Waste Heat Recovery Market: 1.67% Y-O-Y Growth Rate in 2020 | Global Trends & Forecasts to 2024

 Highlights-

• Segmentation- The report extensively covers market segmentation by End-user (chemical, petroleum refining, paper, commercial and institutional, food and beverages, 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- Rise in industrialization in BRICS to drive the market.
• Challenge- Concerns related to fouling in waste heat recovery systems to hamper the market growth 

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

• In-Scope:
• Chemical:

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

• Out-of-Scope:
• Petroleum refining
• Paper
• Commercial and institutional
• Food and beverages
• Metal
• Other end-users

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Vendor Insights-

The waste heat recovery market is fragmented and the 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 marine containers and bulk vessels.
• Alfa Laval AB- the company operates under Energy, Food & Water, Marine, Greenhouse, and Operations business segments. The company also provides exhaust gas waste heat recovery systems.
• Clean Energy Technologies Inc.- The company offers Clean Cycle II ORC heat recovery generator uses patented magnetic bearing turbine technology to capture wasted heat from industrial manufacturing, waste processing, and power generation facilities and convert it into electricity that can be used or sold back to the grid.

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Learn More about Key Driver & Challenge of the Market-

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

One of the key factors driving growth in the waste heat recovery market is the rise in industrialization in BRICS. The rapid industrialization in Brazil, Russia, India, China, and South Africa (BRICS) has led to an increase in manufacturing activities. The investors are targeting developing countries to increase their market share and treat these countries as their manufacturing hubs. BRICS and other developing countries are the new mining hubs because of the presence of abundant natural mineral resources. Easy availability of low-cost labor, cheaper raw materials, and favorable regulations are attracting mining companies toward developing nations. China is one of the major countries, with the manufacturing sector accounting for a significant share. Many companies are increasingly focusing on expanding their facilities. Such a rise in industrialization and the setting up of manufacturing plants are 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 related to fouling in waste heat recovery systems:

The concerns related to fouling in waste heat recovery systems will be a major challenge for the waste heat recovery market during the forecast period. Fouling during the use of waste heat recovery systems can reduce the efficiency of the system. Fouling is the deposition or accumulation of unwanted materials on the equipment surfaces. The industrial exhausts contain moisture and contaminants such as alumina particulates at a relatively low temperature. Moisture and solid contaminants can affect the performance and reliability of the system due to the buildup of solids on heat transfer surfaces and the plugging of gas passages. The occurrence of fouling results in an increased number of cleaning cycles to maintain production capability and efficiency. This increases the production and operational costs of manufacturing companies. The costs related to fouling include additional energy consumption of equipment and lost productivity. Such issues related to fouling in waste heat recovery systems may reduce the overall profitability of end-users.

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