Oil and Gas Waste Heat Recovery Market Size, Share, Growth, And Industry Analysis By Type (Heat Exchangers, Boilers, Heat Recovery Steam Generators, Turbines, Tanks) By Application (Thermal, Electricity Power Generation), Regional Insights, and Forecast To 2031

OIL AND GAS WASTE HEAT RECOVERY MARKET REPORT OVERVIEW

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The global oil and gas waste heat recovery market size was USD 897 million in 2022 and is expected to reach USD 15356.49 million in 2031, at a CAGR of 5.2% during the forecast period.

The heat energy from the exhaust is collected and utilized in other industrial operations in a process known as waste heat recovery. Regenerators, heat pipe exchangers, power generation, and other uses in many sectors are included in the processes.

Some of the key reasons propelling the growth of this market are strict regulations, increased government initiatives, growing environmental concerns, rising energy and electricity costs, and expanding unconventional oil and gas resources. The market for oil and gas waste heat recovery is expanding, but these trends are being resisted by an increase in process complexity and a rise in initial project capital costs.

COVID-19 Impact: Pandemic Led to Decline in Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with Oil and Gas Waste Heat Recovery Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

In the past 12 years, the oil and gas sector has experienced three price crashes. Following the first two crashes, the sector rebounded and business as usual continued. It's different this time. The current situation combines an unexpected reduction in demand, a supply shock, and a global humanitarian disaster. Furthermore, the sector's structural and financial health is worse than they were during the previous crisis. Leaders now believe that change is inevitable as a result of the lowest pricing in 30 years and growing social pressure. One of the most revolutionary periods in the industry is now being hastened by the Covid 19 problem. It's unclear how severe and how long this crisis will last. According to our analysis, it would be challenging to achieve the desirable industry performance that has long been the norm without making major adjustments.

Latest Trends

"Rise In Investments From Developing Nations Leading Technical Advancements"

The decrease in carbon footprint, the oil and gas industry's focus on energy recovery techniques, and the rise in investments from developing nations in the waste heat recovery process is some of the trends connected to this. Additionally, technical advancements in the design of integrated petrochemical complexes' process and equipment are anticipated to open up new potential for this industry in the future.

OIL AND GAS WASTE HEAT RECOVERY MARKET SEGMENTATION

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• By Type Analysis

According to type, the market can be segmented into Heat Exchangers, Boilers, Heat Recovery Steam Generators, Turbines, and Tanks. Heat Exchangers will be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Thermal, Electricity Power Generation. Thermal is anticipated to be the dominating segment.

Driving Factors

"ORC Technology Generating Great Revenue Leading Market Expansion"

Plant procedure heaters, ignition air heaters, heater systems, condensate ejectors, ORC generators, and satisfaction warmth settings are among the devices that use exhaust heat recovery features. Exhaust heat is frequently cold. Effective use of transferred heat might be challenging. The ORC technology can offer extra advantages in these containers to improve overall plant planning. This leftover exhaust power is converted into power capacity by the ORC Component. In the upstream oil and gas industry, heating procedure liquid is required for uninstalled production facilities, unloaded ships, and seaside procedure laws.

"Growing Demand Across Key Industries to Foster Growth "

This is accomplished by preventing the heat from the waste gas from escaping, by balancing the gas engine's generator, or by the excursions of the running gas compressors. Due to ongoing improvements in final production and rising scalable revenues from traditional and international sectors, it is expected that the oil and gas exhaust heat recovery business underwent a significant number of developments throughout the anticipated period. Dispersed energy supply is a different solution to the world's expanding energy needs.

Restraining Factors

"Production of waste oil and gas is the main increased carbon emissions"

The growth of waste oil and gas to the heat recovery trade appears to be fueled by the growing emphasis on lowering carbon emissions and developing viable industrial processes.

OIL AND GAS WASTE HEAT RECOVERY MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market Share Through 2028"

An increase in energy demand is driving the growth of the North American oil and gas waste heat recovery market. Due to the FPSO developments and the shale gas boom, oil and gas activity in the area have increased. Throughout the projection period, it is anticipated that the Asia-Pacific market would expand significantly. Due to increased industrial and infrastructure development endeavors, India and China are anticipated to dominate the region. The market for waste heat recovery from oil and gas in Europe is anticipated to expand gradually. The expansion of waste heat recovery in the area is fueled by the rising environmental awareness along with the renovation of petrochemical and oil and gas facilities.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List Of Top Oil and Gas Waste Heat Recovery Companies

• ABB (Switzerland)
• Ormat Technologies (U.S.)
• General Electric Company (U.S.)
• China Energy Recovery (China)
• Bono Energia (Italy)
• HRS (U.K.)
• Harbin Electric Company (China)
• Dongfang Electric (China)
• Amec Foster Wheeler (U.K.)
• Siemens (Germany)
• Mitsubishi Heavy Industries (Japan)
• Echogen Power Systems (U.S.)
• Econotherm (U.K.)
• Thermax Limited (U.K.)
• Cool Energy (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.