The new report recognizes the following companies as the key players in Global Drilling Waste Management Market: Baker Hughes Inc., Halliburton Co., Schlumberger Ltd., Scomi Group Bhd, Weatherford International Ltd., Augean plc, Derrick Corp., GN Solids Control Co. Ltd., Imdex Ltd., Kosun Group, National Oilwell Varco Inc., Newalta Corp., Ridgeline Energy Services Inc., Secure Energy Services Inc., Soiltech AS, Soli-Bond Inc., Specialty Drilling Fluids Ltd., Step Oil Tools LLC, Tervita Corp.
Commenting on the report, an analyst said: “Over the years, there has been a tremendous increase in technological advancements that has led to the reduction of waste generated from drilling. These technological advancements include cuttings slurrification and re-injection, de-watering, water treatment, vacuum collection, and cuttings drying. Also, market vendors are increasing their investments in R&D, which in turn is reducing the time in waste collection, treatment, and disposal. Therefore, rapid technological advancements are expected to propel the growth of the Global Drilling Waste Management market during the forecast period.”
According to the report, the growth of the Global Drilling Waste Management market is driven by several factors, including increasing concerns over the environment. An increase in drilling activities worldwide has raised environmental concerns; therefore, there is a rise in the adoption of various waste management services. This is expected to propel the growth of the market during the forecast period.
Further, the report states that drilling waste management requires high investments for the purchase of facilities and heavy equipment, which increases the overall cost of the drilling waste project. This could have a negative impact on the market growth rate during the forecast period.