Major produced water treatment systems companies are investing in research and development activities for cost-effective waste water treatment solutions during the crisis period.
DUBAI / ACCESSWIRE / July 8, 2020 / Future Market Insights: The global produced water treatment systems market is anticipated to rise at a healthy 5% CAGR, through the period 2019-2029. The global coronavirus pandemic has resulted in the suspension of oil and natural gas exploration and extraction activities. Consequently, waste water generated in the sector has also declined significantly, hurting the prospects of the produced water treatment systems market in the short term.
"Improvements in government policies are critical to the growth of the market. The sharp fall in demand during the pandemic with minimal activity in end-use sectors is an obstacle to market players. The produced water treatment systems market is likely to recover as the global economy picks up pace again," says the FMI analyst.
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Produced Water Treatment Systems Market - Key Takeaways
- Secondary separation technologies remain highly sought after, while tertiary separation variants are gaining ground owing to superior greenhouse gas reduction capabilities.
- Crude oil production applications hold larger market share, while natural gas applications are catching up rapidly with higher investments in LNG sector.
- High adoption of management services is keeping onshore applications at the forefront. However, offshore options are on the rise owing to environment concerns.
- North America is a prominent produced water treatment systems market, supported by major crude oil reserves. Asia Pacific is witnessing rapid growth with favorable government policies in India and China.
Produced Water Treatment Systems Market - Key Driving Factors
- Strict regulations in terms of water discharge in the oil and gas sector supports market growth.
- Rising insecurity concerns of fresh water resources in developed countries boost market growth.
- Rising investments in oil and gas exploration and production bolsters adoption rates.
Produced Water Treatment Systems Market - Key Constraints
- Low adoption rates in developing countries such as India and China hurt market prospects.
- Lack of strict regulations in terms of water management will hold back adoption in emerging markets.
The Anticipated Impact of Coronavirus
Coupled with the OPEC price war, the coronavirus outbreak has had a severe impact on the oil and gas sector. Oil and gas exploration and drilling have declined substantially, which in turn has hurt the need for produced water treatment systems in the short term. Recovery in the sector is highly dependent on the resurgence of the global economy and the activity in end use sectors.
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Competition Landscape
Prominent manufacturers in the produced water treatment systems market include but are not limited to Enhydra Ltd., Schlumberger Ltd., Alderly plc, Siemens AG, Aker Solutions, IDE Technologies, and Minerals Technologies Inc.
Manufacturers are investing in product development and geographical expansion. For instance, Stauper Offshore AS has acquired the contract of the Martin Linge platform including produced water treatment processes.
More About the Report
The FMI's market research report offers detailed insights on produced water treatment systems market. The market is scrutinized on the basis of capacity (less than 100, 100 to 500, and above 500), technology (primary, secondary, and tertiary), and application (onshore and offshore) across six key regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and Middle East and Africa).
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SOURCE: Future Market Insights