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The treatment and recovery of industrial waste are one of the primary concerns of the various manufacturing industries. To tackle the problem, companies have introduced a range of products and systems related to the treatment and recovery of industrial wastes and recovery of energy from the industrial wastes. Some of the products and services include effluent treatment plant, waste heat recovery system, and flue gas desulphurization system, among others. Waste heat recovery system is generally used to trap or recover the heat escaping along with the wastewater, air, or other products. This process allows a company to recover heat and utilize it for different operations.
By application, the waste heat recovery system is used to provide heat for preheating process, power generation, steam generation, among others. End-use industries for waste heat recovery systems are chemical, petroleum refinery, heavy metal manufacturing, fertilizer & pesticide, paper & pulp industry among others.
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Waste heat recovery systems generally trap the heat from the waste output of the processes. The heat trapped is utilized for preheating of different utilities such as air or water which helps in reducing the energy and heating cost of the process and is expected to aid in creating a platform for the growth of the waste heat recovery system market in coming years. Growth in the global chemical industry is also expected to drive the waste heat recovery system market in the near future owing to the high heat recovery potential possessed by the flue gases in the chemical industry.
The heat recovered from output such as cooling water has low quality or low temperature and cannot provide required heating efficiency. Owing to this, the waste heat recovery systems market is expected to have a negative impact on its future growth.
Some of the major companies that are present in the global waste heat recovery systems market are Sigma Thermal Inc., Forbes Marshall, Exodraft Ltd., Alfa Laval AB, Toshiba Mitsubishi-Electric Industrial Systems Corporation, Siemens AG, Bosch Industriekessel GmbH, Turboden S.p.A, Gulf Coast Environmental Systems, Thermax Limited, Bosal Nederland B.V, Tenneco Inc., Ecogen Power Systems LLC, BORSIG Process Waste heat recovery systems GmbH, ABB Ltd, Matthews Environmental Solutions, Amec Foster Wheeler plc, General Electric Company, Kawasaki Heavy Industries Ltd, Somas Instrument AB, Larsen and Toubro Limited and Cummins Africa.
· Power Generation
· Steam Generation
By End-User Industry
· Petroleum Refinery
· Heavy Metal Manufacturing
· Fertilizer and Pesticide
· Paper & Pulp
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
The global waste heat recovery systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region has witnessed a 7.4% growth in its annual steel production in the year 2017. The steel and heavy metal industry in the region is growing at a decent pace owing to which the waste heat recovery systems market is expected to grow steadily in the coming years. Europe region has a well-established chemical industry growing at a steady rate as reported by CEFIC. The growth of the chemical industry in the region is expected to aid in the sales growth of waste heat recovery systems. The Middle East and Africa region with its steadily growing oil and natural gas and chemical industry are expected to provide huge potential for the growth of waste heat recovery systems in the near future. The oil and natural gas industry in Latin America is expected to grow at a decent pace in the coming years owing to the oil reserves in Venezuela which in turn is likely to aid in the growth of the waste heat recovery systems market in the region. Asia Pacific region is expected to provide various lucrative opportunities for the growth of the waste heat recovery systems market in the region. China and India have witnessed a considerable increase in the chemical, fertilizer, pharmaceutical, and the heavy metal industries in recent past. Owing to which the waste heat recovery systems market is expected to gain a higher growth rate in the coming years.
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