Integrated Waste Management For Offshore Industry Market to Expand with Significant CAGR by 2025
Increase in the offshore drilling activities has led to a negative effect on the environment. The increase in the search for new oil and gas resources has significantly increased the offshore deep and ultra-deep water drilling activities. The toxic waste generated as a result of such activities has potential to harm the marine life. The waste generated by these activities can be solid and liquid in nature. The toxic discharge comprises toxic chemicals, drilling fluids, crude oil, cuttings and several other toxic agents that degrade the aquatic life. Constant efforts from the part of government and non-governmental organizations against discharge of such wastes can have direct implications on the market for integrated waste management in the offshore industry. Negligence on the part of companies carrying out offshore oil and gas operations can result in heavy penalties. To avoid such hefty penalties more and more companies are focusing toward deploying integrated waste management services.
The integrated waste management market for offshore industry can be segmented on the basis of application and geography. Besides the offshore oil and gas industry integrated waste management services can be deployed by shipping, power and mining companies. Companies engaged in offshore wind farm installations, marine mining and logistics frequently employ the waste management services to tackle the waste generated by their operations. Shipping industry that includes oil tankers, gas carriers, chemical tankers makes use of integrated waste management services to carry out waste management operations. These waste management systems are highly integrated systems that can automatically handle the waste released as a result of offshore activities. These systems are designed to handle both solid and liquid waste with equal ease.
The regional segmentation of the integrated waste management market for offshore industry can be done by identifying the major offshore exploration areas.
The major regions include the United States and Mexico. The offshore operation in the Gulf of Mexico (GoM) is one of the major drivers for the integrated waste management market in the United States and Mexico. The European region consists of countries such as Norway, Russia and the United Kingdom. The vast oil and gas reserves in the North Sea have led to the increasing E&P activities by Norway and the United Kingdom in the region. The stringent regulation imposed by European governments against disposal of drilling fluids is one of the major reasons behind the use of waste management services in Europe. The Asia Pacific market for integrated waste management for the offshore industry consists of countries such as Indonesia and China. The Rest of the World segment includes the Middle East and Latin American countries such as Iran, Brazil and Venezuela.
Stringent governmental regulations, increase in the offshore oil and gas exploration activities and advancement in technologies are the major drivers for the integrated waste management market for offshore industry. The additional cost involve in the installation and the maintenance of integrated waste management systems are the major restraints to the market. The increasing offshore oil and gas operations in Latin America and West Africa can act as the opportunity for the integrated waste management market for the offshore industries in these regions.