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. A detailed analysis report of COVID-19
impact on Waste
Heat Recovery in Oil and Gas Market is provided with the report.
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.
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.
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.).
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