Waste Heat Recovery Market – Global Forecast and Opportunity Assessment by Technavio

June 30, 2017

LONDON–(BUSINESS WIRE)–#Energy–According to the latest market study released by Technavio,
the global
waste heat recovery market is expected to reach USD 56.340
billion by 2021, growing at a CAGR of almost 7%.


This research report titled ‘Global
Waste Heat Recovery Market 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.

The global waste heat recovery market is expected to grow at a steady
pace during the forecast period. Many nations worldwide are making
efforts to reduce the GHG emissions and control pollution. Countries
such as the US, Canada, and China are implementing stringent emission
norms and placing restrictions on the emissions from power plants. To
achieve the proposed emission standards, advanced technologies such as
waste heat recovery and carbon capture and storage (CCS) are required,
which can improve the power generation efficiency levels from 40%-45% to
80%-85%.

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Technavio’s energy
research analysts categorize the global waste heat recovery market
into the following segments by end-user. They are:

  • Chemicals
  • Petroleum refining
  • Paper
  • Commercial and institutional
  • Food
  • Metals
  • Others (cement industry and other manufacturing)

The top three revenue-generating end-user segments for the global waste
heat recovery market are discussed below:

Chemicals

The chemicals industry is expected to witness a high growth during the
forecast period. This segment includes various industries, which have
processes that generate massive amounts of heat. This provides the
substantial potential to deploy waste heat recovery technologies in such
processes.

According to Sayani Roy, a lead power
research analyst from Technavio, “The chemicals industry
generates vast amounts of waste heat, which may be utilized for various
purposes within the systems or separately for power generation. The
chemicals industry includes polymer, petrochemicals, agrochemicals,
pharmaceuticals, fertilizers, and dyes, all of which generally involve
high-temperature processes that release a large amount of waste heat.”

Petroleum refining

The petroleum refining industry will witness rapid growth in the next
five years. Petroleum refineries are at the heart of the world as they
manufacture fuel, which drives almost everything today. Due to the
criticality of the processes, petroleum refineries have their own
captive power plants for the uninterrupted supply of electricity.

“Waste heat recovery systems are used in the petroleum refining
processes, such as distillation, thermal cracking, and catalytic
conversion and treatment. These processes involve exothermic reactions
that produce waste heat and utilize substantial amounts of energy,”
says Sayani.

Paper

The global waste heat recovery market in the paper industry is expected
to see moderate growth in the coming years. Waste heat in the paper
drying process is recovered and used for power generation, which can be
utilized in the paper manufacturing units. Paper and pulp production
processes include chemical pulping, mechanical pulping, paper recycling,
and paper production.

Globally, the increase in population, which leads to the need for the
education market, will drive the paper industry. For instance, in India,
higher education contributes to more than half of the overall education
market in the country, as India has one of the leading higher education
markets in the world.

The top vendors highlighted by Technavio’s research analysts in this
report are:

  • ABB
  • Amec Foster Wheeler
  • Clean Energy Technologies
  • Mitsubishi Hitachi Power Systems
  • Siemens

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