The market size of waste heat recovery system (WHRS) is projected to reach USD 65.87 billion by 2021, at a CAGR of 6.90% between 2016 and 2021. The focus on cost efficiency and stringent government regulations are expected to drive the demand for the WHR system market.
Waste heat recovery is the process of capturing residual heat from an existing industrial process and using it for other applications. Waste heat refers to the energy generated by various industrial processes. WHR technologies help in reducing the costs of operating facilities by enhancing their energy productivity. The energy recovered during this process is widely used in two major applications, namely, steam & electricity generation and preheating.
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Market Dynamics
Drivers
Rising Energy & Electricity Prices in Emerging Economies
Government Regulations & Incentives
Growing Environmental Concern
Need for Energy Efficient Equipment
Restraints
Rising Energy & Electricity Prices in Emerging Economies
Cost Restriction
Temperature Restraints
Opportunities
Emerging Waste Heat Recovery Technologies
Emerging Economies
Burning Issue
Focus on Cost Efficient Heat Recovery
Growing environmental concerns
Global climate change is the greatest economic, political, developmental, and environmental challenge for counties worldwide. Enhancing energy efficiency is the cheapest and the most reliable method of curbing carbon emissions, thus saving costs. Supplying energy for sustainable economic development is a goal that is shared by both developed and developing countries.
A study on trends in global CO2 emissions estimates that in the current global scenario, about 34.5 billion tons of CO2 is released in 2012, and despite several measures it has been increasing year-on-year. The need for energy has been rising steadily and according to the International Energy Agency’s (IEA’s) publication on climate change in 2015, the emissions will increase by 120% by 2050, while oil demand will rise by 65%. Apart from this, global warming is adversely affecting the environment. These environmental concerns have led to the increase in number of WHRS installations worldwide. The use of this system across European industries has increased, which resulted in the reduction of CO2 emissions. According to the DOE National Energy Modeling System (NEMS), by 2030, carbon emissions from power plants can be 84% lower than 2005 levels due to increasing environmental awareness and government regulations to reduce these emissions by installing such systems. This will provide impetus to the WHR equipment that helps in providing energy efficiency, thereby driving the market.
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Critical questions which the report answers
What are new products that WHRS companies are exploring?
Which are the key players in the market and how intense is the competition?
Where will all these developments take the industry in the mid to long term?
What are the upcoming applications in WHRS market?
An 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.
