Global oil and gas waste heat recovery market has been segmented based on sector, application, equipment, end-user, and region.
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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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.
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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