The global produced water treatment market is projected to grow steadily in forthcoming years, according to Transparency Market Research (TMR). The produced water treatment market is reportedly fragmented at present. Top market players account for a significant share of the global produced water treatment market. Further, regional and domestic vendors constitute a substantial portion of the market in coming years.
Market players are leveraging technological innovations into their product with the aim of gaining better market share. For instance, Siemens has invested in secondary and advanced treatment technologies in the offshore sector to reduce oil spills and discharge into local water bodies. Further, players are seen focusing on efficiency by introducing water management services.
Global produced water treatment market vendors are likely to find rich growth opportunity in regions with high fresh water storage. The vendors in the market are seen focusing on strategic alliances, partnerships, and collaborations.
Prominent names in the global produced water treatment are Suez S.A., Veolia Water Technologies, Siemens AG, TechnipFMC plc., and Halliburton.
According to TMR, the global produced water treatment market was estimated to be worth US$ 5,693.8 Mn in 2017. With a CAGR of 7.2% over the period 2018 to 2026, the market is likely to reach a value of US$ 10,566.4 Mn by 2026-end.
In terms of value, the produced water treatment industry is expected to grow considerably over the forecast period in Asia Pacific and Europe. It is estimated that the market will drive during the forecast period to increase the exploration of oil and gas and to increase public infrastructure development projects. Increasing investment in offshore oil and gas exploration and manufacturing also leads to the implementation of produced water therapy throughout the globe. Increasing the manufacturing volume of oil and gas in the oil and gas industry is anticipated to drive demand for produced water therapy.
Oil And Shale Gas Exploration Activities to Bolster Produced Water Treatment Market
Continuous growth of shale oil and gas exploration creates possibilities for the water treatment industry generated. Demand for energy use has increased as a result of the population rise; and the demand for produced water therapy is growing in environmental concerns. Many nations around the world invest in the discovery of offshore oil and gas. This drives the demand for water treatment generated throughout the world.
Stringent Environmental Regulations to Fuel Growth
Strict rules on produced water discharge boundaries have resulted to an increase in the demands for sophisticated oil-water discharge techniques and an increase in oil recovery efficiencies. An increased use of fresh water and long-term release of treated water containing oil are anticipated to contaminate the current resources and in future lead to scarcity. Due to strict environmental protection legislation imposed by governments across all areas, the produced water treatment technologies markets are anticipated to expand.
For instance, by imposing minimized or zero oil-disposal limitations in disposed streams, Germany and the US controlled strict environmental policies and procedures. It is anticipated that regulation assistance will open up fresh roads over the next few years for higher E&P expenditure on coal bed methanol (CBM) and gas hydrates in Durgapur, Andaman, and Nicobar in India.