Global Waste Heat Recovery Market: Pressing Need to Save Energy Drives Growth, finds TMR Research

San Francisco, California, December 04, 2018: A report by TMR Research, titled, “Waste Heat Recovery Market – Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2017–2025,” projects a promising future of the market. It states that the biggest USP of waste heat recovery systems is their ability to bring down energy losses. They do so by capturing the heat produced during various industrial processes. They use the captured energy for electrical and mechanical works. In this manner they help to conserve energy.

At the forefront of driving the global waste heat recovery market is the pressing need for energy for residential, commercial, and industrial processes. This has warranted optimization or proper utilization of available resources. Hence, the concept of waste heat recovery. Numerous companies have deployed the systems for generating energy and lessening emission.

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Preventing the global waste heat recovery market from attaining its full potential on the other hand is the high cost of installation. Besides, sales are also being hampered on concerns of protracted payback periods.
In order to further examine the prospects of the global waste heat recovery market, the report segments it on the basis of various parameters. Those include end use industries, applications, sources, and regions. Depending upon sources, the global waste recovery market, for example, is divided into turbines, refrigeration plants, process plants cooling systems, boiler flue gases, ventilation system extracts, and power generation plants, among others.

Application areas driving demand in the global waste heat recovery market are drying, space heating, pre-heating of combustion air for boilers, power generation, and fresh air for buildings, among others. Some of the end-use industries in the market are pulp and paper industries, refining industries, chemical refining industries, heavy metals reefing industries, and cement industries.

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Prominent participants in the global waste heat recovery market are Alstom SA, General Electric, Siemens AG, Thermax Ltd, Mitsubishi Heavy Industries Ltd, and Foster Wheeler AG.

Waste Heat Recovery Market Projected to Gain Significant Value During 2017 – 2025

Waste Heat Recovery Market: An Overview

New energy efficient equipment or waste heat recovery systems enable users to reduce energy losses and cater to the growing energy demands. These systems can also be used to capture the heat generated in the course of several industrial processes and further use it for mechanical and electrical works, fulfilling the energy requirements by converting waste heat into a useful one.

With rising energy demands, stringent environmental conditions, and the need to optimize or utilize the available resources in the best possible ways – waste heat recovery is the need of the hour. Presently, several companies have installed these systems for the purpose of energy generation as well as emission reduction.

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Waste Heat Recovery Market: Key Segments

The waste heat recovery market can be broadly classified on the basis of source of waste heat, application, end-use industry, and the location of major areas employing waste to heat energy recovery systems for the purpose of converting the waste heat into a useful one. The major sources of waste heat are: ventilation system extracts, boiler flue gases, air compressors, refrigeration plants, turbines, power generation plants, process plants cooling systems, and others. The waste heat recovery systems can capture the heat generated from these systems to employ them for various other purposes.

The waste heat recovery system uses discarded heat and employs it to heat the water that creates steam, which is subsequently used for the purpose of running the turbines. The turbine movement thus converts the mechanical energy into an electrical one. The major applications of waste heat recovery systems include space heating, drying, power generation, pre-heating of combustion air for boilers, and fresh air for building ventilation and others. Key end-use industries for waste heat recovery units include petroleum and refining industries, pulp and paper industries, heavy metals reefing industries, chemical refining industries, and cement industries.

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Waste Heat Recovery Market: Regional Analysis

The waste heat recovery market can be simply identified by the regions employing waste heat recovery technologies. The main regions are: the U.S., Canada, Germany, France, the U.K., Russia, China, India, Australia, Japan, Indonesia, Brazil, South Africa, and the Middle East countries.

The increasing fuel prices, supportive government policies, stringent environmental regulations, energy loss minimization, and the rise in the energy demands of individuals as well as industries are the major drivers for the waste heat recovery market. The additional costs involved in installation and longer payback periods act as obstacles for the waste heat recovery market. However, rapid industrialization, especially in Asia Pacific countries, has led to the increase in demand for energy. In addition, new, existing, and upcoming incentive schemes related to energy conservation and environmental protection can act as an opportunity to the waste heat recovery market.

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Waste Heat Recovery Market: Key Market Players

The key players in the waste heat recovery market are: General Electric, Alstom SA, Siemens AG, Mitsubishi Heavy Industries Ltd, Thermax Ltd, and Foster Wheeler AG.

Strict Eco-sustainability Norms to Drive Waste Heat Recovery Market

San Francisco, California, July 31, 2017: A recent market research report by TMR Research thoroughly covers the global market for waste heat recovery. The report is titled “Waste Heat Recovery Market – Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2017–2025.” observes that stringent regulations related to environment sustenance and the pressing need to utilize available energy resources in the best possible manner are key to the increased demand for waste heat recovery measures across industrial as well as public sectors.

A number of other factors such as the exponentially rising costs of fuel, encouraging government policies, and the vast rise in the consumption of energy across industries as well as individual level are also driving the global demand for effective waste heat recovery systems and measures.

However, the adoption of heat recovery systems and measures incurs additional costs for the installation of concerned systems. Moreover, payback periods of these systems could be very long. The factors could hinder the overall growth of the market to a certain extent over the report’s forecast period. Nevertheless, the rapid pace of industrialization across a number of emerging economies in regions such as Latin America and Asia Pacific and the consequent rise in power consumption could lead to the development of several growth opportunities for the waste heat recovery sector in these regions. Existing and new incentive schemes concerned with environment protection and energy conservation in the regions would aid the adoption of waste heat recovery measures in the industrial sector.

The global market for waste heat recovery can be segmented on the basis of aspects such as waste heat source, application, end-use sector, and geography.

The key applications sectors of the waste heat recovery market include space heating, power generation, drying, fresh air for building ventilation, and combustion air pre-heating for boilers. Key end-use sectors for the waste heat recovery market include pulp and paper, petroleum and refining, heavy metals refining, chemical refining, and cement. Key sources of waste heat are boiler flue gases, ventilation system extracts, turbines, refrigeration plants, air compressors, power generation plants, and processing plant cooling systems. The report covers the analytical overview of the waste heat recovery market in regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

The report also presents a detailed overview of the competitive landscape of the global waste heat recovery market, profiling some of the key contributors to the overall development of the market. Some of the leading companies operating in the global waste energy recovery market are Alstom SA, General Electric, Mitsubishi Heavy Industries Ltd, Thermax Ltd, Foster Wheeler AG, and Siemens AG.