The Global Liquid Waste Management Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. During the pandemic scenario, the petroleum refineries units had cut their production throughput as the demand for fuel had been decreased by about 30% to 40% globally during the lockdown. For instance, Indian Oil Corporation Ltd, with a refining capacity of 5 million barrels per day of crude oil, had cut its crude oil processing by about 30% to 40%, thereby had decreased the production of liquid waste at petroleum refinery sites.
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Key Market Trends
Oil and Gas Segment to Dominate the Market
– The oil and gas industry is amongst the most profitable industries. It meets all the energy demand across various other industries, households, and transportation, and in other sectors. The oil and gas industry is facing concerns regarding the environment, mainly with wastewater.
– The industry has a high rate of water consumption, as it generates a large amount of wastewater in various operations such as in hydrostatic testing water, which is consumed in the hydrostatic testing of pipelines to ensure pipeline safety and find any possible leaks. The process also includes the usage of chemical additives. Hence, hydro-test water should be treated before disposal into the sea or surface water.
– Furthermore, in the oil and gas industry water is employed in technologies, such as hydraulic fracturing. In this process, high-pressure water is used to open up the cracks or fractures into the tight formations of rocks permitting petroleum gas and unrefined petroleum to stream to a well for recovery. The water used in the process often gets contaminated, and it needs to be treated for either disposing of or for reuse.
North America Region to Dominate the Market
– North America region represents the largest market and is also expected to be the fastest-growing market over the period owing to the enactment of stringent norms and the presence of activities related to oil and gas production.
– According to the BP Statistical Review of World Energy 2020, the production of crude oil and condensate in North America was accounted for 18.62 million barrels per day in 2019, with a growth rate of about 6.9% compared to the previous year.
– According to EIA, the average crude oil production in the United States was accounted for about 11.3 million barrels per day in 2020, down from 12.2 million barrels per day in 2019, and is expected to reach 11.1 million barrels per day in 2021 and 12 million barrels per day in 2022.