London, 25 September 2015: Technavio, the independent tech-focused global research firm, has published a report on the global waste heat recovery market in oil and gas industry 2015-2019, which is estimated to grow at a CAGR of 7.6% during the period of 2014-2019.
“Governments and oil industries worldwide are shifting their focus to unconventional oil and gas resources because of declining production and exploration of conventional oil reserves” says Faisal Ghaus, Vice President of Technavio.
“Directional drilling, advanced drill bits for different formation compositions, coiled tubing drilling, and other advanced techniques of drilling are used to access unconventional oil and gas.”
Key Market Drivers
- Rise in unconventional oil and gas resources
- Increase in oil and gas drilling
- Need for enhanced energy efficiency
- Advantages of waste heat recovery
Key Market Trends
- Stringent environment norms
- Opportunities for petroleum and refining industries
- Growing environmental concerns
- Increased need for energy security
Key Market Vendors
- ABB
- Alstom
- Amec Foster Wheeler
- GE Energy Management
- Echogen Power Systems
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
