances that can harm the environment if not managed correctly. Consequently, tough environmental regulations and industrial norms have made it mandatory worldwide to follow good waste management procedures. Its progress is envisaged to be positively influenced by the growing adoption of eco-friendly measures, stringent regulations, and innovations in waste treatment and disposal techniques. Bioremediation, thermal desorption, as well as advanced solid control technologies, are among the innovative solutions companies have been investing in, not only to reduce environmental footprints but also to adhere to gazette government standards.

Segment Analysis

By Product: Treatment & Disposal

The treatment and disposal segment is expected to be the largest in 2023 as a result of the implementation of strict environmental regulations and requirements for sustainable disposal solutions. Enhanced treatment technologies such as thermal, bioremediation, and chemical treatment are being used by companies which helps in minimizing environmental footprint during drilling operations. As per the latest reports, it is this segment that has been projected to expand in the coming years to comply with environmental norms and improve waste-handling operations.

By Application: Onshore

The onshore segment accounted for the largest share of the market in 2023, due to a large number of onshore drilling activities and waste generated. There have been growing investments in waste management technologies here to improve efficiency and compliance.

Regional Analysis

The Drilling Waste Management Market was led by North America in 2023 and is expected to grow at a CAGR of 14% in the forecast period. This is suggested to be a result of stringent environmental regulations and a vigorous push for more sustainable drilling methods. The major oil and gas companies operating in the region are using sophisticated waste management technologies. For example, major players Halliburton and Schlumberger are investing in new technologies to minimize drilling waste.

The Asia-Pacific region is expected to be the fastest-growing market due to upcoming major offshore drilling activities. The new digs by others, such as China and India are fueling demand for efficient drilling waste management. To adhere to environmental regulations and green practices local companies are trying to upgrade their waste management systems. Moreover, there are some collaborative efforts existing between international and local entities that are improving the technology capabilities of the space.

Recent Developments

September 2023: Halliburton launched an advanced waste management solution that enhances the efficiency of waste treatment while minimizing environmental impact.

June 2024: Schlumberger announced the development of a new bioremediation technique that significantly reduces the time required to treat drilling waste.

August 2024: Baker Hughes unveiled a new containment system designed for offshore drilling operations to improve the handling and disposal of hazardous waste.

Future Trends

The Drilling Waste Management Market is poised for significant growth as companies adapt to evolving environmental standards and technological advancements. The commitment to sustainable practices will play a crucial role in shaping the future of this industry.

Trend

Description

Adoption of IoT in Waste Management

Increased use of IoT devices for monitoring and optimizing waste management processes.

Advanced Bioremediation Technologies

Growth in bioremediation methods for effective waste treatment.

Increased Focus on Regulatory Compliance

Stricter environmental regulations driving investments in waste management solutions.

Sustainable Practices in Drilling

A shift towards sustainable drilling practices to minimize waste.

Integration of AI in Waste Management

Use of AI for predictive analytics and improving operational efficiency in waste management.

Read More Details @ https://www.snsinsider.com/reports/drilling-waste-management-market-2715

Contact Us:

Akash Anand – Head of Business Development & Strategy

info@snsinsider.com

Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

SNS Insider Offering/ Consulting Services:

Go To Market Assessment Service

Total Addressable Market (TAM) Assessment

Competitive Benchmarking and Market Share Gain

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NS Ramakanth: ‘Organic waste-handling should be part of everyone’s duty’

NS Ramakanth: ‘Organic waste-handling should be part of everyone’s duty’

Solid waste management expert NS Ramakanth holds World Environment Day (June 5) close to his heart. The 82-year-old completes 20 years of advising people on how to handle waste. “From advising segregation at source to pushing the civic authority, the government and bureaucrats towards finding a better managed garbage disposal system, I have tried my best,” says Ramakanth.

He feels the last two…

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“Many people still believe that ‘green’ solutions are too expensive, but they are actually much cheaper when all of the costs to #publichealth, #socialservices and #wastehandling are factored into the same equation.” Let’s create a #sustainable #environment and adapt #ethical living. Let’s try these four things for better ethical living: • Recycle • Minimize wastage • Buy local & in-season • Less stuff=Less clutter

World Earth Day

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Wastequip® Awarded National Joint Powers Alliance® (NJPA) National Cooperative Purchasing Contract for Waste Handling Equipment

#Wastequip Awarded #NJPA National Cooperative Purchasing Contract for #WasteHandling Equipment

After a rigorous review and evaluation process, Wastequip was recently awarded the National Joint Powers Alliance (NJPA) four-year contract for the procurement of “Solid Waste and Recycling Collection and Transport Equipment with Related Equipment, Supplies and Accessories.” The new contract will offer streamlined purchasing and volume pricing for NJPA member organizations and extend Wastequip’s…

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The Benefits of Waste Compactor

Explore the benefits of waste compactor in helping businesses cut costs, save space, reduce pollution, and improve hygiene efficiently.