Oil and Gas Waste Heat Recovery Market Research Report – 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)

Global Oil and Gas Waste Heat Recovery Market By Sector (Upstream, Midstream, Downstream), Application (Thermal, Electricity Power Generation), Equipment (Heat Exchangers, Boilers, Heat Recovery Steam Generators, Turbines), End-User, and Region
Market Scenario

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. The exhaust gas emitted from various processes of the oil & gas plant, exhibits a large amount of the energy, this energy produced is called as waste heat.

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The industrial process often produces enough waste energy to generate electricity. Waste Heat Recovery Units (WHRUs) or heat to power units can recover the waste heat and convert it into electricity by using Organic Rankine Cycle (ORC). Any major exhaust gas stream with temperatures above 3000F has a vital potential for significant waste heat recovery feasibility. Waste heat temperatures can vary significantly, in relevance to permitting heat transfer and recovery; it is essential that the waste heat source temperature is higher as compared to the heat sink temperature.

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. Among these, the downstream segment is projected to dominate the oil and gas waste heat recovery market until 2023. 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 segment dominated the market in 2016 and is projected to be the fastest growing application segment for oil and gas waste heat recovery market. 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.

Oil and gas waste heat recovery industry is expected to have a huge number of advancements throughout the forecast period, owing to the continuous developments in end-use industry coupled with growing disposable income. The market is also expected to have high expansion activities by multinationals and well-established companies.

Global oil and gas waste heat recovery market is estimated to witness ~7.5% CAGR during the forecast period.

Market Segmentation

Oil and Gas Waste Heat Recovery Market Research Report – Forecast to 2023 -Report image 00

Global Oil and Gas Waste Heat Recovery Market

The global oil and gas waste heat recovery market are expected to witness a phenomenal growth during the forecast period. Asia Pacific dominated the global oil and gas waste heat recovery market in 2016. 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 expected to witness significant growth throughout the forecast period. The growth is primarily attributed to growing industrialization coupled with government initiatives regarding energy efficient solutions.

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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).

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