Oil and Gas Waste Heat Recovery Market Analysis 2020 Size, Share, Forecast 2023
Posted by Anvi on March 27th, 2020
Global Oil and Gas Waste Heat Recovery Market Analysis:
The global oil and gas waste heat recovery market is estimated to witness 7.5% CAGR during the forecast period.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.
The economic development of any developing country across the world is immensely dependent on its industrial growth. Energy and electricity are the vital factors in determining the operational cost of an industry. Thus, all industries are highly dependent on energy and electricity at reasonable prices. However, the current trend of inflating prices of input energy, such as oil, gas, coal, and electricity, is leading to the development of sustainable solutions, such as waste heat recovery.
The segmental analysis on the market has been conducted on the basis of application, end-user, sector, equipment and region.
By application, the Oil and Gas Waste Heat Recovery Market Analysis 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.
The key players in the global oil and gas waste heat recovery market are 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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About the AuthorAnvi
Joined: October 25th, 2019
Articles Posted: 461
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