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A number of other factors such as the exponentially rising costs of fuel, encouraging government policies, and the vast rise in the consumption of energy across industries as well as individual level are also driving the global demand for effective waste heat recovery systems and measures.
However, the adoption of heat recovery systems and measures incurs additional costs for the installation of concerned systems. Moreover, payback periods of these systems could be very long. The factors could hinder the overall growth of the market to a certain extent over the report’s forecast period. Nevertheless, the rapid pace of industrialization across a number of emerging economies in regions such as Latin America and Asia Pacific and the consequent rise in power consumption could lead to the development of several growth opportunities for the waste heat recovery sector in these regions. Existing and new incentive schemes concerned with environment protection and energy conservation in the regions would aid the adoption of waste heat recovery measures in the industrial sector.
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The global market for waste heat recovery can be segmented on the basis of aspects such as waste heat source, application, end-use sector, and geography.
The key applications sectors of the waste heat recovery market include space heating, power generation, drying, fresh air for building ventilation, and combustion air pre-heating for boilers. Key end-use sectors for the waste heat recovery market include pulp and paper, petroleum and refining, heavy metals refining, chemical refining, and cement. Key sources of waste heat are boiler flue gases, ventilation system extracts, turbines, refrigeration plants, air compressors, power generation plants, and processing plant cooling systems. The report covers the analytical overview of the waste heat recovery market in regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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The report also presents a detailed overview of the competitive landscape of the global waste heat recovery market, profiling some of the key contributors to the overall development of the market. Some of the leading companies operating in the global waste energy recovery market are Alstom SA, General Electric, Mitsubishi Heavy Industries Ltd, Thermax Ltd, Foster Wheeler AG, and Siemens AG.