Waste Heat Recovery System Industry Using Waste Heat Recovery Techniques to Boost the Market

Market Overview:-

Waste heat recovery systems are amongst the most cost-effective way to increase the overall efficiency of the plant and while diminishing the fuel demand. It is extensively used throughout industries. Waste heat is heat produced by fuel combustion or chemical reaction and then thrown to the environment even if it could be reused. It is projected that 20-50% of the energy used is lost in industrial operations in the form of hot exhaust gases, heat losses from radiation and within the cooling water. It is vital for increasing energy efficiency in the chemical process industries (CPI).

Increasing electricity consumption, across the globe, is one of the major growth factors for this market. 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.

Heat exchanger is a crucial component in waste heat recovery system. The profitability of an investment in waste heat recovery depends greatly on the efficiency of heat exchangers and their associated life-cycle costs. R&D opportunities include optimizing present recovery technologies as well as developing new heat recovery technologies. Present technologies can be further developed to maximize recovery, expand application constraints, and improve economic feasibility.

Top Key Player:-

The key players of the global waste heat recovery system market are Alstom SA (France), ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), China Energy Recovery Inc. (China), and Cool Energy Inc. (U.S.) are among others.

Waste Heat Recovery Market – Competitive Analysis

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.

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.

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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