The Global Oil and Gas Waste Heat Recovery Market was valued at US$ 9.63 billion in 2022 and is predicted to reach a valuation of US$ 14.75 billion in 2028, and is predicted to register a CAGR of 7.58% from 2023 - 2028.
Market Overview:
Market Trends:
The industrial process often produces enough residual power to create energy. Waste heat or energy recovery components can recover the temperature of the waste and transform it into energy by biological Rankine rotation. Any crucial waste gas stream with a rearrangement above 3000F has the essential outlook for remarkable exhaust heat recovery feasibility.
The temperature of the exhaust heat can differ considerably, with respect to the ability to allow heat transformation and recovery; It is essential that the original temperature of the exhaust heat is excessive depending on the condition of the heat sink.
Market Drivers:
Customers of the exhaust heat recovery functions include plant procedure heater, ignition air heater, heater system, condensate ejectors, ORC generators, and satisfaction warmth settings. Exhaust heat is often low temperature. It can be difficult to use transported heat efficiently. In these containers, ORC technology can provide an additional benefit to increase overall plant planning. The ORC component uses this residual exhaust power and transforms it into power capacity. In the upstream oil and gas segment, the requirement of a heating procedure liquid is necessary for the non-installed production premises and unloaded vessels, the seaside procedure policies. This is done by hindering the escaping heat that can be obtained in the waste gas, by balancing the generator of the gas engine or the excursions of the operating gas compressor. The oil and gas exhaust heat recovery industry is estimated to have undergone a large number of developments during the foreseen period, due to continued progress in final production combined with escalating scalable revenues from worldwide and traditional industries. Dispersed energy supply is an alternative change in the world's growing need for energy.
Market Restraints:
The escalating emphasis on reducing carbon emissions and creating profitable industrial processes appears to be driving the rise of waste oil and gas to the heat recovery trade.
Market Opportunities:
The oil and gas waste heat recovery industry is predicted to experience a considerable number of advances during the foreseen period, due to continued developments in the use of the final industry, associated with the expansion of disposable income. The main drivers of this market's expansion include strict regulations and better government initiatives, rising electricity and energy costs, and growing environmental concerns, among others. The use of waste heat recovery systems could be a supreme gesture for various industrial progressions to improve their economic viability. The industrial zone continues its determination to improve energy efficiency; Waste heat recovery systems offer an excellent opportunity to confirm a low-emission environment.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
7.58% |
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Segments Covered |
By Sector, Application, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
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), and Others. |
Market Segmentation:
The downstream region includes refineries and elements, creating a large amount of exhaust power in all its functions, providing an added benefit of utilizing exhaust power.
The thermal segment influences the market in 2020 and is estimated to be the fastest-developing implementation segment for the oil and gas exhaust heat recovery market. The recovery of the exhaust thermal waste is extremely methodical and is employed automatically for the heating and condensation process. Extensive heat exchange deployments among major end users are predicted to leverage the appliance segment in the exhaust gas recovery market during the foreseen period.
Market Regional Analysis:
The Oil and Gas Waste Heat Recovery Report includes the segmentation of Regions:
The Asia Pacific region is estimated to be the dominant region in the market for thermal energy recovery from waste oil and gas. In Asia-Pacific, rapid industrialization combined with the growing importance of energy in India, China, Japan, and Southeast Asian countries is likely to take advantage of the development of the energy recovery market. North America and Europe are predicted to see remarkable development during the foreseen period. The development is essentially dedicated to escalating industrialization combined with government initiatives related to methodical energy solutions. The sources of exhaust energy include hot scorching gases from thermal transformation and rupture. Exhaust gas recovery energy is a water heater where heat is recovered from hot streams with high energy content.
The most widely employed exhaust waste recovery devices are boilers and mechanized heating motors. Oil and gas exhaust heat recovery companies are estimated to have undergone a considerable number of developments during the foreseen period. Due to the uninterrupted progress of final production combined with an increase in expandable revenues. The market is also believed to have excessive expansion plans for worldwide and well-accepted industries. Asia-Pacific dominated the worldwide oil and gas waste heat recovery market in 2021. In Asia-Pacific, rapid industrialization coupled with an escalating emphasis on sustainable energy in China, India, Japan, and Southeast Asian countries Asia, is likely to drive the expansion of the waste heat recovery systems market across the country. foreseen period. North America and Europe are predicted to see significant expansion during the foreseen period. The expansion is mainly attributed to escalating industrialization associated with government initiatives related to energy efficiency solutions.
The oil and gas industry is experiencing its third price crash in 12 years. After the first two crashes, the industry recovered and the status quo continued. This time it is different. The current context combines a supply shock with an unprecedented drop in call and a worldwide humanitarian crisis. Furthermore, the financial and structural health of the sector is worse than in previous crises. Today, with prices reaching their lowest level in 30 years and mounting social pressure, leaders feel that change is inevitable. The COVID-19 crisis is accelerating what was already shaping up to be one of the industry's most transformative moments. While the depth and duration of this crisis are uncertain, our research suggests that without fundamental change it will be difficult to return to the attractive industry performance that has always prevailed.
Market Key Players:
The key players in the global Oil and Gas Waste Heat Recovery Market are
Market Recent Developments:
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