Physical Segment is Expected to Dominate the Global Offshore Produced Water Treatment Market
According to
TechSci Research report, “Global Offshore Produced
Water Treatment Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”. Global Offshore
Produced Water Treatment is anticipated to project robust growth in the
forecast period with a CAGR of 4.52% through 2028. Produced water can be
described as a mixture of organic and several inorganic components that exist
in oil & gas reservoirs. Water produced this way is acidic and needs to be
treated before it is discharged into river streams or while employing it for
reinjection in oil & gas extraction sites. Freshwater usage has increased
significantly, owing to the ever-growing population across the globe. Prolonged
discharge of oil-contained water is polluting existing resources. This is
expected to lead to scarcity of fresh water shortly. Governments of several
countries have enacted stringent regulations on environmental practices by
imposing discharge norms regarding oil concentration levels in discharged
streams.
Water acts as a pushing agent for oil & gas (helping oil & gas
rise to the surface). Produced water needs to be treated and reused to increase
productivity for extracting oil & gas from the well. Various water
treatment methods have been introduced due to an increase in the productivity
of oil & gas and stringent government norms to control the discharge of
produced water directly. Demand for Offshore Produced Water Treatment is high
in countries experiencing a scarcity of freshwater. Asia Pacific experiences
greater water scarcity problems; therefore, the adoption rate of water
treatment methods is considerably high in major countries, such as China and
India, to deal with water scarcity. More than 60% of produced water comes from
oilfields. Reusing produced water for reinjection in Offshore and offshore
operations is expected to propel the Offshore Produced Water Treatment market
CAGR during the forecast period. Additionally, increase in environmental policies and the growing concern
for the water table in the Region with the scarcity of fresh water like China
and India, the Offshore Produced Water Treatment market is expected to swell in
the upcoming years. With the extensive shale discoveries in the North American
Region for which the water treatment services are of keen importance, the
market is expected to soar in the forecasted years. The Offshore Produced Water
Treatment market is estimated to increase the Offshore Produced Water Treatment
market revenue in the forecast period.
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Russia is the largest oil
producer in Europe and has the eighth largest oil reserves across the globe. In
addition, other major oil reserves of the region are found in countries
including Norway and the U.K. Presence of large oil reserves in the region is
expected to drive the market over the forecast period. For instance, in 2020,
ECOLOG, a leading global provider of integrated environmental services,
technologies, and solutions, partnered with Siemens Energy to provide a
service-oriented efficient disposal solution for the wastewater industry. This partnership
will make it possible for industrial wastewater treatment to be done locally.
Recent Developments
·
May
2019: The U.S. Department of Energy's (DOE) Office of Fossil Energy announced
up to USD 5 million in federal funding for cost-shared research and development
(R&D) projects under the funding opportunity announcement (FOA)
DE-FOA-0002004, Low Cost, Efficient Treatment Technologies for Produced Water.
Key market players in the Global
Offshore Produced Water Treatment Market are following: -
- Weatherford International
- Halliburton Company
- General Electric Company (GE)
- Enviro-Tech Systems
- Baker Hughes
- Mineral Technologies, Inc.
- Siemens AG
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“Based on
Treatment, the Offshore Produced Water Treatment market segmentation includes
chemical, physical, and membrane. The physical segment dominated the market.
The physical treatments are used in filtration and flotation and are
cost-effective for removing large-sized particles and hydrocarbons from produced
water.This Offshore Produced Water Treatment services widely used by industries
across the globe. At the same time, the membrane segment is the fastest-growing
method in the forecast period. This is due to the increasing demand for
advanced membrane technologies. said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Offshore Produced Water Treatment Market Segmented By
Treatment (Physical, Chemical, Biological), By Production Source (Crude Oil,
Natural Gas), By Service (Primary Treatment, Secondary Treatment), By Region,
Competition 2018-2028 has evaluated the future
growth potential of Global Offshore Produced Water Treatment Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended 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 present in the Global Offshore
Produced Water Treatment Market.
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