LONDON–(BUSINESS WIRE)–The fracking water treatment market is expected to grow by USD 1.67 billion during 2020-2024, expanding at a CAGR of over 5%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. – Download Free Sample Report on Pandemic Recovery Analysis
Fracking Water Treatment Market: Rise in Demand for Crude Oil and Natural Gas to Drive Growth
The rise in demand for crude oil and natural gas is driving the demand for fracking water treatment. The high demand for oil and gas is likely to enhance the E&P activities of crude oil, which, in turn, will augment offshore and onshore oil and gas projects. These factors are expected to increase the demand for hydraulic fracturing as well as water treatment equipment, driving the market growth. The fracking water treatment market size is projected to grow during the forecast period.
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As per Technavio, the shifting focus toward natural gas vehicles (NGVs) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Fracking Water Treatment Market: Shifting Focus Toward Natural Gas Vehicles (NGVs)
The shifting focus toward natural gas vehicles (NGVs) is one of the emerging fracking water treatment market trends that will influence market growth. Natural gas vehicles are alternative fuel-based vehicles, which use natural gas or liquified natural gas for their operation. The fuel used in this vehicle is cost-effective and clean, which increases the demand for these vehicles. The high demand for natural gas increases the demand for oil and gas E&P activities, in turn, driving the growth of the fracking water treatment market growth.
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Fracking Water Treatment Market: Segmentation Analysis
This market research report segments the fracking water treatment market by Application (Treatment and recycle and Deep well injection) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
North America accounted for the largest fracking water treatment market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing focus of governments in countries such as the US and Canada on the hydraulic fracturing process of oil and gas will significantly influence fracking water treatment market growth in this region. The US and Canada are the key markets for fracking water treatment in North America. Market growth in this region will be slower than the growth of the market in APAC and South America.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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