The global waste heat boiler market is estimated to account US$ 5.78 Bn in 2018 and is expected to grow at a CAGR of 6.4% during the forecast period 2019 – 2027. Thus, the waste heat boiler market is projected to account for US$ 10.03 Bn by 2027. The waste heat boiler market is segment based on the regions i.e. North America, Europe, Asia-Pacific, Middle East and Africa, and South America market. The Asia-Pacific market is expected to hold major market share during the forecast period and to witness high year-on-year growth during the forecast period. The Asia-Pacific waste heat boiler market is witnessing high demand for waste heat boilers due to increasing adoption of energy efficient solutions among industries. The Asia-Pacific sector is witnessing a significant growth in industrialization and primary metals sector is on the most prominent sector for waste heat boiler market. China, India, and Japan dominates the APAC market and are expected to have huge opportunities for waste heat boiler vendors.
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Waste Heat Boiler Market Insights
Attractve government initatives
Industrial waste heat is the energy generated in the core industrial processes of industries such as power generation utilities, oil & gas, chemicals, primary metals, non-metallic minerals, and others and these waste heat are conducted through various waste heat recovery technologies to provide valuable energy sources and reduce the overall energy consumption. According to the U.S. Department of energy, around 20% to 50% of industrial energy is reduced as waste heat in the form of exhaust gases. As the industrial sector continues its effort to enhance its energy efficiency, it would recover waste heat losses, reduces environmental impact, and enhances workflow and productivity. Various government initiatives are one of the key drivers for waste heat boiler market growth. The initiatives by various governments play an important role in successful waste heat boilers implementation, which would further increase the demand for waste heat boiler market. Thus, driving the growth of the waste heat boiler market during the coming years.
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Surge in adotion of energy efficient solutions
In the future, the energy-efficient solutions would most likely to witness high demand. Waste heat boiler, an energy-efficient equipment are used to recover waste heat energy and can reduce future operating costs, capital investment, and utility systems costs. The performance of waste heater boilers is a key element in the efforts of commercial facilities to hold down utility costs. For maintenance and engineering procedures in various industries, businesses trying to provide efficient boiler performance, the efficiency of the boiler is decided by the proportion of heat output to the amount of fuel utilized. According to the U.S Department of energy, traditional heating systems generally run between 56% to 70% efficiency, which is a substantial loss in energy savings. However, modern boilers and water heaters run around 80% efficiency, which provides significant energy savings when used in a number of industries. Thus, developing technologies offer promise in recovering waste heat more efficiently rather than traditional.
Waste Heat Boiler Market – Waste Heat Temperature Segment Insights
Depending on the process type, waste heat can be released at nearly any temperature in an industrial furnace or kiln. Typically most of the waste heat generated in the high temperature originates from direct combustion processes; heat generated in the medium range comes from the exhaust of combustion units; and heat generated in the low temperature range comes from products, parts, and the process unit equipment. The power generating efficiency from waste heat recovery is greatly reliant on the waste heat source temperature. Generally, economically viable waste heat power generation has been restricted chiefly to medium- to high-temperature or ultra-high waste heat sources.
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Waste Heat Boiler Market – Waste Heat Source Segment Insights
Energy intensive processes in industries, including processes occurring at steel mills, refineries, glass furnaces, and cement kilns, releases hot exhaust gases as well as waste streams which are capable to be harnessed with heat recovery technologies, such as waste heat boiler, to generate electricity. The exhaust flue gases, after being released from the furnace, holds a considerable amount of thermal energy. In several fuel-fired heating systems, the waste heat is the ultimate source of heat loss in the process, often exceeding all the other losses combined. Depending upon the type of process and equipment, the source of waste heat is categorized into oil engine exhaust, gas engine exhaust, gas turbine exhaust, incinerator exit gases, kiln & furnace gases, and others.
Waste Heat Boiler Market – Orientation Segment Insights
The waste heat boiler market by orientation is segmented into horizontal and vertical boilers. The waste heat recovery capacity of each of these boilers depends on the boiler efficiency. Further, the choice of orientation is majorly dependent on the installation site. Vertical boilers are usually preferred at small and narrow application, however horizontal boilers are mostly deployed at spacious site. Both of these boilers are different in terms of application area, thus the choice completely depends on the customers’ requirements.
Some of the major players in the waste heat boiler market include Alfa laval, CiTECH Energy Recovery Solutions (UK) LTD, General Electric, Kawasaki Heavy Industries Ltd., Nooter/Eriksen, Robert Bosch GMBH, Thermax, Thyssenkrupp, Viessmann Group, Zhengzhou Boiler CO. LTD., among others.
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