The produced water treatment sector is likely to expand considerably over the next 10 years with its market value set to hit $187.4 billion by 2031, according to a report by Transparency Market Research.
Produced water is the reservoir water that is produced along with the oil and gas phase. Alternatively, the water is discharged to the sea or sewerage.
All produced water contains oil and suspended solids, while some produced water contains heavy metals and traces of naturally occurring radioactive material, which over time deposits radioactive scale in the piping at the well. Metals found in produced water include zinc, lead, manganese, iron, and barium.
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 Middle East & Africa market too is projected to expand significantly during the forecast period, owing to a large presence of major oil and gas producers in the region, owing to a large presence of major oil and gas producers in the region and enactment of stringent regulations by governments on the discharge of produced water, it stated.
Saudi Arabia dominated the produced water treatment market in Middle East & Africa last year, it added.
According to the report, 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 and gas exploration.
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.
Major players operating in the global market are Siemens Energy, Schlumberger Limited, Cetco Energy Services Company, TechnipFMC, Halliburton, Ovivo, Veolia, Enviro-Tech Systems, Suez SA and Sulzer.
Various companies are supported by initiatives by the Chinese government such as permitting private companies whose net assets are more than $43 million to apply for licences to conduct oil and 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.
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.
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, said the report.
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, it added.-TradeArabia News Service