Oil and Gas Waste Heat Recovery Market Dynamics, Development Status by 2023

Posted by Anvi on February 19th, 2020

Oil and Gas Waste Heat Recovery Market Analysis:

Market Research Future (MRFR) reports that the Oil and Gas Waste Heat Recovery Market is set to demonstrate 7.5% CAGR during the forecast period (2017-2023). Waster heat recovery systems are gaining traction in oil & gas processing facilities owing to their advantages. There are viewed as solution that helps optimising the use of resources in a cost-effective manner.

Oil & gas waste heat recovery is the process of extracting and reusing heat from the streams of large energy produced during the refining process in the oil & gas plant. The continuous evolution in industrialization across the globe has resulted in the generation of large waste energy as a by-product. Numerous large-scale methods are employed in the oil & gas sector to reduce overall energy consumption, operational cost, and greenhouse gas & carbon emissions. The large-scale implementation of waste heat recovery system in the oil & gas sector is expected to boost the industrial processes and substantially enhance their economic feasibility.

Global Oil and Gas Waste Heat Recovery Market: Segmental Analysis

The segmental analysis on thewaste heat recovery in oil and gas market has been conducted on the basis of application, end-user, sector, equipment and region.

By application, the market has been segmented into electricity power generation, thermal and others. The thermal segment currently holds a noteworthy share of the market in terms of value. The segment is projected to witness the fastest growth during the assessment period. Thermal waste heat recovery is extremely important in oil and gas facilities owing to its application in steam generation process and pre-heating. 

By end-user, the market has been segmented into residential, commercial and others. The residential segment currently accounts for the largest market share and is expected to remain highly profitable over the next several years. Rising of consumption of energy is driving the growth of the segment.

By sector, the market has been segmented into downstream, midstream and upstream. The downstream segment accounts for a relatively higher share of the market and this is likely to continue throughout the assessment period. Over the years, the downstream oil & gas sector has expanded substantially and is comprised of petrochemical and refineries complex which generate a massive volume of waste heat during operations.

By equipment, the market has been segmented into boilers, heat exchangers, turbines, heat recovery steam generators and others. The heat exchangers segment is expected to witness a sound growth in the projected future. This is mainly owing to growing to usage of heat exchange in end-use verticals.

Global Oil and Gas Waste Heat Recovery Market: Regional Analysis

Asia Pacific (APAC) is the largest market for oil and gas waste heat recovery. The region is expected to retain its dominant position over 2023. The rapid industrialization in the region has boded well for market players. At the same time, increased government initiatives to promote sustainable energy is providing an impetus to the APAC oil and gas waste heat recovery market. Apart from APAC, North America and Europe are also expected to present significant growth opportunities to market players. These regions are will remain important investment destination during the assessment period.

Global Oil and Gas Waste Heat Recovery Market: Competition Analysis

ABB Ltd. (Switzerland), General Electric Company (U.S), Bono Energia (Italy), Harbin Electric Company Limited (China), Amec Foster Wheeler (U.K), Mitsubishi Heavy Industries Ltd. (Japan), Econotherm Ltd (U.K), Cool Energy, Inc. (U.S), Echogen Power Systems Inc.(U.S), Ormat Technologies (U.S), Thermax Limited (U.K), HRS (U.K), Siemens AG (Germany), Dongfang Electric Corporation (China) and China Energy Recovery (China) are among the top-notch companies that are profiled in MRFR’s report.

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