Friday, July 1 2022

Strong points-

  • Segmentation- The report covers in detail market segmentation by end user (chemical, petroleum refining, paper, commercial and institutional, food and beverage, metal and other end users)
  • Key Companies- ABB Ltd., Alfa Laval AB, Clean Energy Technologies Inc., GEA Group Aktiengesellschaft, General Electric Co., John Wood Group Plc, Mitsubishi Heavy Industries Ltd., Robert Bosch GmbH, Siemens AG and Thermax Ltd., among others.
  • Driver- Increased industrialization in BRICS to boost the market.
  • Challenge– Concerns over fouling of waste heat recovery systems to hamper market growth

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Segmentation by end user (In-Scope/Out-of-Scope)

The growth in the waste heat recovery market share by the chemical segment will be significant over the forecast period. Rising demand for petrochemicals, pesticides & fertilizers and synthetic rubber will contribute to the growth of this segment over the forecast period.

  • Offscreen :
    • petroleum refinement
    • Paper
    • Commercial and institutional
    • Food and drinks
    • Metal
    • Other end users

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Overview of Suppliers-

Waste heat recovery market is fragmented and vendors are deploying organic and inorganic growth strategies to compete in the market.

  • ABB Ltd.- The company offers waste heat recovery systems that are used in the shipbuilding industry. These systems are designed for installation on large shipping containers and bulk carriers.
  • Alfa Laval AB- the Company operates in Energy, Power and Water, Marine, Greenhouses and Operations business segments. The company also supplies waste heat recovery systems from exhaust gases.
  • Clean Energy Technologies Inc.- The company offers a Clean Cycle II ORC heat recovery generator that uses patented magnetic bearing turbine technology to capture waste heat from industrial manufacturing, waste processing and power generation facilities and convert it into electricity which can be used or resold to the network.

Find additional highlights on vendors and their product offerings. Download a free sample report

Learn more about key driver and market challenge-

  • Waste Heat Recovery Market Driver:
    • Rise of industrialization in the BRICS:

One of the major growth drivers for the waste heat recovery market is the ramping up of industrialization in the BRICS. The rapid industrialization of Brazil, Russia, India, Chinaand South Africa (BRICS) has led to an increase in manufacturing activities. Investors target developing countries to increase their market share and treat these countries as their manufacturing hubs. The BRICS and other developing countries are the new mining centers due to the presence of abundant natural mineral resources. The easy availability of cheap labor, cheaper raw materials and favorable regulations attract mining companies to developing countries. China is one of the leading countries, with the manufacturing sector accounting for a large share. Many companies are increasingly focused on expanding their facilities. Such a rise in industrialization and establishment of manufacturing plants is expected to increase manufacturing activities in developing countries, which, in turn, will fuel the demand for waste heat recovery systems.

  • Waste Heat Recovery Market Challenge:
    • Concerns about fouling of waste heat recovery systems:

Concerns related to the fouling of waste heat recovery systems will be a major challenge for the waste heat recovery market during the forecast period. Fouling when using waste heat recovery systems can reduce system efficiency. Fouling is the deposit or accumulation of unwanted materials on equipment surfaces. Industrial exhaust gases contain moisture and contaminants such as alumina particles at a relatively low temperature. Moisture and solid contaminants can affect system performance and reliability due to buildup of solids on heat transfer surfaces and clogging of gas passages. The occurrence of fouling leads to an increase in the number of cleaning cycles to maintain production capacity and efficiency. This increases the production and operating costs of manufacturing companies. Costs associated with fouling include additional equipment energy consumption and lost productivity. These problems with fouling of waste heat recovery systems can reduce the overall profitability of end users.

Find additional information on various other market drivers and challenges mentioned in our Sample FREE Report.

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Waste Heat Recovery Market Scope

Report cover

Details

Page number

120

Year of reference

2019

Forecast period

2020-2024

Growth momentum and CAGR

Accelerate at a CAGR of 4%

Market Growth 2020-2024

$11.31 billion

Market structure

Fragmented

Annual growth (%)

1.67

Regional analysis

North America, Europe, APAC, MEA and South America

Successful market contribution

North America at 32%

Main consumer countries

United States, China, Japan, Germany and South Korea (Republic of Korea)

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

ABB Ltd., Alfa Laval AB, Clean Energy Technologies Inc., GEA Group Aktiengesellschaft, General Electric Co., John Wood Group Plc, Mitsubishi Heavy Industries Ltd., Robert Bosch GmbH, Siemens AG and Thermax Ltd.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, Impact of COVID-19 and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Customization overview

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

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