The global waste heat recovery market is expected to witness significant growth over the forecast period of 2017 to 2023 according to Market Research Future (MRFR). Waste heat recovery systems are highly efficient, and this acts as a significant driver for the growth of the Waste Heat Recovery Market. wate heart recovery systems increase cost efficiency, due to their ability to increase overall function in a plant while reducing the need for fuel.
Used extensively in the manufacturing sector and many industries, especially in chemical process industries. Often times, heat waste causes a loss of energy which increased the need for systems that work around this challenge, thus driving the demand for waste heat recovery. Resulting from a high, and increasing global population, growing electricity consumption has led to the increased installation of waste heat recovery systems in existing power places to make them more cost-effective and reduce the need for the construction of new plants.
Present waste heat recovery technologies carry a wide scope for improvements, and this factor represents a potential for market expansion in the coming years.
Waste Heat Recovery Market – Competitive Analysis
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.
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.
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Prominent players included in MRFR’s report include Thermax Limited, General Electric Co., Econotherm Ltd., Mitsubishi Heavy Industries Ltd., Siemens AG, ABB Ltd., Cool Energy Inc., China Energy Recovery Inc., Alstom SA, Amec Foster Wheeler, Echogen Power Systems Inc., and Ormat Technologies Inc.
Waste Heat Recovery Market – Segments
For the convenience of the report and enhanced understanding; The Waste Heat Recovery Market is segmented in to 3key dynamics
Segmentation by Application– Chemical, Paper and Pulp, Metal production and metal manufacturing
Segmentation by End User – Power Generation and Pre Heating
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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.
Latest Industry News
CTP Team Italy has signed an agreement for the construction of a waste recovery project at Cimko Narli cement plant of Sanko holdings. A first in Turkey, the waste heat recovery system, will have a capacity which allows it to provide about 12% of the plant’s current electricity needs.
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The rising electricity consumption across the globe is identified as one of the primary growth factors for this market. The increasing global population has led to a rise in the electricity consumption and this in turn, drives the electricity production market. The installation of waste heat recovery systems in existing power plants is cheaper than building new power plants which helps the market towards growth. These waste heat recovery techniques will be the prime method of increasing power production during the forecast period.
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