The global fracking water treatment market is estimated to garner a sizeable revenue and grow at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing usage of hydraulic fracking in the oil and gas industry, stringent international norms associated with wastewater treatment, and rising demand for crude oil and natural gas around the world. According to the International Energy Agency, the total oil demand rose up to 4,456 million tons in 2019, up from 4,428 million tons in 2018. long with these, growing focus of people towards natural gas vehicles and escalating environmental concerns regarding emissions are also expected to boost the growth of the market in the upcoming years. Furthermore, rise in demand for sophisticated techniques to recycle water as a result of the escalating importance of water worldwide is also projected to be a crucial factor expanding the market growth in the near future.
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The market is segmented based on application into treatment & recycle, and deep well injection, out of which, the treatment & recycle segment is anticipated to hold the largest share in the global fracking water treatment market on account of the increasing requirement for water to comprehend its shortage, and growing applications of reused wastewater globally. In addition, rising number of drilling activities in the oil and gas sector is also predicted to boost the growth of the market segment by the end of 2030. Moreover, on the basis of source, the residential segment is assessed to acquire the largest share during the forecast period, which can be credited to the high generation of waste water from the residential sector across the globe and rapid rate of urbanization.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global fracking water treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing implementation of restrictions from governmental organizations to reduce excessive wastage of water, and growing scarcity of fresh water in the region. It is calculated that by 2050, more than 250 million will suffer from shortage of water in South Asia. In addition, population in the region has already used 95 percent of Indus. Additionally, the fracking water treatment market in North America is expected to gather the largest share over the forecast period, which can be credited to the increasing number of drilling projects, growing consumption of crude oil, and strong presence of prominent market players in the region.
The global fracking water treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global fracking water treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving growth are increasing use of hydraulic fracking in the oil and gas industry and rising demand for crude oil and natural gas worldwide.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Strict international regulations associated with wastewater treatment are estimated to hamper the market growth.
Asia Pacific will provide more opportunities for market growth owing to the increasing implementation of restrictions from governmental organizations to reduce excessive wastage of water.
The major players in the market are Ecologix Environmental Systems, LLC, Schlumberger Limited, Oasys Water Inc., Halliburton Co., Total Separation Solutions, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, source, and by region.
The residential segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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