The growing concerns regarding the increased greenhouse gasses (GHG) emissions and strignest regulations apropos to carbon footprint is influencing the growth of waste heat recovery market. Moreover, waste heat recovery systems are considered highly-efficient and can generate onsite electricity while reducing overall operational costs. Therefore, energy-intensive industries including heavy metal manufacturing, cement, glass and petroleum refining, are heavily utilising waste heat recovery system (WHRS).
For instance, in chemical industry, WHR systems have significantly increased efficiency, in turn, boosting overall productivity. Additionally, the ongoing technological innovations in the waste heat recovery sector is accelerating the market growth. To create lucrative opportunities in the market, key industry participants are adopting various growth strategies, including strategic collaborations and mergers, product innovation, and geographical expansion. As a result of this, the global waste heat recovery industry is projected to gain significant prominence in the upcoming years.
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Paced Demand for Petroleum Refining Accelerates Market Growth Trajectory
The rising demand for petroleum refining is projected to create significant growth prospects for the waste heat recovery market. WHRSs are utilised in petroleum refining processes such as thermal cracking, catalytic, distillation (fractionation), and treatment. The highly energy-efficient WHRSs aid in increasing the thermal effectiveness of the energy-intensive operations in petroleum refining industry.
Moreover, several exothermic reaction take place in the refineries that results in heat generation, further creating a need for efficient WHRS to retrieve waste energy and use it for other applications. Noticeably, with the rise in oil production worldwide, the demand for WHRSs will amplify too. Considering this, the global waste heat recovery market will expand substantially over the forecast period.
Rising Adoption of WHRS in Manufacturing and Refining of Metal to Aid in Market Expansion
The heavy metals manufacturing and refining involves several high-temperature processes which generates heat. Heat sources in manufacturing and refining of metal industries include lheat treating, adle preheating, melting furnace exhaust, pouring, shot blasting, core baking, cooling castings, and quenching.
The deployment of WHRSs allow manufactures to utilise heat from these sources in steam and electricity generation and as a fuel in other processes. This, in turn, enables the low revenue-generating metal industry to increase its energy efficiency and reduce operating costs. Therefore, going ahead, the demand for WHRS is projected to amplify in the metal production industry. Consequently, during the study period, it is predicted that the global waste heat recovery market will undergo robust expansion.
Asia Pacific to Dominate Waste Heat Recovery Market Due to Growing Government Regulations and Foreign Direct Investment
Asia Pacific region is expected to become an industry differentiator due to increased government regulations and foreign direct investments in the region. Various macrofactors such as growing population, large-scale development, stringest emission regulations, and rapid industrialisation, are also playing a vital role in market expansion.
Additionally, the growing need for efficient fuel systems, and rising environment security awareness is boding well for the regional market. Region’s major economies, India and China, in particular, are expected to emerge as a major area of growth in Asia Pacific’s waste heat recovery market.
Leading Market Players
Some of the major players in the waste heat recovery market include AURA GmbH Co.; Mitsubishi Heavy Industries, Ltd.; Siemens AG; Boustead International Heaters; General Electric; ABB; Promec Engineering; Forbes Marshall; Climeon; Bosch Industriekessel GmbH; Terrapin; Wood Plc (Amec Foster Wheeler); ExergyS.p.A.; IHI Corporation
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