Covid-19 Impact on Oil and Gas Waste Heat Recovery System Market: Growth Analysis and Segmentation by 2023
The global oil and gas waste heat recovery market is segmented into four prominent regions, such as Asia Pacific, North America, Europe, and Rest of the World.
(firmenpresse) - Global Oil and Gas Waste Heat Recovery Market Analysis:
The global oil and gas waste heat recovery market is estimated to witness 7.5% CAGR during the forecast period. Oil & gas waste heat recovery is the process of extracting and reusing heat from the streams of large energy produced during the refining process in the oil & gas plant. The continuous evolution in industrialization across the globe has resulted in the generation of large waste energy as a by-product. A detailed analysis report of COVID-19 impact on Oil and Gas Waste Heat Recovery System Market is provided with the report.
The economic development of any developing country across the world is immensely dependent on its industrial growth. Energy and electricity are the vital factors in determining the operational cost of an industry. Thus, all industries are highly dependent on energy and electricity at reasonable prices. However, the current trend of inflating prices of input energy, such as oil, gas, coal, and electricity, is leading to the development of sustainable solutions, such as waste heat recovery.
In upstream oil & gas segment, the need for heating process fluid is required in the Floating Production Storage & Offloading (FPSO) vessels, onshore processing units, and process platforms. This is primarily done by harnessing the waste heat available in exhaust gases, extracted from the gas turbine generator or process gas compressor drives. The decentralized power supply is also one of the prominent trends in the world’s growing demand for energy. Many regions across the world do not have access to centralized power supply. Despite this, the local infrastructure still demands electricity. Thus, an effective and efficient way to cater this energy demand can be highly derived from the waste heat energy recovery systems.
Asia Pacific Oil and Gas Waste Heat Recovery market expected to have the highest CAGR
The global oil and gas waste heat recovery market is segmented into four prominent regions, such as Asia Pacific, North America, Europe, and Rest of the World. The Asia Pacific region accounted for the largest share of the oil and gas waste heat recovery market in 2016, wherein China was the largest country-level market followed by India, Japan, and followed by the prominent Southeast Asian countries, such as Indonesia, Malaysia, and Singapore. The upsurge in natural gas infrastructure and development in manufacturing activity has resulted in a remarkable growth for oil and gas waste heat recovery in the region. Asia Pacific oil and gas waste heat recovery market is anticipated to witness the highest CAGR during the forecast period. The high level of strengthening of power generation, extraction of oil & gas, and upsurged demand from refineries are projected to open new opportunities for the suppliers in Asia-Pacific region.
Access Summary of Oil and Gas Waste Heat Recovery Market Research Report at: https://www.marketresearchfuture.com/reports/oil-gas-waste-heat-recovery-market-5903
Leading Players
The key players in the global oil and gas waste heat recovery market are 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.).
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Datum: 24.06.2020 - 14:51 Uhr
Sprache: Deutsch
News-ID 615216
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Typ of Press Release: Financial
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