According to a research report "Produced Water Treatment Market by Application (Onshore, Offshore), Source (Conventional, Unconventional), Treatment (Primary treatment, Secondary treatment, Tertiary treatment) and Region - Global Forecast to 2029" published by MarketsandMarkets, the produced water treatment market is forecast to reach USD 13.4 billion by 2029 from an estimated USD 10.7 billion in 2024, at a CAGR of 4.7% during the forecast period (2024-2029).
Produced water, which is a byproduct of oil and gas exploration process, requires active treatment to meet environmental regulations and helps in reuse or safe disposal. This produced water is a mixture of injected water, Natural formation water, and any other chemicals used in the exploration and drilling process.
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By Source, the Conventional segment is estimated to be the largest segment during the forecast period.
Based on source, the produced water treatment market has been split into Conventional and Unconventional. The Conventional segment in the produced water treatment market is anticipated to be the largest because it is experiencing rapid growth due to the increasing exploration and production activities. The conventional segment for produced water treatment is growing due to the increase in established oil and gas fields that require constant maintenance to remain effective.
By Application, Onshore segment is expected to remain largest during the forecast period.
Based on Application, the produced water treatment market has been split into Onshore and Offshore. The Onshore segment in the produced water treatment market is anticipated to be the largest because the onshore drilling operations are generally less expensive compared to offshore projects. The onshore segment experienced considerable growth due to the cost advantages, technological advancements, better infrastructure, and increased exploration and production activities.
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By treatment type, Tertiary treatment is expected to grow fastest during the forecast period.
This report segments the produced water treatment market based on various treatment methods: Primary treatment, secondary treatment, and tertiary treatment. Tertiary treatment is expected to be the fastest growing segment during the forecast period due to the usage of advanced methods such as reverse osmosis and advanced oxidation. These processes provide high levels of impurities removal to make the treated water suitable for reuse as portable water as well as in industrial applications.
Middle East & Africa is expected to be the Second fastest region in the produced water treatment market.
Middle East & Africa is expected to be the second fastest growing region after Asia-Pacific in the produced water treatment market during the forecast period. The region's increasing focus on produced water treatment is due to the Geopolitical stability, Abundant oil and gas reserves, and expanding Exploration & Production activities. The MEA region is home to some of the world's largest oil and gas reserves, particularly in countries like Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates. The MEA region has significant offshore oil and gas reserves, particularly in the Persian Gulf, Red Sea, and offshore West Africa.
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Key Market Players
Some of the major players in the produced water treatment market are SLB (US), Baker Hughes Company (US), Siemens Energy (Germany), Veolia Environnement SA (France), TechnipFMC (UK). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.