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Oil and Gas Waste Heat Recovery Market Leading Companies Outlook, Competition Landscape, Upcoming Challenges And Explosive Growth Opportunity


iCrowdNewswire   Jan 7, 2021  2:24 PM ET

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Market Highlights

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.

The impending factors for the growth of oil & gas waste heat recovery market are considered to be immense in the emerging economies of the Asia Pacific region. The dominant position of Asia Pacific is due to the rising need for energy by the highly urbanized and industrialized economies, such as China, India, and Japan. North America and Europe are also expected to witness a substantial growth over the forecast period, owing to increase in exploration and production activities in prominent oil & gas producing nations, such as the U.S., Canada, and Mexico in North America. The U.K, Norway, and Italy in the European region contributed the largest share for oil & gas waste heat recovery market evolution.    

The global oil and gas waste heat recovery market are expected to witness ~ 7.5% CAGR during the forecast period.

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Market Research Analysis

Downstream by sector, thermal by application, heat exchanger by equipment, and residential by end-user are expected to hold the largest share and have the highest CAGR throughout the forecast period.

The global oil & gas waste heat recovery market has been segmented based on sector, application, equipment, end-user, and region. Based on sector, the market is segmented into upstream, midstream, and downstream. Among these, the downstream sector is projected to dominate the oil & gas waste heat recovery market until 2023. The downstream sector consists of refineries and petrochemical complexes, which generate a huge amount of waste energy during their operations, thus, having an extra advantage of utilizing waste energy. Based on application, the market is segmented into thermal, electricity power generation, and others. Thermal application dominated the market in 2016 and is projected to be the fastest-growing application segment for oil & gas waste heat recovery. Thermal waste heat recovery is highly efficient and vitally used for pre-heating and steam generation process. Based on equipment, the market is segmented into heat exchangers, boilers, heat recovery steam generators, turbines, and others. The wide application of heat exchangers, along all major end-users, is expected to drive the equipment segment in waste heat recovery market over the forecast period. Based on end-user, the market is segmented into commercial, residential, and others. Residential segment held the largest share in 2016 owing to the huge demand for energy.

Scope of the Report

This study provides an overview of the global oil & gas waste heat recovery market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the oil and gas waste heat recovery market by its sector, by application, by equipment, by end-user, and by region.

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By Sector

By Application

By Equipment

By End-User

By Regions

Key Players

The key players of 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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