Increase in environmental concerns and surge in drilling waste management regulations drive the growth of the global cuttings re-injection services market. Based on application, the off-shore segment contributed to the major share in 2020. By region, on the other hand, the market across Asia-Pacific would manifest the fastest CAGR by 2030.
Portland, OR, Oct. 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cuttings re-injection services market was estimated at $180.6 million in 2020 and is expected to hit $259.7 million by 2030, registering a CAGR of 3.6% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in environmental concerns and surge in drilling waste management regulations drive the growth of the global cuttings re-injection services market. On the other hand, availability of alternative drill waste management process impedes the growth to some extent. However, the fact that South China Sea offers an array of opportunities for the oil & gas companies has been highly beneficial for the market growth.
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The decreased demand for oil & gas in the majority of countries impacted the cuttings re-injection services market negatively, especially during the initial phase.
Nevertheless, the global situation is getting ameliorated and the market is anticipated to recoup soon.
The global cuttings re-injection services market is analyzed across type, application, and region.
Based on type, the annular injection segment accounted for 83% of the total market share in 2020, and is projected to rule the roost by the end of 2030. The dedicated injection segment, on the other hand, would cite the fastest CAGR of 5.2% throughout the forecast period.
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Based on application, the off-shore segment contributed to more than four-fifths of the total market revenue in 2020, and is expected to lead the trail by 2030. The same segment would also grow at the fastest CAGR of 4.1% from 2021 to 2030.
Based on geography, Asia-Pacific held the major share in 2020, garnering around two-fifths of the global market. The same region would also cite the fastest CAGR of 4.8% by 2030. The other three provinces discussed in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global global cuttings re-injection services market report include NOV Inc., Advantek, Augean PLC, Terralog Technologies, GN Solid Control, Baker Hughes Company, Haliburton, Schlumberger, PPLI, and Weatherford. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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