Oil and Gas Waste Heat Recovery System Market – Greater Growth Rate during forecast 2020 – 2023
Oil and Gas Waste Heat Recovery System Market Analysis
As per Market Research Future (MRFR)’s analysis, the global Oil and Gas Waste Heat Recovery System Market has been projected to reach new scaling heights at a robust CAGR of 7.5% during the forecast period. The study also highlights the market’s valuation in the future as huge advancements are at its peak and the market predicts to show lucrative opportunities in the next couple of years.
Oil gas waste heat recovery systems relate to increasing the overall efficiency of oil and gas exploration and production plant in a very cost-effective way while diminishing the demand for fuels at the same time. The method goes with reusing and capturing heat from streams of high energy produced during refining sequences in industrial areas. In recent times, industrial development continues to grow promptly, which is propelling large quantities of heat production. Its reuse and preservation have become an essential yet trouble of great anxiety for several industries.
Several methods are being engaged on a grand scale in the industrial bodies from carbon emissions, greenhouse gas, operational costs, to reduce energy consumption. To overcome such issues, huge advancements are being made to cover up and convert it into electricity using Organic Rankine Cycle (ORC).
Oil Gas Waste Heat Recovery Market: Drivers & Constraints
At the same time, continuous evolution in industrialization across the globe has resulted in the generation of considerable waste energy as a by-product. The large-scale implementation of a waste heat recovery system in the oil & gas sector is expected to boost the industrial processes and substantially enhance their economic feasibility.
The imminent factors for the growth of oil & gas waste heat recovery market are considered to be emerging economies due to the rising need for energy with exploration and production activities. Countries like the U.S, Canada, and Mexico are helping the market to grow substantially in the forecast period by investing a large share of the economy in converting oil & gas wastes into energy consumption solutions.
With the tremendous high improvement in thermal equipment, the design has dominated the oil & gas waste heat recovery market throughout the forecast years. The enhancement in equipment design is predicted to generate high revenue. Also, power management solutions are also mounting owing to an industrial inclination towards it which is again expected to boost the growth of oil & gas waste heat recovery market with a higher CAGR in the years to come.
Oil and Gas Waste Heat Recovery System Market Segmentation
In the reports by MRFR, Global oil and gas waste heat recovery market have been segmented based on sector, application, equipment, end-user, and region.
Based on the sector, the market is segmented into upstream, midstream, and downstream. Among these, the downstream segment is projected to overshadow the oil and gas waste heat recovery market until 2023. Whereas, the downstream sector consists of refineries and petrochemical complex, which generate a massive amount of waste energy during its operations. Thus it is giving an extra advantage of utilizing waste energy.
Based on application, the market is segmented into thermal, electric power generation, and others. Of these, the thermal segment dominated the market in 2016 and is projected to be the fastest growing application segment for oil and gas waste heat recovery market.
Based on equipment, the market is segmented into heat exchangers, boilers, heat recovery steam generators, turbines, and others. The broad application of heat exchangers along end-user is expected to drive the equipment segment in waste heat recovery market over the forecast period.
Based on the end-user, the market is segmented into commercial, residential, and others, where the residential segment holds the largest share in 2016, owing to the vast demand for energy.
Regional Outlook
Regionally, Asia Pacific has taken hold of the global oil and gas waste heat recovery market in 2016 owing to rapid industrialization coupled with an increasing prominence on sustainable energy in countries like China, India, Japan, and Southeast Asian Countries is likely to drive waste heat recovery system market growth throughout the forecast period. North America and Europe are expected to witness sizable increase throughout the forecast period which is primarily attributed to growing industrialization coupled with government initiatives regarding energy efficient solutions.
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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