Cuttings re-injection services Market Forecast-2030
The cuttings re-injection services market size was valued at $180.6 million in 2020, and is projected to reach $259.7 million by 2030, growing at a CAGR of 3.6% from 2021 to 2030. Drilling activity is one of the major parts of the oil & gas industry. The aim of the drilling project is to prove the possible reservoir. The drilling wastes that are being generated during drill activities are drill cuttings, drilling fluid- whole spent, completion fluid and hole cleaning fluid, and excess cement. Cuttings re-injection handles huge amount of cuttings that keep up with the fastest rates of drilling.
The factors contributing toward the cuttings re-injection services market growth include increased environmental concerns, and rise in drill waste management regulations. Oil & gas drilling has a significant effect on communities and wildlands. Drilling operations disrupt wildlife, causes pollution, boost climate change, and others. Infrastructure constructed for oil & gas removal can leave behind dangerous effects on wildlands. The release of drill cuttings and produced water from offshore oil & gas platforms are an uninterrupted origin of pollutants entering the sea. In, addition, there are increased levels of trace metals in sediments close to the installations. This is because of discharges of drill cuttings from oil & gas platforms. Furthermore, the release of oil-laden drill cuttings is a major challenge for well engineers. This consequently increases the demand for cutting re-injections types of process. However, availability of alternative drill cuttings management process is expected to hamper the cutting re-injection services market growth during the forecast period. There are numerous alternative processes for drill waste management. Some of them include incineration, solidification, landfarming, and biodegradation.
The cutting re-injection services market is segmented on the basis of type, application, and region. By type, the market is segregated into dedicated injection and annular injection. On the basis of application, the market is bifurcated into on-shore and off-shore. Region-wise, the cutting re-injection services market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The cutting re-injection services market share is analyzed for all segments and countries.
The cuttings re-injection services market analysis covers in-depth information of the major industry participants. Some of the major players in the cuttings re-injection services industry include Baker Hughes Company, NOV Inc., Advantek, Augean PLC, GN Solid Control, Haliburton, Schlumberger, PPLI, Weatherford, and Terralog Technologies
Other players in the cutting re-injection services market are Aker Solutions, Archer Limited, KCA Deutag, Odfjell Drilling, Drill Cuttings Disposal Company/ Apollo Resources, Step Oiltools, Derrick Corporation, Calder Limited, Scomi, and others.
Cuttings Re-injection Services Market, by Type
By type, the annular injection segment garnered highest market share in 2020 in terms of revenue. It has garnered 83.4% in 2020, in terms of revenue and expected to grow at CAGR of 3.3. Short-term annular injection operations are less complex. In addition, it would cost less than dedicated injection.
By Type
Annular Injection is projected as the most lucrative segment.
Cuttings Re-injection Services Market, by Application
By application, the onshore segment garnered market share of 18.9% in 2020, in terms of revenue. Offshore disposal is restricted by the rules and regulations but onshore disposal can give additional liability at the disposal location. In onshore drilling, equipment can be effortlessly moved from place to place with the aid of skids and other resources that make drilling sites mobile and flexible.
By Application
On-shore is projected as the most lucrative segment.
Cuttings Re-injection Services Market, by Region
Region-wise, Asia-Pacific is expected to grow at a CAGR of 4.8%, in terms of revenue. South China Sea offers opportunities for oil & gas companies. But the South China Sea has growth challenges, most particularly in the form of boundary controversies between Philippines, Vietnam, and China. Geopolitics is one of the major factors indirectly affecting the cuttings re-injection services market growth.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Key benefits for stakeholders
- The report outlines the current trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The cutting re-injection services market size is provided in terms of revenue.
- The report provides an in-depth analysis of the market along with the current and future cuttings re-injection services market trends.
- This report highlights the key drivers, opportunities, and restraints of the market along with impact analysis during the forecast period.
- The report also covers the impact of governmental regulations on the cutting re-injection services market.
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- The study provides a comprehensive analysis of the factors that drive and restrain the cutting re-injection services market growth.
Impact of COVID-19 on the cuttings re-injection services market
- The COVID-19 outbreak decreased the demand for oil & gas from numerous countries. This halted the drilling activities.
- The final investment decision also got impacted from some of the projects.
- The spread of COVID-19 in numerous countries has led to demand uncertainty for oil & gas. This uncertainty has negatively impacted the oil & gas sector activity.
- The industrial players need to speed up their digitalization and automation initiatives to attain new heights of operational productivity to recover from the negative impact of COVID-19.
- The world is moving toward clean energy and is expected to decrease oil demand in future, which may have a negative impact not only on oil companies but also on oil & gas services companies.
- The cutting re-injection services market is expected to witness growth with increase in demand for oil & gas is increasing (but not equivalent to pre-pandemic levels) owing to increasing industrial activities. The industrial activities are gaining pace in the numerous countries because of increased vaccination.
Key Market Segments
By Type
- Dedicated Injection
- Annular Injection
By Application
- On-Shore
- Off-Shore
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Russia
- Norway
- Rest of Europe
- Asia-Pacific
- China
- Malaysia
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Cuttings re-injection services Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | HALLIBURTON, SCHLUMBERGER, WEATHERFORD, AUGEAN PLC, GN SOLIDS CONTROL, PRASADHA PAMUNAH LIMBAH INDUSTRY, NOV INC, ADVANTEK, BAKER HUGHES COMPANY, TERRALOG TECHNOLOGIES INC. |
Analyst Review
The market witnessed very low asset utilization owing to project delay, cancellations, and production closedown.
Furthermore, the business models are hugely challenged by much lower levels of drilling activity. If industry participants desire to keep the growth, they need to turn into energy transition and assist via quick innovation & development of advanced solutions for energy producers and consumers. Furthermore, the rising environmental concerns is expected to boost the demand for drill waste management services.
The rising environmental concerns and stringent governmental regulations regarding drill waste are some of the factors driving the market.
Agreement/Contract is the key growth strategies adopted by cuttings re-injection Services market players
The report sample for global Cuttings re-injection Services market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
Asia-Pacific is expected to offer more business opportunities for cuttings re-injection Services in future.
MI SWACO, Baker Hughes are some of the leading players in the cuttings re-injection services market.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
On the basis of type, annular injection segment garnered highest share in the cuttings re-injection services market.
The oil and gas companies are the potential customers for cutting re-injection services.
The market is expected to grow at moderate growth rate owing to rising drill waste concerns.
The report provides extensive qualitative and quantitative analysis of the current trends and future estimations of the market from 2021 to 2030 to determine the prevailing opportunities. A comprehensive analysis of the factors that drive and restrict the growth of the market is provided. Estimations and forecast are based on factors impacting the market growth, in terms of revenue.
The world moving towards clean energy will negative influence the oil and gas sector which will consequently decrease the demand for oilfield services such as cuttings re-injection services.
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