Showing posts with label Waste Heat Recovery System. Show all posts
Showing posts with label Waste Heat Recovery System. Show all posts

Friday, 13 December 2019

Latest Update on Waste Heat Recovery System Market



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.

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.

Thursday, 18 July 2019

Waste Heat Recovery System Market worth 65.87 Billion USD | CAGR of 6.90%

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 WHR system market is segmented on the basis of application, end-use industry, and region.
The steam & electricity generation application segment accounted for the highest share of the overall WHR system market in 2015. The growing construction sector in various developing countries such as China and India is the major driver for WHR system in the region, which is backed by high demand for WHRS in the cement industry. The steam & electricity generation application is projected to register the highest CAGR from 2016 to 2021.
The demand for WHRS in the cement industry is projected to register the highest CAGR during the forecast period. The growing construction industry in Asia-Pacific and some parts of Africa and South America will drive the demand for WHRS in this industry. Growth in the construction sector of developing countries, such as China, India, and Indonesia, for social and education, healthcare, retail, and residential construction will also drive the need for WHRS in the cement industry.
Asia-Pacific is expected to be the fastest-growing WHR system market, followed by South America. Growing end-use industries in Asia-Pacific, accompanied by development of new technologies and products, is projected to make it an ideal destination for the WHR system market.
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Some of the 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). Most of the companies have adopted supply contract and agreements as their development strategies to sustain in the global market.
This research study also includes a detailed segmentation of the WHR system market based on application, end-use industry, and region. Apart from the market segmentation, this report also adopts the Porter’s Five Forces analysis for an in-depth analysis of the market dynamics such as drivers, restraints, and opportunities.

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