NEW YORK, Jan. 23, 2018 (GLOBE NEWSWIRE) -- The oil and waste heat recovery market is expected to witness a CAGR of 6.82%, and is projected to reach USD 14.9 billion by 2023. Factors propelling the growth of oil and waste heat recovery market are increased government initiative and stringent regulation, increasing energy and electricity cost, growing environment concern, increase in unconventional oil and gas resources.
The report segments Oil and Gas Waste Heat Recovery market by Sector (Upstream, Midstream, Downstream (Refinery, Petrochemical Complex, Others)), by Application (Thermal (Preheating, Steam Generation, Others), Electricity Power Generation, Others), by End-User (Commercial, Residential, Others), by Equipment (Heat Exchanger, Boilers, Heat Recovery Steam Generator, Turbine, Others) by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW)). The report studies the global oil and waste heat recovery market over the forecast period (2017-2023).
Browse full research report with TOC on “Global Oil and Gas Waste Heat Recovery Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at: https://www.energiasmarketresearch.com/oil-and-gas-waste-heat-recovery-market/
Waste heat recovery is an energy exchange recovery process wherein the heat energy from the exhaust is recovered and used in other industrial processes. The processes include power generation, heat pipe exchanger, regenerators and other applications in different industries. As per estimation 20%-50% of industrial energy usage is eventually released as waste heat. The waste heat sources include hot combustion gases from exhaust and heat transfer from hot equipment exteriors. The waste heat recovery unit is a heat exchanger where the heat is recovered from hot streams with high energy content. The commonly used waste heat recovery equipment are HRSGs, industrial heating boilers, and turbines.
Key findings of the GlobalOil and Gas Waste Heat Recovery report
- Based on sector, the downstream is the largest segment of the oil and gas waste heat recovery market in 2016. The greenfield projects in the downstream sector will increase the demand of waste heat recovery process
- Based on application, the thermal segment is expected to dominate the oil and gas waste to heat recovery during the forecast period. The improvement in the equipment design will generate revenue in the thermal segment
- Based on application, the electricity power generation is expected to experience highest CAGR during the forecast period. The industrial outlook towards power management solutions will propel the growth of electricity power generation
- Based on end-user, the commercial segment is expected to be the major business generating segment during the forecast period.
- Based on equipment, the heat exchanger dominates the oil and gas waste heat recovery in 2016
- Geographically, North America currently dominates the oil and gas waste heat recovery market and is expected to continue its dominance in the near future.The shale boom and new offshore projects will increase the sale of waste heat recovery unitsin the region
- Asia-Pacific is expected to grow at a significant rate during the forecast period. China is expected to account for the highest share in the region
- In 2017, HRS was awarded a new contract by Jacobs Engineering for the supply of circular waste heat recovery unit for Shell Vito project in the Gulf of Mexico
- The key players dealing in the oil and gas waste to heat recovery market are ABB Group, Amec Foster Wheeler, Dongfang Electric Corporation, Harbin Electric, HRS, Bono Energia, China Energy Recovery, General Electric, Ormat Technologies and Siemens.
Investor Corner
The oil and gas waste heat recovery address the issue of reducing the environment pollutions as well as recovering waste heat energy from exhaust gasses. Waste heat recovery technology saves on the cost of burning fossil fuels for power generation and heating purposes. The carbon rating of an industrial complex is a huge concern. The increasing focus on cutting down the carbon emission and making the industrial process economical seems to be the growth engines of oil and gas waste to heat recovery industry. The waste heat recovery system provides energy integration solution across the oil and gas industry.Waste heat recovery system has become an important auxiliary source of energy and is gaining popularity in the oil and gas industry.The greenfield petrochemical and refinery projects will pump up the investment in the oil and gas waste heat recovery sector.The space constrains is one of the caveats of oil and gas industry, equipment selection becomes crucial in designing the FSRU and FPSO units. The waste heat recovery system helps to reduce the equipment size. This brings in the opportunity for the companies dealing in waste heat recovery system to invest in upstream oil and gas sector.
Regional Insight
The development of North American oil and gas waste heat recovery market is governed by increase in the energy demand. The region has seen an increase in the oil and gas activities pertaining to the shale gas boom and FPSO projects. The Asia-Pacific market is expected to grow at a significant rate during the forecast period. India and China are expected to dominate the region due to increasing industrial and infrastructural development initiatives.The European oil and gas waste heat recovery market is expected to grow moderately. The growing environment concern coupled with the revamping of oil and gas refineries and petrochemical complexes propels the growth of waste heat recovery in the region.
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