Global Waste Heat Recovery Market 2017-2021
About Waste Heat Recovery
Waste heat recovery is a process that involves the capturing of the heat exhausted by an existing industrial process. This waste heat is utilized in heating applications, including input stream pre-heating and for power generation in various industries. The sources of waste heat mainly include the discharge of hot combustion gases into the atmosphere and heat transfer from the exteriors of hot equipment. A waste heat recovery unit is normally a heat exchanger where the heat is recovered from the hot streams with high energy content.
Technavio’s analysts forecast the global waste heat recovery market to grow at a CAGR of 6.74% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global waste heat recovery market for 2017-2021. To calculate the market size, the report considers the new installations and exclude retrofit/ replacement/spares/aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Waste Heat Recovery Market 2017-2021
Technavio recognizes the following companies as the key players in the global waste heat recovery market: ABB, Amec Foster Wheeler, Clean Energy Technologies, Mitsubishi Hitachi Power Systems, and Siemens.
Other Prominent Vendors in the market are: Bono Energia, BORSIG, Bosch Industriekessel, Citech, ClearPower Systems, Dresser-Rand, Echogen, Forbes Marshall, Ormat Technologies, Probe Manufacturing, TESPL, THE MAERSK GROUP, and Thermax Global
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing use of thermoelectric material for waste heat recovery. Thermoelectric materials can generate electricity potential by a temperature difference. This converting temperature to current or vice versa is known as the Seebeck effect. These materials have been under study for generating electricity from waste heat. The materials can be utilized to generate useful electric power from waste heat, which will increase the overall energy consumption efficiency of the plant. These can be used in various industries, as well as in transportation vehicles. The improvements in the performance of thermoelectric materials have mainly focused on reducing the thermal conductivity of the materials.”
According to the report, one of the major drivers for this market is growing global electricity consumption. Globally, electricity consumption has been on the rise. It has increased at a CAGR of 2.77% during the period 2005-2015. Similarly, the global population rose by 12.78% during 2005-2015. This is creating an increasing demand for electricity, thus driving the electricity production market. This will be a major driver for the incorporation of waste heat recovery in power plants during the forecast period, as their use can lead to increased power production by improving plant efficiency. The installation of waste heat recovery systems in existing power plants is cheaper than building new power plants. Hence, waste heat recovery techniques will be the prime method of increasing power production during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is high investment costs for waste heat recovery systems. The key inhibiting factor of any technology is the cost. These costs primarily include capital cost and operational cost. One of the drawbacks of waste heat recovery systems is the high capital costs. The total costs incurred in installing a waste heat to power (WHP) system includes the cost of waste heat recovery equipment and power generation equipment. The average cost of such a WHP system is $3 million per MW of power produced. One unit of waste heat boiler can cost upward of half a million USD, depending on the size and specifications.
ABB, Amec Foster Wheeler, Clean Energy Technologies, Mitsubishi Hitachi Power Systems, and Siemens. Other Prominent Vendors in the market are: Bono Energia, BORSIG, Bosch Industriekessel, Citech, ClearPower Systems, Dresser-Rand, Echogen, Forbes Marshall, Ormat Technologies, Probe Manufacturing, TESPL, THE MAERSK GROUP, and Thermax Global
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