Produced Water Treatment Market: Introduction
Transparency Market Research delivers key insights on the global produced water treatment market. In terms of revenue, the global produced water treatment market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global produced water treatment market.
The global produced water treatment market is broadly affected by several factors, including rise in water scarcity, stringent rules and regulations across the globe for water treatment, and ongoing investments in oil & gas exploration.
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Produced Water Treatment Market: Dynamics
The consumption of oil has been rising with the increase in industrialization in various nations. China is a prominent consumer of oil in the world, owing to rapid industrialization. Various companies are supported by initiatives by the Government of China, such as permitting private companies whose net assets are more than $43 Mn to apply for licenses to conduct oil & gas exploration and production in China in order to enhance investment in this sector for prompt recovery from the impact of COVID-19.
The rise in investments in the oil & gas industry due to increase in consumption of oil & gas, globally, has augmented the application of produced water treatment plants in the oil & gas industry. For instance, the Coalition Government (Australia) revealed the 2020 Offshore Petroleum Exploration Acreage Release 100,000 square km of acreage has been released across five basins including, Browse, Northern Carnarvon, Bonaparte, Otway, and Gippsland basins. This is estimated to stimulate investment in the oil & gas industry, along with the demand for produced water treatment applications.
Oil prices have exhibited significant volatility and are fluctuating for the last 2 to 3 years. Consequently, governments of various countries are taking various efforts to cope with rise in oil prices and revive investment in the oil & gas sector.
Recovering from the impact of the COVID-19 pandemic on the oil & gas industry, and governments of several countries are trying to restore the industry by providing various relief packages for the oil & gas sector in their respective countries. Rise in investment in countries in Southern Africa is projected to boost the produced water treatment market during the forecast period. For instance, in January, 2021, Hess Corp, a U.S.-based company allocated US$ 450 Mn to drill 12–15 exploration and appraisal wells on the Stabroek block in Guyana out of US$ 1.9 Bn for overall E&P in the oil & gas sector. This has fueled the demand for water treatment applications significantly.
In terms of treatment type, the reverse osmosis/membrane treatment segment dominated the global produced water treatment market in 2020. The segment is anticipated to expand at a CAGR of ~5% between 2021 and 2031.
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Produced Water Treatment Market: Prominent Regions
The produced water treatment market in Middle East & Africa is projected to expand significantly during the forecast period, owing to a large presence of major oil & gas producers in the region and enactment of stringent regulations by governments on the discharge of produced water. Saudi Arabia dominated the produced water treatment market in Middle East & Africa in 2020.
The produced water treatment market in Asia Pacific is likely to expand considerably during the forecast period. Increase in oil & gas exploration activities, especially in China and Australia, in order to cater to the rise in the demand is a major factor driving the produced water treatment market in the region.
Produced Water Treatment Market: Key Players
Major players operating in the global produced water treatment market are Siemens Energy AG, Schlumberger Limited, CETCO Energy Services Company LLC, TechnipFMC plc, Halliburton, Ovivo, Veolia, Enviro-Tech Systems, Suez S.A., and Sulzer.
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