The cuttings re-injection services market was valued at $180.6 million in 2020 and projected to reach $259.7 million by 2030, growing at a CAGR of 3.6% from 2021 to 2030. 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. However, some of the disadvantages hindering the market growth are increase in air pollution because of large power needs, rise in requirement of large equipment and labors, and others.
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The cuttings re-injection services market is segmented into type and application. Based on the type the market is categorized into dedicate 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 segment and countries.
On the basis of type, the annular injection segment garnered 83.4% share in 2020. Based on the application, the onshore segment is expected to grow at CAGR of 1.6% during the forecast period. CRI process is common to both onshore and offshore operations. But the CRI process is easily manageable on onshore site because of the availability of space.
On the basis of region, the 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.
Some of the key players operating in the cuttings re-injection services industry are Baker Hughes Company, NOV Inc., Advantek, Augean PLC, GN Solid Control, Haliburton, Schlumberger, PPLI, Weatherford, and Terralog Technologies.
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Key findings of the study
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.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.
Impact of COVID-19 on the cuttings re-injection services market
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.
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