Drilling Waste Management Market to reach USD 11.14 Bn by 2032, Says Global Market Insights Inc. – GlobeNewswire
Drilling Waste Management Market to reach USD 11.14 Bn by 2032, Says Global Market Insights Inc. GlobeNewswire
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Sustainable Development Goals (SDGs) and the Drilling Waste Management Market
Selbyville, Delaware, Oct. 28, 2024 (GLOBE NEWSWIRE) —
Introduction
The drilling waste management market is predicted to reach USD 11.14 billion by 2032, as reported in a research study by Global Market Insights Inc.
Emphasis on Sustainable Development Goals (SDGs)
The growing emphasis on sustainable drilling operations and stringent environmental regulations are driving the demand for advanced waste management solutions. With the global energy demand on the rise, the drilling industry faces increasing pressure to minimize its environmental footprint, particularly in waste management, propelling market growth.
Containment and Handling Segment
The containment and handling segment will witness significant growth, driven by the rising need for safe and efficient waste management practices in the drilling industry. As drilling activities expand, particularly in environmentally sensitive regions, the demand for advanced containment systems and handling techniques becomes paramount. These services are crucial in preventing contamination and ensuring compliance with environmental regulations. Innovations in waste handling technologies, such as improved containment units and automated handling systems, will further boost segment growth, ensuring effective management of drilling waste.
Onshore Segment
The onshore segment will continue to dominate the drilling waste management market through 2032, supported by the extensive drilling activities conducted on land, especially in regions like North America and the Middle East. Onshore drilling operations generate significant amounts of waste, necessitating efficient waste management solutions. The growing focus on reducing environmental impact and complying with stringent regulations will drive the adoption of advanced onshore drilling waste management services.
Europe’s Role in the Market
Europe will establish a notable presence in the global drilling waste management market from 2024 to 2032, with the region’s stringent environmental regulations and emphasis on sustainable drilling practices driving demand. Countries like Norway and the UK, with their mature oil and gas industries, lead the adoption of advanced waste management solutions. The European Union’s strict regulations on waste disposal and environmental protection further fuel market growth. Additionally, the increasing offshore drilling activities in the North Sea and the ongoing energy transition towards cleaner fuels underscore Europe’s pivotal role in the global drilling waste management industry.
Key Players and Strategies
Leading companies in the drilling waste management industry include Halliburton Company, Schlumberger, Baker Hughes, Augean Plc, Ridgeline Canada Inc., Derrick Equipment Company, GN Solids Control, Imdex Limited, NOV Inc., SELECT WATER SOLUTIONS, CLEAN HARBORS, INC., Geminor, Halliburton, Newpark Resources Inc., Secure Energy Services, Inc., Soli-Bond, Inc., TWMA, and Weatherford. These key players are expanding their market share through technological advancements, strategic partnerships, and enhanced service offerings. Investment in research and development is crucial to introducing innovative waste management solutions that meet evolving industry needs. Collaborations with oil and gas companies and environmental agencies ensure market penetration and access to new opportunities. Additionally, providing comprehensive support services, such as waste management consulting and compliance training, strengthens their position in the competitive drilling waste management market.
Conclusion
The drilling waste management market is driven by the increasing focus on sustainable drilling operations and the need to comply with stringent environmental regulations. The containment and handling segment and the onshore segment are expected to experience significant growth. Europe plays a crucial role in the market due to its strict regulations and emphasis on sustainable drilling practices. Key players in the industry are adopting strategies to expand their market share and introduce innovative waste management solutions. Overall, the drilling waste management market is poised for substantial growth in the coming years.
References
- Research Study by Global Market Insights Inc.
- Request for a sample of this research report
- Make an inquiry for purchasing this report
- Browse more waste management industry reports
- Chemical Waste Heat Recovery System Market Size
- Metal Manufacturing Waste Heat Recovery System Market Size
- Containment & Handling Drilling Waste Management Market Size
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
- SDG 14: Life Below Water
- SDG 15: Life on Land
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes.
- SDG 12.4: By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water, and soil to minimize their adverse impacts on human health and the environment.
- SDG 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning.
- SDG 14.1: By 2025, prevent and significantly reduce marine pollution of all kinds, in particular from land-based activities, including marine debris and nutrient pollution.
- SDG 15.3: By 2030, combat desertification, restore degraded land and soil, including land affected by desertification, drought, and floods, and strive to achieve a land degradation-neutral world.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator: Share of renewable energy in the global energy mix
- Indicator: Adoption of clean and environmentally sound technologies and industrial processes
- Indicator: Environmentally sound management of chemicals and wastes
- Indicator: Education and awareness on climate change mitigation and adaptation
- Indicator: Reduction of marine pollution from land-based activities
- Indicator: Restoration of degraded land and soil
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix | Share of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes | Adoption of clean and environmentally sound technologies and industrial processes |
| SDG 12: Responsible Consumption and Production | 12.4: By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water, and soil to minimize their adverse impacts on human health and the environment | Environmentally sound management of chemicals and wastes |
| SDG 13: Climate Action | 13.3: Improve education, awareness-raising, and human and institutional capacity on climate change mitigation, adaptation, impact reduction, and early warning | Education and awareness on climate change mitigation and adaptation |
| SDG 14: Life Below Water | 14.1: By 2025, prevent and significantly reduce marine pollution of all kinds, in particular from land-based activities, including marine debris and nutrient pollution | Reduction of marine pollution from land-based activities |
| SDG 15: Life on Land | 15.3: By 2030, combat desertification, restore degraded land and soil, including land affected by desertification, drought, and floods, and strive to achieve a land degradation-neutral world | Restoration of degraded land and soil |
Source: globenewswire.com
