Showing posts with label Petroleum Refining. Show all posts
Showing posts with label Petroleum Refining. Show all posts

Monday, 19 August 2019

The report "Waste Heat Recovery System Market by End-Use Industry (Petroleum Refining, Metal Production, Cement and Textile) - Global Forecasts to 2021

The market size of waste heat recovery system (WHRS) was USD 44.14 Billion in 2015, and is projected to reach USD 65.87 Billion by 2021, at a CAGR of 6.90%. Rising energy & electricity prices coupled with stringent government regulations & incentives are expected to drive the market in the future.
Petroleum refining
WHRSs are widely used in petroleum refining processes such as distillation (fractionation), thermal cracking, catalytic, and treatment. The thermal effectiveness of these energy-intensive processes is crucial to the petroleum refining industry and, hence, highly energy efficient WHRS are used for such applications. Many exothermic reactions occur in the refineries that also produce waste heat. Some modern refineries have highly integrated systems that recover heat from one process to use in other processes. However, still many refineries and their operations release high-temperature waste heat, but lack efficient WHRS to recover it for different applications. The growing oil & gas industries in the Asia-Pacific region, and increasing oil production in the Middle East & Africa is driving the demand of WHRS in petroleum refining industry globally.
Chemical
WHRS have been successfully used in the chemical industry for processes such as industrial gases, alkalis and chlorine, cyclic crudes, and intermediates, including ethylene, propylene, benzene/toluene, plastics materials, synthetic rubber, synthetic organic fibers, and agricultural chemicals. High efficiency, operational productivity, and utilization of specialized and customized equipment have made WHRS an important component in chemical production processes. Therefore, growth in the chemical industry is one of the driving factors of the global WHRS market.
Metal Production
Heavy metals manufacturing and refining involves many high-temperature processes from which waste heat can be recovered. Heavy metal foundries commonly recover clean gaseous streams. However, recovering waste heat from heavily contaminated exhaust gas sources such as coke ovens, blast furnaces, basic oxygen furnaces, and electric arc furnaces continue to present a challenge for economical functioning of WHRS. Other sources of waste heat include melting furnace exhaust, ladle preheating, core baking, pouring, shot blasting, castings cooling, heat treating, and quenching. The heat recovered from these sources is used in steam and electricity generation in and is further used as fuel in other processes. This helps the low revenue generating metal industry to boost its energy efficiency, and hence reduce operating costs.  The demand of WHRS is increasing in metal production segment, as the metal industry is growing heavily in all the regions.
The major restraints of the market are slow growth of the construction sector in Europe and high cost of these systems. Companies are focusing on various strategies to strengthen their market position such as supply contracts, agreements, and partnerships & collaborations. Supply contract is the most preferred strategy adopted by the key market players to sustain in this highly competitive market. The emerging technologies provide high growth opportunities to WHR system manufacturers. Increase in energy requirements in emerging economies such as China, India, and Brazil also plays an important role in fueling the demand. Some of the important manufacturers are ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), and Cool Energy Inc. (Colorado). Companies in this market compete with each other with respect to prices and product offerings to meet the market requirements.

Tuesday, 14 May 2019

Factors that Affect on the Waste Heat Recovery System Market in Upcoming Years


The market size of waste heat recovery (WHR) system was USD 44.14 billion in 2015 and is projected to reach USD 65.87 billion by 2021, at a CAGR of 6.90% between 2016 and 2021. The major players adopted key strategies such as supply contract and agreements to increase their market share and revenue. Other major growth strategies adopted by WHRS manufacturers are acquisitions and partnership & collaboration that help the company strengthen their position in the WHR system market.
Major players operating in the WHR system market are ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), and Cool Energy Inc. (Colorado).
Ormat Technologies Inc. (U.S.) is one of the leading WHR system manufacturers, globally. The company has been focusing on supply contracts to maintain its leading position in the market. For instance, in November 2014, Ormat Technologies secured a contract of USD22.3 million from Utah Associated Municipal Power Systems (U.S.) for engineering, procurement, and construction at the Kern River Gas Transmission Company’s Veyo natural gas compressor station in southern Utah. This contract included installation of air-cooled Ormat Energy Converter, which will generate power using the recovered heat.
Amec Foster Wheeler (U.K.) is another major player in the WHR system market. The company has been focusing on supply contracts as part of its strategic development activities. In April 2016, Amec Foster Wheeler secured a contract from Cleco Corporation (U.S.) to design and supply a complete 50 MWe power island in Louisiana, US. This waste heat generated from the production of carbon black, used in items such as tires and industrial rubber products will be used to produce steam, which will in turn create electricity that can be sold and sent to the grid. This contract included supplying the power plant’s major equipment, including steam turbine generator, WHR steam generator, feedwater heater, condenser, deaerator, pumps, and cooling tower.
This report provides a detailed analysis of the WHR system market and segments the same on the basis application, end-use industry, and region. Based on application, the market has been segmented into preheating, steam & electricity generation, and others. Based on end-use industry, the market has been segmented as petroleum refining, metal production, cement, chemical, paper & pulp, and others. Based on region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

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