The North American market for produced water treatment equipment is expected to reach $1.6 billion in 2020.
(PRWEB) August 31, 2015
Wellesley, Mass., August 31, 2015 – The North American market for produced water treatment equipment (PWTE) market is thriving and evolving as many factors work to spur market growth. BCC Research reveals in its new report that key market drivers include rising demand for water conservation, increasing environmental awareness and regulation, and growing use of water in oil and gas production due to prospering technologies like hydraulic fracturing.
BCC Research examines the PWTE industry in its report, The North American Market for Produced Water Treatment Equipment. The report forecasts a five-year compound annual growth rate (CAGR) of 8.2% from 2015–2020, leading to a global market size of $1.6 billion in the end year.
Produced water is the highest volume of liquid discharge generated during the production of oil and gas. It includes water that is present naturally in the reservoir (formation water or connate water), water previously injected into the reservoir (floodwater), and condensed water from gas production.
The oil and gas industry significantly impacts the PWTE market. PWTE for oil fields accounts for 77% market share, while gas fields compose the remaining 23%. In 2020, market share is projected to shift slightly as oil fields and gas fields will own 79% and 21% of market share, respectively. During the forecast period, oil fields should realize an estimated 8.7% CAGR while gas fields will achieve a slightly lower estimated CAGR of 6.2%.
The world’s energy markets are continually expanding, with oil and gas companies spending billions each year to maintain and increase oil production. In some regions, hydraulic fracking has increased dramatically. The technology, which receives much scrutiny because of its large water requirements and potential environmental hazards, has spurred a big push toward conserving and reusing produced water.
“With water becoming more precious, increased environmental awareness and a number of other factors, produced water is increasingly being treated for use as a beneficial resource,” says BCC research analyst Nana Lapham. “Produced water from fracking operations can be reused after settling, filtration or other types of primary treatment methods to greatly reduce freshwater use and other associated fees and costs. More advanced treatment may be used to treat produced water with high TDS (total dissolved solids) levels, although there may be high costs and energy requirements for some treatment technologies.”
The North American Market for Produced Water Treatment Equipment (ENV014B) examines the global market by region, equipment type, produced water source and offshore/onshore application. The report includes forecasted trends and revenue through 2020.
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