Cuttings Re-injection Services Market Top Companies
Some of the key players operating in the cuttings re-injection services market are Baker Hughes Company, NOV Inc., Advantek, Augean PLC, GN Solid Control, Haliburton, Schlumberger, PPLI, Weatherford, and Terralog Technologies.
Other players in the cuttings 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.
According to a new report published by Allied Market Research titled, the cuttings re-injection services market 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.
The report outlines the current cuttings re-injection services market trends and future scenario of the cuttings re-injection services market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
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The cuttings re-injection services market size is provided in terms of revenue.
On the basis of type, the dedicated injection; segment gained 16.6% share in 2020 in terms of revenue.
On the basis of application, off-shore segment garnered market share of 81.1% in 2020 in terms of revenue.
On the basis of region, the North America region garnered market share of 19.8% in 2020 in terms of revenue.
Asia-Pacific is expected grow at a CAGR of 4.8% during the forecast period. China has strong presence in South China Sea. Chinese oil & gas companies have come across with gas fields with reserves of around 300 billion tons along with oil fields reserves of around 200 million tons of oil.
Europe garnered market share of 26.6% and expected to grow at a CAGR of 2.8% during the forecast period. The UK government has announced to drill oil & gas wells in the North Sea. The government has granted permission to drill well as a part of a cautious transformation away from fossil fuels, and protect jobs and the economy.
Impact of COVID-19
The spread of COVID-19 in numerous countries halted the industrial activities.
This resulted into oversupply scenario in oil and gas sector.
This consequently resulted into decreased drilling activities.
The decrease in drilling activities resulted in decreased demand for oilfield services such as waste management.
Factors propelling the cutting re-injection services market growth are its advantages such as its potential to discard other wastes that would have to be taken to shore for disposal, allowing utilization of less expensive drilling fluid, no need of offshore transportation, cuttings can be injected if pre-treated, less chances of ground and surface water contamination, and removal of seafloor effect.
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Cuttings re-injection is total containment or zero discharge drilling waste disposal process. It includes three significant components high-pressure injection pump, cuttings transfer system, and slurrification unit.
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