New York, US, March 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Oil and gas waste heat recovery Market Research Report, by Sector, Region, End-Use, Equipment, and Application- Forecast Till 2030”, the global market for Oil and gas waste heat recovery is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 7.5%. The reports further anticipate the market to acquire a valuation of around USD 20 Billion by the end of 2030.
Oil and gas waste heat recovery Market Overview:
Waste heat recovery is associated with an energy exchange recovery process wherein the heat energy from the exhaust is regained and used in other industrial processes. The procedures involve regenerators, heat pipe exchangers, power generation, and other applications in several industry sectors. The global oil & gas waste heat recovery market has expanded rapidly in recent times. The main parameter supporting the development of the market is the ability to lower the overall operation cost across various industry sectors.
The rapidly growing population across the globe is causing a severe increase in electricity consumption, boosting market performance. Installing waste heat recovery systems in present power plants is more cost-effective than building new power plants, which is also believed to be one of the crucial parameters enhancing the performance of the market across the globe. The waste heat recovery system is projected to be the main technique to boost-up power production.
Competitive Analysis
The listing of the prominent leaders across the global market for Oil and gas waste heat recovery includes players such as:
- Dongfang Electric Corporation (China)
- ABB Ltd. (Switzerland)
- Amec Foster Wheeler (U.K)
- Ormat Technologies (U.S)
- Siemens AG (Germany)
- General Electric Company (U.S)
- Mitsubishi Heavy Industries Ltd. (Japan)
- China Energy Recovery (China)
- Echogen Power Systems Inc.(U.S)
- Bono Energia (Italy)
- Econotherm Ltd (U.K)
- HRS (U.K)
- Thermax Limited (U.K)
- Harbin Electric Company Limited (China)
- Cool Energy, Inc. (U.S)
- Among others.
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Furthermore, the rise in technological advancements has encouraged competition worldwide. In addition, lower greenhouse gas emissions and the product's ability to provide high energy efficiency and flexibility are also anticipated to boost the market performance over the coming years.
Oil and Gas Waste Heat Recovery Market USP Covered
Market Drivers
The global oil & gas waste heat recovery market has expanded rapidly in recent times. The main parameter supporting the development of the market is the ability to lower the overall operation cost across various industry sectors. The rapidly growing population across the globe is causing a severe increase in electricity consumption, boosting market performance. Installing waste heat recovery systems in present power plants is more cost-effective than building new power plants, which is also believed to be one of the crucial parameters enhancing the performance of the market across the globe. The waste heat recovery system is projected to be the main technique to boost-up power production. Furthermore, the rise in technological advancements has encouraged competition worldwide. In addition, lower greenhouse gas emissions and the product's ability to provide high energy efficiency and flexibility are also anticipated to boost the market performance over the coming years.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant value |
| CAGR during 2022-2030 | 7.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Sector, Application, Equipment, End-User |
| Key Market Opportunities | Gradual Recovery of Oil and Gas |
| Key Market Drivers | Growing industrialization Government initiatives regarding energy efficient solutions |
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Market Restraints
The main aspect challenging the market's development is the high installation cost may hamper the market's performance.
Oil and Gas Waste Heat Recovery Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Oil and gas waste heat recovery market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Oil and Gas Waste Heat Recovery Market Segment Analysis
Among all the sectors, the downstream segment is predicted to ensure the lead in the global oil and gas waste heat recovery market over the forecasted timeframe till 2023. The downstream sector comprises petrochemical complexes and refineries generating a huge amount of waste energy during their operations, offering an extra advantage of utilizing waste energy.
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Among all the application areas, the electric power generation segment is predicted to secure the top position across the global market over the coming years.
Among all the equipment, the heat exchangers segment is anticipated to lead the global oil and gas waste heat recovery market over the forecasted timeframe, given the massive energy demand.
Oil and Gas Waste Heat Recovery Market Regional Analysis
The MRFR analysis reports suggest that the Asia-Pacific region is predicted to secure the top spot across the global oil and gas waste heat recovery market over the coming years. The regional market's expansion is ascribed to the factors such as increasing emphasis on sustainable energy and rapid industrialization.
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The North American and European regional markets for Oil and gas waste heat recovery are predicted to showcase significant growth over the coming years, given the government initiatives regarding energy-efficient solutions and growing industrialization.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
