Waste heat recovery involves the capturing and reuse of waste heat for several purposes. Combustion air preheating, load preheating, steam generation, space heating, power generation and water preheating are some of the major applications of waste heat.
Waste heat is generated in different industrial processes. Exhausts from glass melting furnaces, fume incinerator, cooling water from furnaces, combustion engines and others; conductive, convective, and radiation heat losses combustion, cement kiln and others; process off-gases are several sources how waste heat is generated. This waste heat loss can be reduced using waste heat recovery systems.
There are several methods to recover waste heat. Waste heat wellsprings include the release of hot burning gases to the environment, and exchange heat from hot gear outside. A waste heat recovery unit is a regular heat exchanger wherein heat is retrieved from high energy containing hot streams. Mechanical warming boilers, heat recovery system generators HRSG’s, and turbines are some of the most eminent waste heat recovery hardware. Waste heat can also be recovered through mechanical waste heat recovery systems which involve the catching and reuse of waste heat. This can also help reuse gases emerging from modern procedures, hence, such waste heat recovery procedures help in lesser energy utilization, reduce operational expenses, as well as CO2 and nursery gas outflows.
The recovery of waste heat has been gaining adoption globally since it reduces the cost of operation across several industries. For example, preheating of combustion air can increase furnace efficiency up to 50%. Some of the major factors driving the market include increasing initiatives of governments, technological advancements and stringent regulations. However, complexities in heat recovery and the economies of scale is likely to restrain the market growth to a certain extent during the forecast period.
Based on the application, the market is segmented into preheating, steam and power generation, and others. By end use industries, the market is categorized into natural gas compression, chemical, cement, metal production and casting, paper and pulp, petroleum refining, and others. In 2015, the petroleum refining segment held the largest share of the global market by end user. It is also expected to retain its dominance during the forecast period.
Europe held the largest share during the historic period in the global waste heat recovery market. This was majorly attributed to environmental policies regarding curbing of industrial harmful emissions and early introduction of the waste heat recovery technology. However, Asia-Pacific waste heat recovery market is likely to witness the fastest growth, growing at a CAGR of 9.8% during the forecast period. This growth is majorly attributed to the growth in cement industry in the region. Moreover, high energy demand and stringent environmental regulations are also supporting the growth of the waste heat recovery market in the Asia-Pacific region.
Some of the leading players in the global waste heat recovery market include Harbin Electric International Company Ltd., Mitsubishi Hitachi Power Systems, ABB Group, Dongfang Electric Corporation, Siemens AG, General Electric Company, Amec Foster Wheeler PLC, China Energy Recovery, and Ormat Technologies.
Key Questions Answered:
What is the current and future scenario of the global waste heat recovery market?
What are the major factors major driving the global waste heat recovery market?
What are the upcoming opportunities for the players in the global waste heat recovery market?
Which application is expected to dominate the global waste heat recovery market during the forecast period?
Which region is expected to witness the fastest growth during the study period?
Who are the major players in the global waste heat recovery market?
What are the key strategies adopted by major players in the global waste heat recovery market?