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In 2022, the market for oil and gas waste heat recovery was estimated to be worth $10.9 billion. The market for oil and gas waste heat recovery is anticipated to expand from USD 11.7 billion in 2023 to USD 20.8 billion by 2030, with a compound annual growth rate (CAGR) of 8.50% for the five-year projection period (2023–2030). The main market factors accelerating market expansion are government initiatives for energy-efficient solutions and growing industrialization.
The growing emphasis on minimising carbon footprint is driving the market CAGR for oil and gas waste heat recovery. Market size will increase as a result of the rising relevance of energy efficiency and stringent environmental regulations everywhere. Petroleum refining, cement, glass, heavy metal processing, and chemical manufacture are just a few of the energy-intensive industries with large waste heat recovery potential. Because WHR systems can lower operating costs while also providing on-site energy and heat, they are anticipated to grow more significant in the years to come. The WHRS industry will increase as a result of government laws aimed at lowering carbon emissions while increasing energy efficiency. Continuous technology advancements have reduced device prices while dramatically increasing productivity, mirroring the expansion of businesses. The potential of the sector will also be boosted by the growing market consciousness of environmental preservation and effective waste heat utilisation.
For plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat, waste heat recovery systems are employed. Temperature efficiency of waste heat is typically poor. It could be challenging to utilise the heat effectively. In these situations, ORC technology might also enhance plant performance generally. The ORC device turns this otherwise wasted energy into electricity. In the upstream oil and gas sector, heating process fluid is necessary for floating production storage and offloading vessels (FPSO), offshore process platforms, and on-site processing facilities. To accomplish this, waste heat from exhaust gases is captured and used to drive the gas turbine generator (GTG) or process gas compressor (PGC). Another pattern in the growing global energy use is decentralised power supply. Despite the fact that many places lack access to centralised resources, local infrastructure nevertheless need electricity. Any feasible fuel, such as biomass, household waste, or waste heat from an industrial operation, is used to produce independent power.
In the energy system, commercial and other industries also produce a sizable amount of waste heat. The growing industrialization is a key element driving the market demand for waste heat recovery systems because many organisations use heat recovery systems to collect this energy and reduce energy loss. driving the market's income for waste heat recovery from oil and gas.
Due to increasing consumer awareness of WHR systems and European Union initiatives to produce energy from waste, which have been a key driving force for regional expansion, the Europe Oil and Gas Waste Heat Recovery Market now holds the second-largest market share. Furthermore, the UK's oil and gas waste heat recovery industry grew at the highest rate in the European region, while Germany's market held the greatest market share.
From 2023 to 2032, the quickest CAGR is anticipated in the Asia-Pacific Oil and Gas Waste Heat Recovery Market. The expansion of energy-intensive businesses like steel production and growing public knowledge of the advantages of waste heat recovery, such as cost savings and sustainability, are to blame for this. Additionally, in the Asia-Pacific region, the Indian Oil and Gas Waste Heat Recovery Market had the fastest rate of growth. China's Oil and Gas Waste Heat Recovery Market had the biggest market share.
Report Coverage
Global Oil and Gas Waste Heat Recovery research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil and Gas Waste Heat Recovery report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil and Gas Waste Heat Recovery competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil and Gas Waste Heat Recovery market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil and Gas Waste Heat Recovery market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil and Gas Waste Heat Recovery market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd. (Switzerland), Ormat Technologies (U.S), General Electric Company (U.S), China Energy Recovery (China), Bono Energia (Italy), HRS (U.K), Harbin Electric Company Limited (China), Dongfang Electric Corporation (China), Amec Foster Wheeler (U.K), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S), Econotherm Ltd (U.K), Thermax Limited (U.K), and Cool Energy, Inc. (U.S)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil and Gas Waste Heat Recovery market based on the below-mentioned segments:
Global Oil and Gas Waste Heat Recovery Market, By Sector
Upstream
Midstream
Downstream
Global Oil and Gas Waste Heat Recovery market, By Application
Thermal
Electricity
Power Generation
Global Oil and Gas Waste Heat Recovery Market, By Equipment
Heat Exchangers
Boilers
Heat Recovery
Steam Generators
Turbines
Global Oil and Gas Waste Heat Recovery market, Regional Analysis
The growing emphasis on minimising carbon footprint is driving the market CAGR for oil and gas waste heat recovery. Market size will increase as a result of the rising relevance of energy efficiency and stringent environmental regulations everywhere. Petroleum refining, cement, glass, heavy metal processing, and chemical manufacture are just a few of the energy-intensive industries with large waste heat recovery potential. Because WHR systems can lower operating costs while also providing on-site energy and heat, they are anticipated to grow more significant in the years to come. The WHRS industry will increase as a result of government laws aimed at lowering carbon emissions while increasing energy efficiency. Continuous technology advancements have reduced device prices while dramatically increasing productivity, mirroring the expansion of businesses. The potential of the sector will also be boosted by the growing market consciousness of environmental preservation and effective waste heat utilisation.
For plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat, waste heat recovery systems are employed. Temperature efficiency of waste heat is typically poor. It could be challenging to utilise the heat effectively. In these situations, ORC technology might also enhance plant performance generally. The ORC device turns this otherwise wasted energy into electricity. In the upstream oil and gas sector, heating process fluid is necessary for floating production storage and offloading vessels (FPSO), offshore process platforms, and on-site processing facilities. To accomplish this, waste heat from exhaust gases is captured and used to drive the gas turbine generator (GTG) or process gas compressor (PGC). Another pattern in the growing global energy use is decentralised power supply. Despite the fact that many places lack access to centralised resources, local infrastructure nevertheless need electricity. Any feasible fuel, such as biomass, household waste, or waste heat from an industrial operation, is used to produce independent power.
In the energy system, commercial and other industries also produce a sizable amount of waste heat. The growing industrialization is a key element driving the market demand for waste heat recovery systems because many organisations use heat recovery systems to collect this energy and reduce energy loss. driving the market's income for waste heat recovery from oil and gas.
Due to increasing consumer awareness of WHR systems and European Union initiatives to produce energy from waste, which have been a key driving force for regional expansion, the Europe Oil and Gas Waste Heat Recovery Market now holds the second-largest market share. Furthermore, the UK's oil and gas waste heat recovery industry grew at the highest rate in the European region, while Germany's market held the greatest market share.
From 2023 to 2032, the quickest CAGR is anticipated in the Asia-Pacific Oil and Gas Waste Heat Recovery Market. The expansion of energy-intensive businesses like steel production and growing public knowledge of the advantages of waste heat recovery, such as cost savings and sustainability, are to blame for this. Additionally, in the Asia-Pacific region, the Indian Oil and Gas Waste Heat Recovery Market had the fastest rate of growth. China's Oil and Gas Waste Heat Recovery Market had the biggest market share.
Report Coverage
Global Oil and Gas Waste Heat Recovery research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil and Gas Waste Heat Recovery report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil and Gas Waste Heat Recovery competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil and Gas Waste Heat Recovery market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB Ltd. (Switzerland), Ormat Technologies (U.S), General Electric Company (U.S), China Energy Recovery (China), Bono Energia (Italy), HRS (U.K), Harbin Electric Company Limited (China), Dongfang Electric Corporation (China), Amec Foster Wheeler (U.K), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S), Econotherm Ltd (U.K), Thermax Limited (U.K), and Cool Energy, Inc. (U.S) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oil and Gas Waste Heat Recovery Market from 2021 to 2030.
- Market Forecast for Oil and Gas Waste Heat Recovery Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oil and Gas Waste Heat Recovery competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oil and Gas Waste Heat Recovery
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil and Gas Waste Heat Recovery market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil and Gas Waste Heat Recovery market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd. (Switzerland), Ormat Technologies (U.S), General Electric Company (U.S), China Energy Recovery (China), Bono Energia (Italy), HRS (U.K), Harbin Electric Company Limited (China), Dongfang Electric Corporation (China), Amec Foster Wheeler (U.K), Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S), Econotherm Ltd (U.K), Thermax Limited (U.K), and Cool Energy, Inc. (U.S)
Primary Target Market
- Market Players of Oil and Gas Waste Heat Recovery
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil and Gas Waste Heat Recovery market based on the below-mentioned segments:
Global Oil and Gas Waste Heat Recovery Market, By Sector
Upstream
Midstream
Downstream
Global Oil and Gas Waste Heat Recovery market, By Application
Thermal
Electricity
Power Generation
Global Oil and Gas Waste Heat Recovery Market, By Equipment
Heat Exchangers
Boilers
Heat Recovery
Steam Generators
Turbines
Global Oil and Gas Waste Heat Recovery market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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