Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Oil and Gas Waste Heat Recovery Market (Sector: Upstream, Midstream, Downstream; Application: Thermal, Electricity Power Generation, Others; End-User: Commercial, Residential, Others; Equipment: Heat Exchanger, Boilers, Heat Recovery Steam Generator, Turbine, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 - 2023, forecasts that the global market for oil and gas waste heat is expected to grow at a CAGR over 6.5% from 2017 to 2023 and is expected to reach around 15 billion by 2023.
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Major factors driving the growth of this market include stringent regulations and improved government initiatives, growing electricity and energy cost, and rising environment concerns among others. Use of waste heat recovery systems might be a supreme move for several industrial progressions to improve their economic viability. The industrial area continues determinations to improve energy efficacy; waste heat recovery systems proposes a striking opportunity to confirm a low emission environment.
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The growth of North American oil and gas waste heat recovery market is directed by surge in the energy demand. The region has observed a rise in oil and gas activities affecting by the FPSO and shale gas boom projects. In addition, the Asia-Pacific market is anticipated to grow at a noteworthy rate throughout the forecast period. China and India are estimated to lead the market owing to growing infrastructural and industrial growth initiatives. European oil and gas waste heat recovery market is estimated to grow abstemiously. The rising environment concern combined with refurbishing of oil and gas petrochemical and refineries impels the growth of oil and gas waste heat recovery market.
The oil and gas waste heat recovery addresses the major concern of environmental pollution as it recovers waste heat energy from dissipate gasses. Waste heat recovery technology saves on cost of scorching fossil fuels for heating purposes and power generation. One of the huge concerns from industrial complex is carbon rating. The growing emphasis on cutting down carbon release and creating cost efficient industrial processes seems to be the progression engines for oil and gas waste to heat recovery trade. The waste heat recovery system offers energy amalgamation solution throughout the oil and gas industry. Waste heat recovery system has developed a significant assisting source of vitality and is gaining acceptance in oil and gas industry. The refinery and Greenfield petrochemical projects will thrust up the investment in this sector. The space curtailment is one of the cautions of oil and gas industry; equipment collection becomes vital in designing the FPSO and FSRU units. The waste heat recovery system aids to decrease the equipment size. This fetches in the opportunity for corporations dealing in this system to fund finance in upstream oil and gas sector.
The major companies profiled in the report include Siemens, General Electric, Bono Energia, Dongfang Electric Corporation, Amec Foster Wheeler, ABB Group, Harbin Electric Company Limited, HRS Process Systems Limited, China Energy Recovery, Inc. and Ormat Technologies Inc., among others.