The oil and gas waste heat recovery market has been valued at US$ 12.30 billion in the year 2021 and it is estimated to reach US$ 19.37 billion by the year 2027, with a CAGR of 7.2% from 2022 to 2027. Oil and Gas Waste Heat Recovery is the use of surplus heat that has been produced, for example from a gas turbine on an offshore platform. Energy use efficiency is more than doubled when the waste heat is utilized through a process known as waste heat recovery; these are the main factors that have considerably increased the demand for Oil and Gas Waste Heat Recovery in the market, thereby driving the huge growth of the Oil and Gas Waste Heat Recovery market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for Oil and Gas Waste Heat Recovery in the market are mainly the increase in the overall efficiency of the plant. It is commonly used in combustion air preheating, load preheating, steam generation, space heating, power generation, and water preheating. Waste heat is generated from various industrial processes such as exhausts from glass melting furnaces, fume incinerators, cooling water from furnaces, and combustion engines. R&D activities and the development of new heat recovery technologies are expected to boost the market over the forecast period; these are the main factors that have considerably increased the demand for Oil and Gas Waste Heat Recovery in the market, thereby driving the huge growth of the Oil and Gas Waste Heat Recovery market in the upcoming years

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The report is segmented as:

The oil and Gas Waste Heat Recovery Market is segmented on the basis of:

By Sector (Upstream, Midstream, and Downstream),

By Application (Thermal, Electricity Power Generation)

Geographical Segmentation:

The oil and Gas Waste Heat Recovery Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and the rest of the world. North America has the dominant share in the Oil and Gas Waste Heat Recovery due to the rise in environmental concerns about increased carbon emissions and the depletion of fossil fuels are some of the key factors that are expected to propel the waste heat recovery market over the forecast period. These are the main factors that have considerably increased the demand for Oil and Gas Waste Heat Recovery in North America, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa will register a slower increase in the Oil and Gas Waste Heat Recovery Market

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Impact of COVID-19 on the Market

Covid-19 has hugely affected the Oil and Gas Waste Heat Recovery market growth. The COVID-19 pandemic continues to radically trade that amplify of variety of industries; however, the immediate effect of the outbreak is varied. While some industries will register a visit demand, several others will proceed to remain unscathed and showcase promising increased opportunities. COVID-19 will have an occasional effect on the Oil and Gas Waste Heat Recovery market.

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