oil and gas waste heat recovery market is estimated to witness 7.5% CAGR during the forecast period.
Waste heat recovery relates to 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 exchangers, regenerators, and other applications in different industries. As per estimations, 20%-50% of industrial energy usage is eventually released as waste heat. The waste heat sources are hot combustion gases from exhaust and heat transfer from hot equipment exteriors. The waste heat recovery unit is a heat exchanger in which the heat is recovered from hot streams with high energy content. The commonly used waste heat recovery equipment is HRSGs, industrial heating boilers, and turbines.
Waste heat recovery has been gaining popularity globally, owing to its ability to reduce the overall operation cost across several industries. The growing population has led to a rise in electricity consumption, which boosts the electricity production market. The installation of waste heat recovery systems in existing power plants is cost-effective compared to building new power plants, which increases the efficiency of the plant. The waste heat recovery system is expected to be the primary method to increase power production. The rise in technological advancements has increased the competition in the market. Moreover, reduced greenhouse gas emissions, flexibility, and the product’s ability to provide high energy efficiency are critical features predicted to boost the market in the coming years.
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. 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 Ranking 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
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.
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).
One of the recent trends in the market is technological advancements in heat exchangers and heat pumps in terms of efficiency and design. Advancements in heat pumps have resulted in the development of turbo-blower compressors with lower capital costs. Moreover, the marine industry is also planning to adopt waste heat recovery systems to develop sustainable solutions to improve fuel mileage and reduce the energy consumed. The cement industry is a significant end-user of waste heat recovery systems.
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.
|Market Size||2030: Significant Value|
|CAGR||7.5% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Sector, Application, Equipment, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Gradual Recovery Of Oil and Gas|
|Key Market Drivers||
Sector, application, equipment, end-user are the segments of the market.
The market gained ~7.5% CAGR.
Dongfang Electric Corporation (China), Siemens AG (Germany), Ormat Technologies (U.S), General Electric Company (U.S), HRS (U.K), Bono Energia (Italy), ABB Ltd. (Switzerland), Harbin Electric Company Limited (China), China Energy Recovery (China), Amec Foster Wheeler (U.K) are the key players of the market.
North America and Europe are towitness significant growth throughout the forecast period.
Oil and gas waste heat recovery industry will have a huge number of advancements due to the nonstop developments in end-use industry coupled with growing disposable income.