Oil and Gas Waste Heat Recovery Market | Application Analysis, Regional Outlook, Competitive Strategies & Forecast by 2023

Oil and Gas Waste Heat Recovery Market
Global Oil and Gas Waste Heat Recovery Market By Sector (Upstream, Midstream, Downstream), Application (Thermal, Electricity Power Generation), Equipment (Heat Exchangers, Boilers, Heat Recovery Steam Generators, Turbines), End-User, and Region

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.

In upstream oil & gas segment, the need for heating process fluid is required in the Floating Production Storage & Offloading (FPSO) vessels, onshore processing units, and process platforms. This is primarily done by harnessing the waste heat available in exhaust gases, extracted from the Gas Turbine Generator or process gas compressor drives. The decentralized power supply is also one of the prominent trends in the world’s growing demand for energy. Many regions across the world do not have access to centralized power supply. Despite this, the local infrastructure still demands electricity. Thus, an effective and efficient way to cater this energy demand can be highly derived from the waste heat energy recovery systems.

The Global Oil and Gas Waste Heat Recovery Market is estimated to witness ~ 7.5% CAGR during the forecast period.

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Asia Pacific Oil and Gas Waste Heat Recovery market expected to have the highest CAGR

The Global Oil and Gas Waste Heat Recovery Market is segmented into four prominent regions, such as Asia Pacific, North America, Europe, and Rest of the World. The Asia Pacific region accounted for the largest share of the Oil and Gas Waste Heat Recovery Market in 2016, wherein China was the largest country-level market followed by India, Japan, and followed by the prominent Southeast Asian countries, such as Indonesia, Malaysia, and Singapore. The upsurge in natural gas infrastructure and development in manufacturing activity has resulted in a remarkable growth for Oil and Gas Waste Heat Recovery in the region. Asia Pacific oil and gas waste heat recovery market is anticipated to witness the highest CAGR during the forecast period. The high level of strengthening of power generation, extraction of oil & gas, and upsurged demand from refineries are projected to open new opportunities for the suppliers in Asia-Pacific region.

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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.).

This research report provides insights into various levels of analysis such as industry analysis, and market share analysis for the leading players along with their profiles. It also helps in studying the target segments by providing views on emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios & strategies in the Global Oil and Gas Waste Heat Recovery Market, including high-growth regions and/or countries, and political, & economic environments. The project report, further, provides views on both the historical market values and pricing & cost analysis.

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