Asia Pacific to Register Significant Growth in Produced Water Treatment Market During Forecast Period
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 expected to
grow at a steady CAGR of around 7% during the forecast period owing to the continuous
expansion of the oil & gas industry. Additionally, growing usable water
scarcity, 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. 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.
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 during forecast period 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 by the growing
population in the region. 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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