(PRWEB UK) 8 December 2012
The North American market for produced water treatment equipment was valued at $760 million in 2011 and should reach $825 million in 2012. Total market value is expected to reach nearly $1.2 billion in 2017 after increasing at a five-year compound annual growth rate of 7.7%.
Until renewable, sustainable sources are fully developed, the demand for fossil fuels will continue to grow. According to the International Energy Agencys (IEA) most recent World Energy Outlook, the production of conventional crude oil, the largest single component of the global oil supply, will remain at current levels before declining slightly, to 68 million barrels per day, by 2035.
The demand for carbon-based energy is a major market driver for products and services used to treat the water produced during oil and gas exploration and production (E and P). Produced water, the effluent that rises to the surface during E and P, includes naturally occurring water in energy deposits and water injected into formations during drilling processes. Produced water comprises approximately 98% of the total waste volume generated by the industry.
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