Waste Heat Recovery in Oil and Gas Market Size, Share, Growth Factors 2023

Posted by Anvi on February 27th, 2020

Waste Heat Recovery in Oil and Gas Market Overview

Waste heat recovery systems refer to a set of systems that are considered as one of the most cost-effective ways of increasing the overall efficiency of the oil and gas exploration and production plant while diminishing the fuel demand. Large quantities of fuel such as coal, and oil and gas, that are used for power production, through the use of conventional power plants are wasted due to the confines of the power conversion processes. The exhaust gas, which is emitted from different processes of the oil and gas plant, has exhibited a large amount of energy which is known as waste heat. Industrial processes often produce enough heat and waste energy for the generation of electricity. This oil and gas waste management is done using a technology known as waste heat recovery.

Hence, waste heat recovery units in oil and gas (WHRUs), also known as heat to power recovery units are used for the conversion of such waste heat into electricity through the utilization of organic ranking cycle. Another exhaust gas stream with the temperatures above 3000 F has also shown potential for significant oil and gas waste heat recovery management services’ feasibility. Waste heat temperatures can vary to a large scale, in terms of permitting heat transfer and recovery. Hence, it is essential that these waste heat sources have temperatures that are higher than the heat sink temperatures.

Waste Heat Recovery in Oil and Gas Market Segmentation

The Waste Heat Recovery in Oil and Gas Market is studied for various segments that are based on sector, application, equipment, end-user, and region. Based on sector, the global waste heat recovery market is segmented into downstream, upstream, and midstream. Among these, the downstream segment is likely to dominate the market till the end of the forecast period. The downstream sector comprises refineries and petrochemical complex, that generate a huge amount of waste energy during their operations, hence, giving an extra advantage of utilizing waste energy.

Based on application, the waste heat recovery in oil and gas market is segmented into thermal, electricity power generation, and others. The thermal segment dominated the global oil and gas waste recovery market at the beginning of the forecast period. this segment is also likely to register the highest growth within the global oil and gas waste heat recovery market.

Based on equipment, the global oil and gas waste heat recovery market is segmented into heat exchangers, turbines, boilers, heat recovery steam generators, and others. Based on end-users, the global waste heat recovery for oil and gas market is segmented into residential and commercial.

Regional Analysis

The waste heat recovery for oil and gas market is studied for the regions of North America, Europe, Asia Pacific, and rest of the world. The waste heat recovery market is anticipated to witness fast-paced growth during the forecast period. Asia Pacific held the largest share of the global waste heat recovery market at the beginning of the forecast period. Within Asia Pacific, rapid industrialization and upscaling emphasis on the development of sustainable energy within China, India, Japan, and other Southeast Asian countries is contributing to the high adoption of the global oil and gas waste heat recovery market over the forecast period.

On the other hand, North America and Europe are anticipated to witness fast adoption of waste heat recovery systems over the forecast period owing to the upscaling industrialization and major government initiatives regarding the energy-efficient solutions.

Key Players

Some prominent players in the global oil and gas waste recovery market, as profiled in the report, include ABB Ltd. (Switzerland), Ormat Technologies (U.S), General Electric Company (U.S), China Energy Recovery (China), Bono Energia (Italy), HRS (U.K), Harbin Electric Company Limited (China), Dongfang Electric Corporation (China), Amec Foster Wheeler (U.K), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc.(U.S), Econotherm Ltd (U.K), Thermax Limited (U.K), and Cool Energy, Inc. (U.S).

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