Press release
Manufacturers in Produced Water Treatment Systems Market tap into Lucrative Avenues in Tertiary Treatment Systems in Oil Industry
Worldwide interest in adopting methods for reinjection of produced water in various end-use industries, especially in oil production, is a key factor driving the global market. World over, the rising demand for produced water treatment systems in these industries rides on the back of stricter implementation of government regulations pertaining to deriving value from wastewater.
The global market for produced water treatment systems is anticipated to rise at a CAGR of 5.8% during the forecast period of 2017–2020, and the opportunities in the market is projected to touch a valuation of US$6156.6 million by the end of this period.
A growing number of manufacturers are focusing on gaining patents in tertiary treatment systems or are engaged in the development of these systems. This remains one of the top strategies adopted by players to gain a competitive edge over others. Prominent players are also active in introducing differentiated product offerings and offering value-added services for the key equipment, with an aim to consolidate their shares. Several vendors are also entering into collaborations and partnerships with techno-savvy players and offer end-to-end services, to gain a better foothold over the market.
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Several regulations in place to lessen the environmental impact that produced water has in the oil industry have led to emergence of technologies for their reinjection. This has bolstered the demand for systems for the treatment of produced water. The demand is also catalyzed by the marked scarcity of water in various parts of the globe.
According to industry estimates, the volume of produced water from offshore wells during natural well recovery is likely to touch 16.98 billion barrels by 2020 end. This will pave way for abundant lucrative opportunities for providers of equipment and support services to capitalize on.
The substantially growing adoption of thermal enhanced oil recovery (EOR) and water flooding is accentuating the demand for produced water treatment systems. The injection of water-based chemicals in oil recovery has also boosted the uptake.
Regionally, North America is a promising regional market, attributed largely to a burgeoning onshore crude oil industry. The adoption of oil exploration methodologies in the industry has bolstered the uptake of produced water treatment systems. Meanwhile, the discovery of new oilfields is a key factor catapulting Asia Pacific to rise at a promising pace over the forecast period.
Key players operating in the global produced water treatment systems market include Aker Solutions, Ovivo, Schlumberger Limited, MIOX Corporation, CETCO Energy Services, FMC Technologies, Siemens AG, and Alderley plc.
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