After trying out loads of configuration parameters, I found that there is only one need to be changed to enable more Heap space and i.e. spark.driver.memory
.
sudo vim $SPARK_HOME/conf/spark-defaults.conf
#uncomment the spark.driver.memory and change it according to your use. I changed it to below
spark.driver.memory 15g
# press : and then wq! to exit vim editor
Close your existing spark application and re run it. You will not encounter this error again. 🙂