The waste heat recovery system market is projected to foresee commendable growth in coming years owing to the rising demand for energy efficiency throughout the manufacturing sector and a strong overall industrial sector growth. The changing regulatory outlook toward emission control and introduction of stringent emission norms will drive the product adoption further. Moreover, reduction in overall operational cost and the shift toward sustainable energy sources are likely to contribute toward market expansion as well.
Waste heat recovery is crucial because by decreasing the amount of fuel utilized to produce heat in a boiler installation, the heating efficiency also rises, thus resulting in lower fuel usage. This in turn serves both the need to reduce the carbon emissions as well as increase efficiency.
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Notable industry players operating in WHRS market include Mitsubishi Hitachi Power Systems, Bosch Thermotechnology, Boustead International, Exery SPA, AC Boilers, IHI Corporation, General Electric, Promec Engineering, AMEC Foster Wheeler, Cochran, Walchandnagar, AMEC Foster Wheeler, Thermax, Aura GmbH, HRS, Forbes Marshall, Viessman, Siemens, Rentech Boiler Systems, Climeon AB, and Ormat Technologies among others.
As per a research report by Global Market Insights, Inc., waste heat recovery system market is estimated to surpass $80 billion by 2025.
Below is a brief overview of key trends that are stimulating the market growth:
Growing demand for >6500C WHR system
The >6500C WHR system comprises of SRC technology where the removal of steam from the turbines is done so as to pre-heat the boiler feedwater. The systems are installed throughout glass, cement, and heavy metal manufacturing industries for efficient as well as effective use of exhaust heat.
Some of the key features that are actively contributing toward the growth of WHRS industry include technology advancement, superior operational flexibility, and cost reduction.
Increasing focus on utilization of heat from industrial waste stream sources
Several ongoing efforts to attain energy optimization and an increasing emphasis towards low temperature heat utilization coming from the waste stream sources will boost the market growth for WHRS.
These units are gaining impetus throughout the medium scale industries so as to decrease emission levels as well as attain low operational costs. Moreover, the increasing demand for reliable electricity and rising fuel prices are also expected to compliment the market expansion in coming years.
Rising product adoption across various industries
Over the past few years, waste heat recovery systems have found a substantial penetration in petroleum refining, glass, heavy metal production, and chemical industries. Stringent emissions norms coupled with rising demand for continuous as well as reliable electricity supply will further encourage the product adoption. Moreover, the ongoing product adoption trend across the food processing sector and the declining costs of low temperature heat utilization would be further augmenting the WHRS market share over the projected timeframe.
Growing product demand across Asia-Pacific
The APAC waste heat recovery system market is expected to reach nearly $30 billion over the forecast timeframe. Strict government policies as well as legislations, focused at reducing the region’s carbon footprint, along with the ongoing expansion of industrial centers will encourage the market growth. The region in 2018 accounted for nearly 50% of the overall manufacturing value added owing to the increase in FDI inflows toward the manufacturing sector on a global level.
Government strategies that are oriented towards promoting sustainable development and growing focus toward the harmful effect of carbon emissions on environment will drive the product adoption.
The need for companies to reduce the GHG emissions and reduce carbon footprint is rising in a significant manner. WHRS is an efficient way to facilitate this ongoing industrial shift. The use of WHRS has several benefits such as increased efficiency, waste reduction, conservation of resources, and reduction of operating costs, which make the system adoption more attractive and viable for businesses.
Considering the abovementioned determinants, the demand for waste heat recovery system is expected to increase enormously over the forthcoming timeframe.
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