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.
Waste heat recovery systems are amongst the utmost cost-effective way to increase the overall efficiency of the oil & gas exploration and production plant, while diminishing the fuel demand. Large quantities of fuel such as coal, oil and gas, which are used to produce power through conventional power plants are wasted due to the confines of the power conversion processes.
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Industry Segmentation
Global oil and 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. The downstream sector consists of refineries and petrochemical complex, which generate a huge amount of waste energy during its operations, thus, giving an extra advantage of utilizing waste energy.
Based on application, the market is segmented into thermal, electricity power generation, and others. 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-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. Residential segment held the largest share in 2016, owing to the huge demand for energy.
Regional Analysis
In Asia Pacific, rapid industrialization coupled with increasing emphasis on sustainable energy in 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 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.
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).
List Of Tables
Table 1 Global Oil and Gas Waste Heat Recovery Market: By Region, 2017-2023
Table 2 North America Oil and Gas Waste Heat Recovery Market: By Country, 2017-2023
Table 3 Europe Oil and Gas Waste Heat Recovery Market: By Country, 2017-2023
Table 4 Asia Pacific Oil and Gas Waste Heat Recovery Market: By Country, 2017-2023
Table 5 RoW Oil and Gas Waste Heat Recovery Market: By Country, 2017-2023
Table 6 Global Oil and Gas Waste Heat Recovery Market, By Sector, By Regions, 2017-2023
Table 7 North America Oil and Gas Waste Heat Recovery Market, By Sector, By Country, 2017-2023
Table 8 Europe Oil and Gas Waste Heat Recovery Market, By Resin Type, By Country, 2017-2023
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