Produced Water Treatment to Reach $ 13 Billion by 2024
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"
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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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