Global Oil and Gas Waste Heat Recovery Market Overview
Waste heat recovery systems
refer to a set of systems that are considered as one of the most cost-effective
ways of increasing the overall efficiency of the oil and gas exploration and
production plant while diminishing the fuel demand. Large quantities of fuel
such as coal, and oil and gas, that are used for power production, through the
use of conventional power plants are wasted due to the confines of the power
conversion processes. The exhaust gas, which is emitted from different
processes of the oil and gas plant, has exhibited a large amount of energy
which is known as waste heat. Industrial processes often produce enough heat
and waste energy for the generation of electricity. This oil and gas waste
management is done using a technology known as waste heat recovery.
Hence, waste heat recovery
units in oil and gas (WHRUs), also known as heat to power recovery units are
used for the conversion of such waste heat into electricity through the
utilization of organic ranking cycle. Another exhaust gas stream with the
temperatures above 3000 F has also shown potential for significant oil and gas
waste heat recovery management services’ feasibility. Waste heat temperatures
can vary to a large scale, in terms of permitting heat transfer and recovery.
Hence, it is essential that these waste heat sources have temperatures that are
higher than the heat sink temperatures.
Oil and Gas Waste Heat Recovery Market Segmentation
The global Oil
& Gas Waste And Heat Recovery Market is studied for various
segments that are based on sector, application, equipment, end-user, and
region. Based on sector, the global waste heat recovery market is segmented
into downstream, upstream, and midstream. Among these, the downstream segment
is likely to dominate the market till the end of the forecast period. The downstream
sector comprises refineries and petrochemical complex, that generate a huge
amount of waste energy during their operations, hence, giving an extra
advantage of utilizing waste energy.
Based on application, the
waste heat recovery in oil and gas market is segmented into thermal,
electricity power generation, and others. The thermal segment dominated the
global oil and gas waste recovery market at the beginning of the forecast
period. this segment is also likely to register the highest growth within the
global oil and gas waste heat recovery market.
Based on equipment, the global
oil and gas waste heat recovery market is segmented into heat exchangers,
turbines, boilers, heat recovery steam generators, and others. Based on
end-users, the global waste heat recovery for oil and gas market is segmented
into residential and commercial.
Regional Analysis
The waste heat recovery for
oil and gas market is studied for the regions of North America, Europe, Asia
Pacific, and rest of the world. The waste heat recovery market is anticipated
to witness fast-paced growth during the forecast period. Asia Pacific held the
largest share of the global waste heat recovery market at the beginning of the
forecast period. Within Asia Pacific, rapid industrialization and upscaling
emphasis on the development of sustainable energy within China, India, Japan,
and other Southeast Asian countries is contributing to the high adoption of the
global oil and gas waste heat recovery market over the forecast period.
On the other hand, North
America and Europe are anticipated to witness fast adoption of waste heat
recovery systems over the forecast period owing to the upscaling
industrialization and major government initiatives regarding the energy-efficient
solutions.
Key Players
Some prominent players in the
global oil and gas waste recovery market, as profiled in the report, include 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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