Rising investments in exploration and production of offshore oil & gas to drive global produced water treatment market through 2024
According to TechSci Research report, “Global Produced Water Treatment Market By Source, By Service, By Application, By Region, Competition, Forecast & Opportunities, 2024”, the global produced water treatment market is projected to cross $ 13 billion by 2024 owing to the continuous expansion of the global oil & gas industry. Additionally, growing usable water scarcity, stringent government regulations, especially in developing countries along with increasing demand for enhanced water treatment solutions, is further expected to fuel the market over the next five years. According to the Energy Information Administration (EIA), the global oil consumption is expected to increase through the forecast period due to newly completed petrochemical plants in the United States, China and Russia that use liquefied petroleum gases. However, high installation and operational costs can hamper the growth of market during forecast period. Additionally, low adoption rate of technologies in the oil & gas sector due to lack of regulations pertaining to water management in the energy sector would further restrict the growth of the market. Currently, underground well injection process is mainly used by leading upstream companies for the management of produced water, globally. In 2019, more than 85% of produced water in the US is managed by injecting it into wells and regulated by Underground Injection Control Program of Environment Protection Agency. Disposal of produced water is not allowed as it contains toxic substances and significantly increases operating expenditure.
Browse 83 market data Figures spread through 110 Pages and an in-depth TOC on " Global Produced Water Treatment Market"
The global produced water treatment market is segmented based on source, service, application, company and region. Based on source, the market can be divided into crude oil and natural gas. The natural gas segment is expected to hold larger market share than crude oil. This can be accredited to the rising use of natural gas in order to reduce the dependency on oil, coal, among others for energy production. On the basis of service, the market can be categorized into primary separation, secondary separation, tertiary separation and others. The tertiary segment dominates the market attributable to the increasing technological advancements over the years in order to remove the contaminants out of produced water. Based on application, the market can be bifurcated into onshore and offshore, of which latter segment is expected to register significant growth during forecast period since the major players operating in this sector are focusing on advanced treatment technologies in order to minimize the discharge and oil spills in surrounding water bodies.
Baker Hughes Ltd., Enviro Tech Systems, LLC, Siemens AG, Schlumberger Ltd, CETCO Oilfield Services, Ovivo Inc., General Electric Company, Veolia Environnement SA, Halliburton Energy Services, Inc, FMC Technologies Ltd. and others are some of the leading players operating in global produced water treatment market.
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“Asia-Pacific is expected to be the fastest growing market for produced water treatment during the forecast period, owing to the increasing demand for energy on account of the region’s growing population. Additionally, implementation of policies such as First Shale Gas Policy and Open Acreage Licensing Policy by the Chinese and Indian governments, respectively, is further expected to create lucrative opportunities for the market during forecast period. Moreover, stringent environmental norms against the disposal of the produced water from the oil wells and the shortage of fresh water in countries like India and China would further propel growth of produced water treatment in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Produced Water Treatment Market By Source, By Service, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global produced water treatment market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global produced water treatment market.
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