According to the research report titled, ‘Global Drilling waste management Market Size study, by Service (Solid Control, Containment & Handling, Other), by Location of Deployment (Onshore, Offshore) and Regional Forecasts 2021-2027, available by the MarketStudyReport, global drilling waste management market was worth USD 404.97 billion in 2020 and is expected to register 5% CAGR during the study period, eventually reaching USD 569.83 billion by the year 2027.
 

Increase in e-waste coupled with growing initiatives that emphasize the importance of waste segregation are the major factors driving the growth of global drilling waste management market. Growing industrialization has also impelled the adoption rates of waste management systems, which in turn is contributing towards the overall market remuneration.
 

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For those unaware, drilling waste is a practice that involves the use of drill cuttings that are separated from drilling fluid using solids control equipment as well as some irreparable or economically unfavorable drilling fluids. 
 

On the other contrary, huge capital investment associated with the technology could restrain the market development between 2021 and 2027. 
 

By service, the market is bifurcated into containment & handling, solid control, and others. In terms of location type, the industry is classified into offshore and onshore segments.
 

The geographical reach of the global drilling waste management industry extends to Latin America (Brazil, Mexico), North America (the U.S., Canada), Europe (France, Spain, Italy, the U.K.), Asia-Pacific (China, India, Japan, South Korea).
 

Among these, North America is slated to capture a majority market share by the end of the forecast period, on account of the growing technological breakthroughs in drilled waste management and rigorous laws that promote waste recycling.
 

On the other hand, Asia-Pacific drilling waste management industry size is expected to grow at the fastest rate during the study period. Factors such as expanding population and rising e-waste are expected to propel the market growth in Asia-Pacific.
 

Leading companies operating in the global drilling waste management industry are TWMA Group Ltd., Solids Control Services, Schlumberger Limited, SAR AS, National Oilwell Varco Inc., Halliburton Company, GN Solids Control System, Eco-Logic Environmental Engineering Inc., Baker Hughes Company, and Weatherford International plc.