The global drilling waste management market is expected to grow from USD 3.80 Billion in 2015 to USD 5.08 Billion by 2020, at a CAGR of 6.0%. North America accounted for the largest market share due to the abundance of the drilling activities created by the increase of the shale oil. Europe is projected to grow at the highest CAGR during the forecast period which can be attributed to the maturing fields in the region.

The increase in the energy demand has resulted in the rise in oil & gas production from the regions such as North America and the Middle East. Due to this increase, there is increase in the exploration & production activities in the region. The drilling activity process plays a crucial role for oil & gas Exploration and Production (E&P). This increase in the drilling activities results in the surge of the waste produced while drilling which comprises of the drilling mud and cuttings. Therefore, it is very important to have a suitable waste management application for drilling processes, safeguarding the environment. Increase in production and exploration activities provides opportunities of drilling waste management.

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The drilling waste management market has also been classified on the basis of services such as treatment & disposal, solid control, and containment & handling. Nearly two-fifth of the drilling waste management market is covered by treatment & disposal a service which includes the services such as onsite burial (pits and landfills), land farming, land spreading, bioremediation, thermal treatment, and slurry injection among others. Solid control services occupy the second largest market share and are growing at a moderate pace. The recent slump in the crude oil prices has resulted in the decrement of the market size in 2015 and is expected to regain the market in the coming years.

The drilling waste management market has also been classified on the basis of application into onshore and offshore. Onshore application market occupies the major share among the application segment and is expected to grow at a steady rate during the forecast period. It finds its major market in the North American and European region. Offshore drilling waste management market is expected to grow at a much faster pace, reasons for which can be attributed to the strict waste management regulations, high cost of the treatment and increase in the drilling activities in the deep and ultra-deep region.

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The recent decline of oil prices have affected the exploration & production activities across various regions and so the revenues of oil & gas operators. Trickling down the effect, there has been decline in new field exploration activities and so the growth of drilling waste management is sluggish in 2015.

Various players in the market are focusing on contracts & agreements for their geographical expansion and surge in the customer base. For instance, Halliburton Co. offers products and services to the energy industry. Waste management services are provided under the product name Baroid, which gives solutions to waste handling & transport and waste treatment & disposal. In November 2014, Halliburton and Baker Hughes Incorporated (U.S.) reached a definitive agreement to combine the two companies and secured a unanimous approval from their board of directors. The new entity would retain the name Halliburton and would be headquartered at Houston, Texas. The merger nearly saved USD 2.0 Billion for the new company by creating synergies and generating increased cash flows.

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