Waste heat water boilers are the units used for utilizing waste heat in the form of steam. This is the process to recover waste heat energy into steam to generate power. This energy is used in different industries at refineries, steel mills, glass furnaces, and cement kilns to release exhaust gases and waste steam. Waste heat can be used to generate power and drive a steam turbine. For example, first, fuel is used to generate power in a heat engine, then the waste heat from the power generation is recovered to provide thermal energy, which is useful in many ways. This energy generated from the waste heat is heavily dependent on the temperature of the waste heat source. Waste heat can be recovered from various industries, including steel mills, iron and aluminum, among others as well as electric arc furnaces. Many petroleum refining industries use large amounts of energy in catalytic, thermal cracking treatment, which involves exothermic reactions that produces heat. Nowadays, industries are looking for novel ways to generate power, owing to the increasing capital investments and higher energy prices. To implement better and more cost effective solutions, market players are opting for waste heat boilers in thermal energy generation and this escalates the growth of the heat waste boilers market.
Global Waste Heat Boiler Market: Dynamics
The increasing demand for energy efficient solutions is leading to the rapid growth of the waste heat boilers market. These boilers reduce the issues associated with energy and propose new energy efficient solutions. The metal manufacturing process also involves a number of temperature processes, from which waste heat can be recovered and converted into thermal energy. Rising energy & electricity prices in developing economies are also driving the waste heat boiler market in different regions. Rise in industrialization and energy demand and the growing construction and mining sectors surge electricity prices. To cope with escalating demand, governments are taking initiatives to install waste heat boilers plants, which will further hike the demand for waste heat boilers.
A problem associated with waste heat boilers is their high installation cost. This might hinder the growth of the market during the forecast period
Global Waste Heat Boiler Market: Segmentation
The waste heat boiler market can be segmented on the basis of waste heat source, temperature and end use industry.
On the basis of waste heat source, the waste heat boiler market can be segmented as:
On the basis of temperature, the waste heat boiler market can be segmented as:
On the basis of end use industry, the waste heat boiler market can be segmented as:
Global Waste Heat Boiler Market: Regional Outlook
The North America heat waste boiler market is witnessing significant growth due to the high adoption of energy generated from heat waste in end use industries. The U.S. in the North America region, is exhibiting sustainable growth in the heat waste boiler market, owing to the increasing consumption of energy. The U.S. is expected to be followed by Mexico and Canada. Asia Pacific has been witnessing significant growth in the heavy industry power generation market over the last few years, which is a driving force for the waste heat boiler market. In the Asia Pacific region, China, India and South Korea are dominant markets in the value chain of end use production processes; thus, there is high growth potential for heat waste boilers in these regions. As the government regulations related to emission in Europe have increased, the consumption of heat waste generated thermal energy is on the rise. Latin America and Middle East and Africa regions are expected to illustrate steady growth in heat waste boiler.
Global Waste Heat Boiler Market: Market Participants
Examples of some of the prominent market participants in the waste heat boiler market are: