The global solid control equipment market is estimated to reach US$ 3.53 billion by 2022, with a projected CAGR of roughly 10.0%, indicating a considerable need for solid control equipment in both developed and emerging countries. The market for solid control equipment is anticipated to reach US$ 9.15 billion by 2032.
Factors such as rising energy consumption and growing concerns about the safety and environmental impact of drilling and waste management are projected to boost the market for solid control equipment globally.
| Attributes | Details |
|---|---|
| Market CAGR | 10.0% |
| Market Size 2022 | US$ 3.53 billion |
| Market Size 2032 | US$ 9.15 billion |
Since the inception of drilling industry, drilling fluids and chemical compounds were largely used while drilling boreholes or other drilling activities to improve the efficiency and safety of a tool. The drilling fluid was also applied to push out waste cuttings from boreholes by providing hydrostatic pressure that would also stop formation fluid from entering into the bore well.
Since drilling fluids serve many purposes, they began to be referred to as the “drilling blood “of drilling equipment. These fluids are an essential requirement during the drilling process. Sometimes it so happens that a large amount of solid waste or mud mixes with fluid and enters into the borehole. This hampers the performance of the drilling tool as well as the drilling process.
The new era of waste management is changing the drilling industry very rapidly by providing it with useful waste management equipment like the solid control equipment. During the drilling process, large volumes of solid or waste is produced.
The first step towards waste management practices is getting rid of this solid or waste and stopping it from getting mixed with the drilling fluid. A solid control equipment works as a separator and optimizes drilling efficiency by separating the solids produced while drilling from the drilling fluid.
There are various kinds of solid control equipment. They are often categorized based on their application area and capacity. The solid control equipment market is expected to witness significant growth between 2016 and 2026.
The recent trend of environmentally friendly drilling, reduction in overall well cost, adoption of solids control techniques, and use of synthetic fluids in drilling fluids are major drivers of the solid control equipment market. The market for solid control equipment is being propelled by the widespread use of solid control equipment for waste control during drilling procedures.
Rapid urbanizations in developing nations, as well as a rise in global exploration activity, are predicted to drive demand for solid control equipment. The increased demand for drinking water around the world is increasing the number of drilling operations. As a result, the demand for solid control equipment is rising.
Drilling activities are being restricted due to environmental concerns, while the market for solid control equipment is being hampered by unfavorable weather conditions.
Another important impediment to the worldwide market is high capital costs. Problems connected with the use of solid control equipment, such as excessive vibrations and the difficulty in separating biological materials with low density, are projected to limit global market growth.
Some of the primary commercial hurdles are socio-political unrest and unfavorable tax laws. Arctic drilling and an increase in demand for new product innovation are projected to generate chances for the solid control equipment industry.
North America Outlook
North America is estimated to account for a sizable part of the market in terms of revenue during the forecast period. Increased exploration and offshore drilling activities in this region are driving the North American market.
North America has oil and gas reserves, particularly in the United States. This has increased drilling activity in the area. The increased exploration of unconventional resources such as coal bed methane and shale gas is increasing demand for solids control equipment.
Europe Outlook
Europe is expected to hold a sizable share of the market for solid control equipment. Due to political and economic uncertainty, the market in the region is expected to expand at a relatively slow pace.
Asia-Pacific Outlook
During the forecast period, the Asia-Pacific market for solid control equipment is expected to grow rapidly. Increased government infrastructure development initiatives in emerging economies such as China and India are fueling the Asia-Pacific market.
Some of the market participants in the global market for solid control equipment identified across the value chain include GN Solid Control, Secure Energy Services Inc, Chengdu West Petroleum Equipment Co., Ltd., Rasson Energy India Private Ltd (Reipl), Baker Hughes, Halliburton, Derrick Equipment Company, Kemtron Technologies Inc, and Schlumberger Limited.
Given the growing concern about safety and environmental impact of drilling, it is most important to control the waste produced during the drilling process. Oil and gas wells are one of the major areas where a large amount of drilled solids are produced.
As a matter of fact, it is impossible to drill oil and gas well without producing waste or drilled solid. The Solid control equipment is one the best solutions to this problem – it stops the solids or waste from getting mixed into the drilled material or drilling fluid.
Furthermore, the rising need for improving the efficiency of drilling machines is supporting the demand for solid control equipment. The growing construction and infrastructure activity in developing countries is also enhancing the demand for solid control equipment.
Apart from this, growing drilling activity for ground water in cities to fulfill the requirement for water as well as the strict rules and regulation set by governments regarding waste treatment is also creating opportunities for the solid control equipment market. Increasing exploring activity for shale gas, methane and coal beds provides major opportunities for the growth of solid control equipment market in regions like North America.
Given its strict regulation policy regarding environmental protection from hazardous solid materials, North America is one of the largest markets for solid control. Furthermore, the rising drilling activity in the region is also expected to support the demand for solid control equipment. After North America, Europe is expected to witness steady growth during the forecast period.
The Asia-Pacific is one of the emerging markets for solid control equipment. Increase in drilling activity along fuelled by the growing constructional industries in countries like India and China is supporting the growth of solid control equipment market.
Examples of some of the market participants in the global Solid Control Equipment market identified across the value chain include GN Solid Control,Secure Energy Services Inc, Chengdu West Petroleum Equipment Co., Ltd.,Rasson Energy India Private Ltd (Reipl), Baker Hughes , Halliburton, Derrick Equipment Company, Kemtron Technologies Inc, and Schlumberger Limited.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies and applications.
The report is a compilation of first-hand information qualitative and quantitative assessment by industry analysts and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The Global Solid Control Equipment market can be segmented on the basis of product type, drilling end-use industry & region
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