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.
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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.
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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Leading
Players
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.).
Scope
of the Report
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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