Oil and Gas Waste Heat Recovery System Market 2020 Report offers a professional and in-depth study on the current state of the Global Oil and Gas Waste Heat Recovery System Market along with competitive landscape, Oil and Gas Waste Heat Recovery System Market share and revenue forecasts 2023.
Oil and 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. Facilities are opting for
waste heat recovery system to reduce the consumption of coal and other fuels.
Power conservation has become a key area of focus, which in parts is
influencing the adoption of waste heat recovery system.
Oil and gas companies are focusing on technologies
they allow them to maximise out, where waste heat recovery systems have emerged
as a crucial contender. Technology is expected to play a major part in the
future transformations taking place in the oil and gas sector. New developments
in end-use market is also substantiating the fast integration of new-age
technologies in the oil and gas sector. This is like to serve as a stimulant
for the oil and gas waste heat recovery market in the foreseeable future.
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Segmental Analysis
The segmental analysis on the market has been
conducted on the basis of application, end-user, sector, equipment and region.
By application, the market has been segmented into
electricity power generation, thermal and others. The thermal segment currently
holds a noteworthy share of the market in terms of value. The segment is
projected to witness the fastest growth during the assessment period. Thermal
waste heat recovery is extremely important in oil and gas facilities owing to
its application in steam generation process and pre-heating.
By end-user, the market has been segmented into
residential, commercial and others. The residential segment currently accounts
for the largest market share and is expected to remain highly profitable over
the next several years. Rising of consumption of energy is driving the growth
of the segment.
By sector, the Oil and Gas Waste Heat Recovery Market has been segmented into
downstream, midstream and upstream. The downstream segment accounts for a
relatively higher share of the market and this is likely to continue throughout
the assessment period. Over the years, the downstream oil & gas sector has
expanded substantially and is comprised of petrochemical and refineries complex
which generate a massive volume of waste heat during operations.
By equipment, the market has been segmented into
boilers, heat exchangers, turbines, heat recovery steam generators and others.
The heat exchangers segment is expected to witness a sound growth in the
projected future. This is mainly owing to growing to usage of heat exchange in
end-use verticals.
Regional Analysis
Asia Pacific (APAC) is the largest market for oil
and gas waste heat recovery. The region is expected to retain its dominant
position over 2023. The rapid industrialization in the region has boded well
for market players. At the same time, increased government initiatives to
promote sustainable energy is providing an impetus to the APAC oil and gas
waste heat recovery market. Apart from APAC, North America and Europe are also
expected to present significant growth opportunities to market players. These
regions are will remain important investment destination during the assessment
period.
Global Oil and Gas Waste Heat Recovery
Market: Competition Analysis
ABB Ltd. (Switzerland), General Electric Company
(U.S), Bono Energia (Italy), Harbin Electric Company Limited (China), Amec
Foster Wheeler (U.K), Mitsubishi Heavy Industries Ltd. (Japan), Econotherm Ltd
(U.K), Cool Energy, Inc. (U.S), Echogen Power Systems Inc.(U.S), Ormat
Technologies (U.S), Thermax Limited (U.K), HRS (U.K), Siemens AG (Germany),
Dongfang Electric Corporation (China) and China Energy Recovery (China) are
among the top-notch companies that are profiled in MRFR’s report.
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