Global Water Management Services Market for Oil & Gas Industry to Grow Steadily through 2019
The global water management services market for the oil and gas industry is expected to grow at a CAGR of 8% from 2014 through 2019, according to a new market research report from TechNavio. Major findings of the report include an increase in the the reuse of oilfield wastewater and the reduction in disposal volumes.
Oil companies have started realizing the importance of water in the industry and, therefore, have started developing new methods to reduce freshwater consumption, as well as increase cost savings and sustainability, TechNavio finds. Some operators in water-stressed areas have also started using brackish water to offset the use of freshwater for hydraulic fracturing. “Operators are extensively reusing oilfield wastewater, especially produced water and frac flowback. The aim is to reduce operational risks, reduce capital and operating expenditure and assuage shareholders concerns,” says Faisal Ghaus, Vice President of TechNavio.
Additionally, the report highlights the reduction in disposal volumes. Most of the flowback fluids generated from unconventional production are cleared via disposal wells, as these are the most economically viable options for wastewater management, if readily available. However, regulatory or geological considerations have made it mandatory for operators to consider other means of disposal as well.
The report covers: market segmentation, size and forecast through 2019; market growth drivers; market challenges, including difficulties in providing low-cost water management solutions; market trends, including reuse of oilfield wastewater; and key vendors/other prominent vendors, including GreenHunter Resources Inc., Ovivo, and Schlumberger.
Last month, TechNavio released a report which found that smart pumps will contribute to the growth of the global water desalination pumps market, which is expected to grow at a CAGR of 7.7 percent from 2015 to 2019.
Intelligent pumps possess the ability to regulate flow and pressure, and these systems can automatically adjust to process and pump system changes. They are increasingly being adopted by manufacturers because of their high level of fault tolerance ability, which cuts the cost of ownership, Ghaus said.
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