Oil and Gas Waste Heat Recovery Market Top prominent companies business landscapes are dynamic, and success depends on a company's ability to adapt to changing circumstances with respect to regions and countries. Companies that successfully integrate emerging technologies like AI, blockchain, and the IoT into their operations often gain a competitive edge.
*Disclaimer: List of key companies in no particular order
Top listed companies in the Micro Turbine industry are:
Capstone Turbine Corporation (US)
FlexEnergy, Inc. (US)
Ansaldo Energia S.p.A. (Italy)
Brayton Energy, LLC (US)
Eneftech Innovation SA (Switzerland)
Microturbine technology BV (the Netherlands)
Wilson Solarpower Corporation (US)
ICR Turbine Engine Corporation (US)
Calnetix Technologies LLC. (US)
Toyota Motor Corporation (Japan)
Bladon Jets (Isle of Man)
Competitive Landscape of Oil and Gas Waste Heat Recovery Market: Capturing the Energy Torrent
The oil and gas industry generates a substantial amount of waste heat during exploration, production, and processing. Recovering and utilizing this thermal energy presents a significant opportunity for cost savings, operational efficiency, and environmental sustainability. This has fueled the growth of the oil and gas waste heat recovery (WHR) market, attracting a diverse range of players with distinct strategies and vying for market share.
Key Player Strategies:
Technology Leaders: Global giants like Siemens, Alfa Laval, and GE Power capitalize on their established technology portfolios and extensive service networks. They focus on developing advanced heat exchangers, organic Rankine cycles (ORCs), and combined heat and power (CHP) systems, targeting large-scale oil and gas projects.
Regional Specialists: Regional players like Hangzhou Zhongjin Thermal Technology and Shanghai Electric Group Corporation cater to specific geographical markets with cost-effective and customized WHR solutions. They partner with local oil and gas companies and leverage their understanding of regional regulations and technical requirements.
Emerging Innovators: Startups like Echogen Power and Exergy are bringing disruptive technologies to the market. Echogen develops compact, modular ORC systems, making WHR feasible even for smaller applications. Exergy focuses on innovative waste heat-to-power conversion technologies, addressing challenges like low-grade heat utilization.
Market Share Analysis:
To assess the competitive landscape accurately, several factors come into play:
Technology Portfolio: Players offering a broader range of WHR technologies for various applications and heat sources hold an edge.
Project Execution Expertise: Experience in designing, installing, and commissioning WHR systems for complex oil and gas environments is crucial.
Regional Presence: Strong geographic reach and established relationships with local players in key oil and gas hubs provide a significant advantage.
Cost-Competitiveness: Offering cost-effective and scalable WHR solutions is essential for attracting budget-conscious oil and gas companies.
Sustainability Focus: Integrating WHR solutions with carbon capture and storage (CCS) technologies is becoming increasingly attractive, and players demonstrating proactive sustainability initiatives gain favor.
New and Emerging Trends:
The oil and gas WHR market is witnessing exciting developments:
Integration with Digital Technologies: Digitalization and data analytics are being leveraged to optimize WHR system performance, predict maintenance needs, and improve overall efficiency.
Focus on Low-Grade Heat Utilization: Technological advancements are enabling the recovery and utilization of low-grade waste heat, previously considered uneconomical.
Modular & Packaged Solutions: The demand for pre-engineered and modular WHR units is growing, reducing project lead times and simplifying deployment.
Circular Economy Approach: Integrating WHR with other industrial processes in a closed-loop system is gaining traction, maximizing resource utilization and minimizing waste.
Overall Competitive Scenario:
The oil and gas WHR market is characterized by intense competition, with both established players and innovative startups vying for market share. While technology leadership and project execution expertise remain crucial, cost-effectiveness, sustainability focus, and adaptability to emerging trends will be key differentiators in the years to come. Collaboration between technology providers, oil and gas companies, and government agencies will be essential to unlock the full potential of WHR and drive sustainable development in the industry.
This comprehensive overview provides a glimpse into the dynamic competitive landscape of the oil and gas WHR market. By understanding the key player strategies, market share analysis factors, and emerging trends, stakeholders can make informed decisions and capitalize on the abundant opportunities this rapidly growing market presents.
Latest Company Updates:
Capstone Turbine Corporation (US):
FlexEnergy, Inc. (US):
Ansaldo Energia S.p.A. (Italy):
Eneftech Innovation SA (Switzerland):
Oil and Gas Waste Heat Recovery Market Size was valued at USD 10.9 Billion in 2022. The Oil and Gas Waste Heat Recovery Market industry is projected to grow from USD 11.7 Billion in 2023 to USD 20.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2032). Government initiatives for energy-efficient solutions and increased industrialization are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for oil and gas waste heat recovery is being driven by the rising focus on reducing carbon footprint. The growing importance of energy conservation paired with severe environmental laws around the world will enhance market size. Only a few of the energy-intensive industries with significant waste heat recovery potential are petroleum refining, cement, glass, heavy metal processing, and chemical production. WHR systems are likely to become more important in the coming years due to their capacity to reduce running costs while also producing onsite energy and heat. Government regulations aiming at reducing carbon emissions while boosting energy efficiency will drive growth in the WHRS sector. Continuous technological developments have significantly enhanced productivity while decreasing device costs, imitating business growth. Furthermore, growing market awareness of environmental conservation and efficient waste heat utilisation will boost the industry's potential.
Waste heat recovery systems are used for plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat. Waste heat is frequently inefficient in terms of temperature. Making the most of the available heat might be tough. In these cases, ORC technology may give an additional benefit by improving overall plant performance. This normally useless energy is converted into electricity by the ORC gadget. Heating process fluid is required in the upstream oil and gas industry for floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing plants. This is performed by absorbing waste heat from exhaust gases and using it to power the gas turbine generator (GTG) or process gas compressor (PGC). Decentralised power supply is another trend in the world's expanding energy consumption. Even if many locations lack access to centralised resources, local infrastructure need electricity. To generate independent electricity, any viable fuel, such as biomass, domestic garbage, or waste heat from an industrial activity, is employed.
In addition, commercial and other businesses generate a significant amount of waste heat in the energy system. Many businesses are utilising heat recovery systems to recover this energy and reduce energy loss, and so the rising industrialisation is a major factor fueling the waste heat recovery system market demand. Thus, driving the oil and gas waste heat recovery market revenue.
The Oil and Gas Waste Heat Recovery Market segmentation, based on sector includes upstream, midstream and downstream. The downstream segment is expected to have a significant impact on the oil and gas exhaust heat retrieval market through 2032. The downstream region includes refineries and elements, which generate a substantial amount of exhaust power during their tasks, offering an additional benefit of employing exhaust power.
Figure1: Oil and Gas Waste Heat Recovery Market, by Sector, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Oil and Gas Waste Heat Recovery Market segmentation, based on application, includes thermal, electricity power generation. The thermal segment is expected to be the fastest-growing implementation segment for the oil and gas exhaust heat recovery market in 2022. The recovery of exhaust thermal waste is exceedingly meticulous and is used automatically for heating and condensation. During the forecast period, extensive heat exchange installations among key end users are expected to leverage the appliance segment in the exhaust gas recovery market.
The Oil and Gas Waste Heat Recovery Market segmentation, based on equipment, includes heat exchangers, boilers, heat recovery, steam generators, turbines. In 2022, steam generation was the market's dominating application segment, owing to the increased demand across various developed and under development countries. The generation of steam from WHS is critical to many end-use industries and will be a major source of WHRS power generation in the future.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Oil and Gas Waste Heat Recovery Market area will dominate this market, as fuel prices rise, government programmes and efforts to promote industrial energy efficiency all contribute to market growth in this area. Companies seek alternative energy sources in order to reduce their carbon footprint and accomplish sustainability goals. Furthermore, governments in North America are promoting the use of waste heat recovery through tax breaks, subsidies, and restrictions.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Oil And Gas Waste Heat Recovery Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Oil and Gas Waste Heat Recovery Market accounts for the second-largest market share due to the growing awareness of WHR systems, combined with European Union measures to generate energy from waste, has been a crucial driving factor for regional expansion. Further, the German Oil and Gas Waste Heat Recovery Market held the largest market share, and the UK Oil and Gas Waste Heat Recovery Market was the fastest growing market in the European region
The Asia-Pacific Oil and Gas Waste Heat Recovery Market are expected to grow at the fastest CAGR from 2023 to 2032. This is due to rising awareness of the benefits of waste heat recovery, such as cost savings and sustainability, as well as the increase of energy-intensive industries such as steel manufacture, are driving regional market growth. Moreover, China’s Oil and Gas Waste Heat Recovery Market held the largest market share, and the Indian Oil and Gas Waste Heat Recovery Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Oil and Gas Waste Heat Recovery Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Oil and Gas Waste Heat Recovery industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Oil and Gas Waste Heat Recovery industry to benefit clients and increase the market sector. In recent years, the Oil and Gas Waste Heat Recovery industry has offered some of the most significant advantages to medicine. Major players in the Oil and Gas Waste Heat Recovery Market, including Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S), Econotherm Ltd (U.K) and others, are attempting to increase market demand by investing in research and development operations.
ABB Ltd. is a Swedish-Swiss enterprise headquartered in Zürich, Switzerland. ASEA Brown Boveri was created in 1988 when Sweden's Allmänna Svenska Elektriska Aktiebolaget (ASEA) and Switzerland's Brown, Boveri & Cie amalgamated to form ASEA Brown Boveri, afterwards abbreviated to ABB. Both firms were founded in the late 1800s and were major makers of electrical equipment, a business in which ABB is still involved today. Since then, the company has grown into robotics and automation technology. In March 2020, ABB announced the sale of its solar inverter business to Fimer, an Italian solar inverter maker. The purchase comprises all of ABB's production and research and development facilities in Finland, Italy, and India, as well as 800 people spread across 26 countries.
Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Its headquarters are in Munich, and it has a number of foreign branch offices. The company's primary divisions are Digital Industries, Smart Infrastructure, Mobility, Healthcare (named Siemens Healthineers), and Financial Services. The firm is a notable manufacturer of medical diagnostics equipment; its medical health-care segment, which accounts for around 12% of total revenues, is the corporation's second-most lucrative unit after the industrial automation division. In October 2022, Siemens has established a strategic cooperation with Volta Trucks, a Swedish electric commercial vehicle manufacturer, to deploy and scale eMobility charging infrastructure in order to ease the transition to fleet electrification.
In September 2022,Transitional Energy and ElectraTherm signed a Letter of Intent to collaborate on transforming heat waste in the oil and gas industry into electricity. Transitional Energy built a unique system that uses ElectraTherm's ORC technology to generate power from thermal energy generated in the oil and gas industry.
In September 2022,HeatPower 300 Maritime is a new waste heat recovery technology by Climeon. It was created by maritime engineers to improve energy efficiency in the shipping industry by turning waste heat into clean energy, cutting CO2 emissions, lowering fuel usage, and assisting with compliance with stricter environmental standards.
In February 2021,Echogen Power System, a leader in the development of supercritical carbon dioxide-based power and energy storage systems, has achieved a significant milestone. Simens Energy, which licenced Ecogen's patented technology, announced the signing of an agreement to build the world's first SCO2 power plant, which will transform waste heat from a gas turbine into emission-free electricity.
Oil Gas Waste Heat Recovery Market Highlights:
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