The growing global population has led to a rise in the electricity consumption and this, drives the electricity production market. The installation of waste heat recovery systems in current power plants is cost effective than building new power plants, which helps the market towards growth. These waste heat recovery techniques will be the main method of increasing power production during the forecast period.
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.
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.
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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.
Top Key Players:-
- ABB Ltd.
- Amec Foster Wheeler
- Ormat Technologies Inc.
- General Electric Co.
- Mitsubishi Heavy Industries Ltd.
- Echogen Power Systems Inc.
- Econotherm Ltd.
In October 2015, Probe Manufacturing, Inc., completed the acquisition of the assets of GE’s Heat Recovery Solutions business from General Electric International, Inc. The acquisition substantially includes all of the assets relating to GE’s Heat Recovery Solutions business, which were located at GE’s facility in Costa Mesa, California.
In January 2017, BITZER US, Inc. is a subsidiary of the BITZER Group completed the acquisition of ElectraTherm, a leader in distributed waste heat to power generation.
Hence, global waste heat recovery system market is estimated to expand at a CAGR of 5.7% by the end of the forecast period.
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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.