Market Scenario:
The process that includes capturing of heat exhausted by an existing industrial process is referred to as waste heat recovery. This waste heat is used for other heating applications that include generation of power and other applications in various industries. There are several ways of recuperating waste heat from industries. It has been assessed that around 20%-50% of industrial energy use is ultimately released as waste heat. The different sources of waste heat include hot combustion gases discharge into the atmosphere and transfer of heat from hot equipment exteriors. The waste heat recovery unit is usually a heat exchanger where the heat is recuperated from hot streams with high energy content. The following are the widely used waste heat recovery equipment such as HRSGs, industrial heating boilers, and turbines.
Key Players:
The major companies that provide waste heat recovery in oil and gas include:
- Alstom
- Amec Foster Wheeler
- Dongfang Electric
- Harbin Electric
- MHPS
- Bono Energia
- China Energy Recovery
- Forbes Marshall
- Ormat Technologies
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The global waste heat recovery in oil and gas market is expected to garner maximum revenue in the forecast period. Factors such as rise in unconventional oil and gas resources such as tight oil, CBM, shale oil, and shale gas that is in turn fuelled by the decline in the production and exploration of conventional oil reserves is propelling the growth of this market segment. However, stringent environment norms and technical challenges are expected to restrain the market growth to some extent.
Market Segments
The global waste heat recovery in oil and gas market can be classified based on product type, application, end-user and region.
- On the basis of product type, the global market is classified into power generation and heating applications.
- On the basis of application, the global waste heat recovery in oil and gas market is segmented into steam & electricity generation, preheating, and others.
- On the basis of end-user, the global market is divided into chemical, cement, paper & pulp, metal production, and petroleum refining.
Regional Analysis:
Based on regions, the global waste heat recovery in oil and gas market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is anticipated to command the maximum market share and would lead the global waste heat recovery in oil and gas market during the forecast period. The Asia-Pacific region is expected to witness the swiftest growth in the global waste heat recovery in oil and gas market.
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