Oil and Gas Waste Heat Recovery Market Size Forecasted USD 15 Bn By 2023 and Grow at a CAGR over 6.5%: Acumen Research and Consulting
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, 2018 – 2023
MUMBAI, India, May 29, 2018 (GLOBE NEWSWIRE) — 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”, estimates that the global market for oil and gas waste heat recovery is expected to reach around 15 billion by 2023 and to grow at a CAGR over 6.5% during the period 2017 – 2023.
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Waste heat recovery is the method of reusing and capturing heat from rivulets of high energy produced during several refining progressions in industrial arenas. Industrial development continues to grow promptly, and as large quantities of heat is being produced, its reuse and preservation has become a trouble of great anxiety for several industries. Several methods are being engaged on great scale in the industrial arena to carbon emissions, green-house gas, operational costs, and reduce energy consumption.
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High Improvement in Thermal Equipment Design
Thermal application segment is anticipated to dominate the oil and gas waste to heat recovery throughout the forecast period. The enhancement in equipment design is predicted to generate high revenue in thermal segment. Also, the electricity power generation application segment is anticipated to grow at highest CAGR throughout the forecast period. In addition, power management solutions are mounting owing to industrial inclination towards it thus is expected to boost growth of electricity power generation.
Insights on Market Segments
Global market for oil and gas waste heat recovery is segmented into equipment, end-user, application, and sector. Equipment is segmented into heat exchanger, boilers, heat recovery steam generator, turbine and others. On the basis of end-user, oil and gas waste heat recovery market is bifurcated into commercial, residential and others. Based on application, the global market is segmented into thermal, electricity power generation, others. Thermal application is sub-classified into pre-heating, steam generation and others. Sector segment is further classified into upstream, midstream and downstream. Downstream segment is further bifurcated into refinery, petrochemical complex and others. On the basis of geography, the global oil and gas waste heat recovery market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Rest of the World (RoW).
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.
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