The global oil and gas industry was a major victim of the COVID-19 pandemic due to a drastic slump in energy demand. Such was the impact of the pandemic on the oil industry that benchmark Brent crude oil prices plummeted to a historic low of under US$ 20 per barrel in April 2020.
In previous years, environmental concerns and governmental regulations had led to the demand for produced water treatment systems. While these factors will continue to influence market trends, the pandemic has also accelerated certain geo-economic shifts that impact the market.
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The onshore crude oil industry in North America represented 49.14 Bn barrels or 79.1% of produced water in 2012. FMI expects this to reach 116.29 Bn barrels or 70.6% in 2020. On the other hand, the offshore natural gas segment is projected to reach a volume of 7.66 Bn barrels by 2020.
The crude oil and natural gas market have a direct impact on the demand for produced water treatment systems. According to FMI’s analysis, natural gas production in North America is anticipated to expand at a CAGR of 1.1% during the period 2014-2020, whereas, growth of crude oil production is set to increase at a CAGR of 4.8% between 2014 and 2020.
Key Research Finding:
- The global produced water treatment systems market size in 2018 was ~US$ 6 Bn.
- The demand for water treatment systems is expected to grow at a CAGR of ~6% during the forecast period of 2019-2029.
- Upsurge in the demand from the oil and gas industry, and stringent government regulations have been recently driving the sales of produced water treatment systems.
- Collectively, South Asia Pacific and East Asia are likely to account for half of the revenue shares in the produced water treatment systems industry by the end of 2029.
- South Asia Pacific, attributed to the strong presence of the oil & gas industry, is expected to continue to be a prominent regional market for produced water treatment systems manufacturers.
- The offshore reinjection segment is expected to remain a prominent application area to invest in, for major players involved in produced water treatment systems.
- The oil & gas industry has witnessed significant growth over the recent past, and rapid oil & gas exploration activities have been particularly noteworthy.
- Noteworthy application potential of produced water treatment systems has been identified in the offshore reinjection category.
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The produced water treatment systems market in Europe is expected to reach a valuation of US$ 1,191.6 Mn by 2020. FMI estimates the market in Europe to expand at a CAGR of 4.6% during the forecast period. Demand for secondary treatment systems is anticipated to expand at a moderate rate during the forecast period, however, FMI expects it to remain the dominant segment through 2020. On the other hand, stringent regulation on part of the governments in Europe is expected to fuel the development of tertiary treatment technologies shortly.
Asia Pacific produced water treatment systems market, valued at US$ 960.7 Mn in 2014, is anticipated to increase at a CAGR of 4.8% during the forecast period and reach a valuation of US$ 1275.2 Mn. In terms of revenue, primarily produced water systems technology is expected to be the largest contributor in the Asia Pacific by the end of the forecast period, owing to the growing number of newly produced water treatment installations in the region. According to FMI, the growth of the market in the Asia Pacific is expected to be driven by a large number of new installations.
By Segmentation:
By Capacity (thousand bl/day)
- Less than 100
- 100 to 500
- Above 500
By Technology
- Primary
- Secondary
- Tertiary
By Application
- On Shore
- Off Shore
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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The key stakeholders in the global produced water treatment system market can be broadly categorized into treatment systems, mobile systems, and rental services, and commissioning and consulting services. Schlumberger, Chetco, and Mix, Ovivo, and Global Water Engineering are companies that have a presence in all of the above-mentioned three categories.