Oil & Gas Waste Heat Recovery Market

Oil & Gas Waste Heat Recovery Market Overview:

Waste heat recovery is a process in which the surplus heat produced from the gas turbine on offshore platform is used to improve the overall use of energy.  It improves the overall efficiency by recovering heat from combustion gases in a steam boiler. The waste heat recovery units are used to recover waste heat from the gas turbines or reciprocating engines. These units are being installed on onshore gas processing plants, offshore platforms, floating LNG and floating production storage & offloading vessels (FPSO).  

Oil & Gas Waste Heat Recovery Market Segmentation:

By sector, the global oil & gas waste heat recovery market has been segmented into upstream, midstream and downstream. The downstream segment accounted for the largest market share in 2022 and is expected to register significant growth during the review period. The segment growth can be attributed to generation of a large quantity of exhaust power through refineries. The downstream oil & gas operations include processes which are used to convert oil and gas into the finished product such as refining of crude oil into natural gas liquids, gasoline, diesel, and various other energy sources. The upstream segment is expected to register considerable CAGR during the review period. The upstream oil & gas operation involves extraction of oil & gas from ground.

Based on equipment, the global oil & gas waste heat recovery market has been segmented into heat exchangers, boilers, heat recovery steam generators, turbines and tanks. The heat exchangers segment accounted for the largest market share in 2022 and is expected to grow at a significant CAGR during the review period. Heat exchanger is known as a device which is designed to transfer heat between different media which include process fluid and heat-absorbing coolant that comprises of chilled liquid or gas. The boiler segment is projected to register healthy growth during the review period. Boiler is defined as a piece of equipment which acts as a closed vessel to convert the water inside into steam.

By application, the global oil & gas waste heat recovery market has been segmented into thermal and electricity power generation. The thermal segment accounted for the largest market share in 2022 and is expected to grow at a significant CAGR during the review period. The segment growth can be attributed to widespread use of thermal exhaust waste recovery for heat up and creation of condensation procedures.

Oil & Gas Waste Heat Recovery Market Dynamics and Factors:

The growth of the global oil & gas waste heat recovery market is primarily driven by rapidly increasing growth of the oil & gas industry. Expanding demand for energy sources from various end-use industries including automotive & transportation, aviation and power generation among others is likely to propel the global oil & gas waste heat recovery market growth at a significant rate during the review period.

Increasing number of waste heat recovery units in the developing markets with rapid expansion of oil & gas production activities is likely to create lucrative opportunities for the players operating in the global oil & gas waste heat recovery market during the forecast period.

Oil & Gas Waste Heat Recovery Market Geographical Analysis:

By geography, the global the global oil & gas waste heat recovery market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in North America accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. US held the dominating share in the region in 2022. The market growth can be attributed to established presence of oil & gas industry with presence of major market players such as Phillips 66, Exxon Mobil, and Chevron among others. Increasing demand for oil & gas from the countries across the globe is another important factor contributing to the growth of oil & gas industry in the region and thus, global oil & gas waste heat recovery market.

The market in Asia-Pacific region is expected to grow at a fastest CAGR during the review period. The regional market growth can be attributed to expanding growth of the oil & gas industry particularly in the developing countries such as China, India, Malaysia and Indonesia with increasing spending on oil & gas exploration activities. Rising demand for oil & gas from various end-use industries such as automotive and power generation among others is likely to boost the product demand substantially.

The European market is expected to grow at a considerable CAGR on account of presence of various oil & gas companies in the region such as PJSC Rosneft Oil Company and Lukoil among others. Germany was the largest revenue generating country in the region. Increasing regulations pertaining energy efficiency is expected to contribute to the market growth at a considerable rate during the review period.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the oil & gas industry with rising demand from the major end-use industries. In addition to this, presence of various oil & companies in Middle East & Africa region such as Saudi Aramco and Qatar Petroleum also contributed significantly to the global oil & gas waste heat recovery market growth during the review period.

Oil & Gas Waste Heat Recovery Market Report Scope

Key Market Segmentation

Oil & Gas Waste Heat Recovery Market - By Sector

o   Upstream

o   Midstream

o   Downstream

Oil & Gas Waste Heat Recovery Market - By Equipment

o   Heat Exchangers

o   Boilers

o   Heat Recovery Steam Generators

o   Turbines

o   Tanks

Oil & Gas Waste Heat Recovery Market - By Application

o   Thermal

o   Electricity Power Generation

Oil & Gas Waste Heat Recovery Market - By Region

North America

US

o   Canada

o   Mexico

Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

Rest of Europe

Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

Rest of Asia-Pacific

Middle East and Africa

South America