Press release
Waste Heat Recovery Market Study by 2025 | Alstom SA, General Electric, Siemens AG
TMR Research
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At the forefront of driving the global waste heat recovery market is the pressing need for energy for residential, commercial, and industrial processes. This has warranted optimization or proper utilization of available resources. Hence, the concept of waste heat recovery. Numerous companies have deployed the systems for generating energy and lessening emission.
Preventing the global waste heat recovery market from attaining its full potential on the other hand is the high cost of installation. Besides, sales are also being hampered on concerns of protracted payback periods.
In order to further examine the prospects of the global waste heat recovery market, the report segments it on the basis of various parameters. Those include end use industries, applications, sources, and regions. Depending upon sources, the global waste recovery market, for example, is divided into turbines, refrigeration plants, process plants cooling systems, boiler flue gases, ventilation system extracts, and power generation plants, among others.
Application areas driving demand in the global waste heat recovery market are drying, space heating, pre-heating of combustion air for boilers, power generation, and fresh air for buildings, among others. Some of the end-use industries in the market are pulp and paper industries, refining industries, chemical refining industries, heavy metals reefing industries, and cement industries.
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The waste heat recovery system uses discarded heat and employs it to heat the water that creates steam, which is subsequently used for the purpose of running the turbines. The turbine movement thus converts the mechanical energy into an electrical one. The major applications of waste heat recovery systems include space heating, drying, power generation, pre-heating of combustion air for boilers, and fresh air for building ventilation and others. Key end-use industries for waste heat recovery units include petroleum and refining industries, pulp and paper industries, heavy metals reefing industries, chemical refining industries, and cement industries.
The waste heat recovery market can be simply identified by the regions employing waste heat recovery technologies. The main regions are: the U.S., Canada, Germany, France, the U.K., Russia, China, India, Australia, Japan, Indonesia, Brazil, South Africa, and the Middle East countries.
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The increasing fuel prices, supportive government policies, stringent environmental regulations, energy loss minimization, and the rise in the energy demands of individuals as well as industries are the major drivers for the waste heat recovery market. The additional costs involved in installation and longer payback periods act as obstacles for the waste heat recovery market. However, rapid industrialization, especially in Asia Pacific countries, has led to the increase in demand for energy. In addition, new, existing, and upcoming incentive schemes related to energy conservation and environmental protection can act as an opportunity to the waste heat recovery market.
Prominent participants in the global waste heat recovery market are Alstom SA, General Electric, Siemens AG, Thermax Ltd, Mitsubishi Heavy Industries Ltd, and Foster Wheeler AG.
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TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends
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