LONDON--(BUSINESS WIRE)--The produced water treatment market is expected to grow by USD 327 million during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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The rising demand for oil and gas is identified as one of the key drivers that will stimulate growth in the market. The consumption of natural gas is increasing across the globe. The huge production of crude oil and natural gas directly influences the volume of produced water. The existing wells and installations of new wells require a high volume of produced water, which in turn, will boost the need for produced water treatment technologies.
As per Technavio, the increased produced water volumes in mature oil fields will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
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Produced Water Treatment Market: Rise in Unconventional Oil and Gas Resources
One of the key trends that will gain traction in the global produced water treatment market during the estimated period is the rise in unconventional oil and gas resources. Unconventional oil and gas resources include tight oil, shale gas, coalbed methane, shale oil, and gas hydrates. The production of oil and gas from these sources requires advanced well completion and stimulation methods, including hydraulic fracturing, acidizing, and other advanced techniques. This involves the need for an enormous amount of water, which in turn, will boost the adoption of produced water treatment systems.
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Produced Water Treatment Market: Segmentation Analysis
This market research report segments the produced water treatment market by Application (Onshore and Offshore) and Geography (North America, Europe, MEA, South America, and APAC).
North America was the largest produced water treatment market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The rise in unconventional E&P activities, such as the drilling of shale reserves in the US and oil sands in Canada will significantly drive produced water treatment market growth in this region over the forecast period. The US and Mexico are the key markets for produced water treatment in North America. Market growth in this region will be faster than the growth of the market in other regions.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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