Waste Heat Recovery Market – Market Overview
Energy efficiency in Industry has improved significantly in the last decade, and one of the greatest opportunities for reducing energy use is Waste Heat Recovery. Waste heat recovery systems are widely used throughout many industries. Waste heat is heat generated by fuel combustion or chemical reaction and then thrown to the environment even if it could be reused. It is estimated that 20-50% of the energy used is lost in industrial processes (e.g. boilers or furnaces) in the form of hot exhaust gases, heat losses from radiation and within the cooling water.
Waste heat recovery is the process of capturing heat discarded by an existing industrial process and using that heat to generate power. Waste heat recovery (WHR) is essential for increasing energy efficiency in the chemical process industries (CPI).
A key component in waste heat recovery is the heat exchanger. The profitability of an investment in waste heat recovery depends heavily on the efficiency of heat exchangers and their associated life cycle costs (purchase, maintenance and others). R&D opportunities include optimizing existing recovery technologies as well as developing new heat recovery technologies. Existing technologies can be further improved to maximize recovery, expand application constraints, and improve economic feasibility.
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Evidently technological advancements transpired in to the Waste Heat Recovery market coupled with the key players operating in the market who are constantly investing significant amounts in to R&D activities are providing impetus to the waste heat recovery market growth. Accrediting the colossal growth the Waste Heat Recovery market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2023. According to which, continuing with the same trends the global waste heat recovery market is projected to perceive an outstanding growth by 2023 registering a striking CAGR during the anticipated period (2017 – 2023).
Alstom SA (France), General Electric (U.S.) Siemens AG (Germany), Mitsubishi Heavy Industries Ltd. (Japan), and ABB Ltd. (Switzerland) are some of the prominent players at the forefront of competition in the global waste heat recovery market and are profiled in MRFR Analysis.
Waste Heat Recovery Market – Competitive Analysis
Waste Heat Recovery market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, manufacturers strive to develop products that can deliver optimal adhesion, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of products such as generators, boilers, exhaust stacks, ovens, compressors, heat pumps, regenerators for waste heat recovery for every application.
The rising electricity consumption across the globe is identified as one of the primary growth factors for this market. The increasing global population has led to a rise in the electricity consumption and this in turn, drives the electricity production market. The installation of waste heat recovery systems in existing power plants is cheaper than building new power plants which helps the market towards growth. These waste heat recovery techniques will be the prime method of increasing power production during the forecast period.
Waste Heat Recovery Market – Segments
For the convenience of the report and enhanced understanding; The Waste Heat Recovery Market is segmented in to 3key dynamics
Segmentation by Application- Chemical, Paper and Pulp, Metal production and metal manufacturing
Segmentation by End User - Power Generation and Pre Heating
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Waste Heat Recovery Market – Regional Analysis
The global Waste Heat Recovery market by region has been segmented into North America, Europe, Asia-Pacific and Rest of the world. This market has seen a substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Asia-Pacific has accounted the largest market for Waste Heat Recovery market followed by Europe and North America. The potential for growth of the waste heat recovery systems market is very high in emerging economies in the APAC region. The markets in India and China are expected to register significant growth due to increasing industrial and infrastructural development initiatives in these countries. Overall, the potential for growth of waste heat recovery systems market in the emerging and developing economies is quite promising in the near future.
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