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.