There have been a significant increase in water-based drilling and completion fluids activities across the globe to meet the growing demand for oil and natural gas in recent time. This is mainly because of the rise in use of oil and natural gas.
Increase in drilling activities and rise in the exploration of shale gas reserves are two vital factors augmenting growth of the water-based drilling and completion fluids market. Likewise, there are several other factors which are expected to influence growth of the water-based drilling and completion fluids market. Some of them are mentioned as below-
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• Water-based fluids are widely used by end users, this is because they are cost-effective. Apart from this they are also eco-friendly as compared to non-aqueous based fluids.
• Researchers have found a way to use water-based fluids in challenging high-pressure high-temperature owing to constant research and development. This is increasing demand of water-based drilling in deep and ultra-deep water drilling. This is expected to bolster growth of the global water-based drilling and completion fluids market in the coming year.
• However, renewable energy is gaining importance across globe as a clean energy fuel source. As they are the key to reduce greenhouse gas (GHG) emissions leading to climatic changes across globe.
• Increase in renewable energy sources will impact the growth of the global conventional fuels market. This is expected to hinder the growth of the global water-based drilling and completion fluids market.
• Nevertheless, discharge policies for water-based fluids are not very stringent in several parts of the world. This is because it contain less toxic chemicals as compared to chemical based. This is increasing the adoption of water-based fluid drilling and completion fluids. This is expected to fuel the global water-based drilling and completion fluids market.
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