by Brianna Crandall — March 25, 2015—TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global market for waste heat recovery, which the company explains is a process that involves the capturing of heat exhausted by an existing industrial process.
The research data is segmented by source and geography.(Click on image to enlarge)
This waste heat is utilized for other heating applications, including power generation and other applications in various industries. A waste heat recovery unit is normally a heat exchanger where the heat is recovered from hot streams with high energy content. The most common equipment types are: heat recovery steam generator (HRSGs), industrial heating boilers, and turbines.
Trends
One key trend that is impacting the market positively is the huge investment plans in the Middle East / Africa (MEA) region. The Middle East is rich in gas reserves, and new gas discoveries in East Africa have placed both these areas in a strategic position for gas-based power plants in the future.
Another trend is increased competition in the heat recovery steam generator (HRSG) market, which is resulting in increased product innovations. The overall market is expected to grow at a compound annual growth rate (CAGR) of 7.3 percent during the forecast period of 2014-2019.
World over, there is an increase in waste heat emission from various industries such as chemicals and primary metal manufacturing. Emerging economies such as India and China are expected to witness the maximum growth in the market. The Asia-Pacific (APAC) region, with its flourishing economies and fast-growing industrial sectors, has raised the demand for fuel-efficient equipment and waste heat recovery systems.
Growth
“Many countries are expected to witness an increase in energy utilization owing to rapid industrialization and improved standards of living. The growing world population is also consistently raising the global demand for power,” says Faisal Ghaus, Vice President of TechNavio Research.
“To meet these demands, countries have started adopting technologies such as waste heat recovery solutions to increase their overall efficiency. It has helped immensely to expand the overall electricity output while keeping a check on fuel costs and emissions.”
To define the market conditions in the next three to four years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
According to the report, the key vendors in the global waste heat recovery market 2015-2019 are ABB Ltd., Alstom SA, Echogen Power Systems Inc., Foster Wheeler Ltd. and General Electric Co.
The 76-page Global Waste Heat Recovery Market 2015-2019 is available for purchase from the TechNavio Web site.
