Waste Heat Boiler Market to Grow at a CAGR of 6.4% to reach US$ 10.03 Billion from 2019 to 2027

"Waste Heat Boiler Market Forecast to 2027 - Global Analysis and Forecasts by Waste Heat Temperature (Medium Temperature, High Temperature, and Ultra-High Temperature), Waste Heat Source (Oil Engine Exhaust, Gas Engine Exhaust, Gas Turbine Exhaust, Incinerator Exit Gases, Kiln & Furnace Gases, and Others), Orientation (Horizontal and Vertical), End-user (Power Generation Utilities, Oil & Gas, Chemical, Primary Metals, Non-Metallic Minerals, and Others)", The global waste heat boiler market is estimated to account US$ 5.78 Bn in 2018 and is expected to grow at a CAGR of 6.4% during the forecast period 2019 - 2027, to account to US$ 10.03 Bn by 2027.

The waste heat recovery system offers economical steady power for oil & gas operations, from drilling and production, to midstream and downstream. In oil & gas processing plants substantial amount of energy is frequently consumed to heat as well as cool product streams amongst stages. Further, the oil & gas sector strongly focuses on safety as well as consistency of operations. Thus, technologies for waste heat recovery can be extensively implemented to improve overall plant efficiency, after validating their operation fulfil the industry standards. Presently, maximum large refineries make use of CHP to deliver a share of their process steam and power requirements as well as to improve energy reliability. Most of existing CHP in the oil & gas sector is natural gas, however growth prospects appear in refineries planning expansions as well as upgrades. In 2019, Suncor Energy Inc., a Canadian Energy Company, announced to invest $1.4 Bn for the replacement of two coke-fired boilers with gas-fired cogeneration units in its oil sands project. This would help the company to reduce greenhouse-gas emissions from steam production at its base plant. Also, TransAlta Corporation signed an agreement with SemCAMS Midstream ULC to construct and operate a new CHP facility at a sour gas processing plant in Alberta. Further, Siemens was selected by Braskem, a Brazilian petrochemical company, to modernize its cogeneration power and steam plant located in Sao Paulo.

Report Coverage Details
Market Size Value in US$ 5.78 Billion in 2018
Market Size Value by US$ 10.03 Billion by 2027
Growth rate CAGR of 6.4% from 2019-2027
Forecast Period 2019-2027
Base Year 2019
No. of Pages 203
No. Tables 112
No. of Charts & Figures 91
Historical data available Yes
Segments covered Waste Heat Temperature , Waste Heat Source , Orientation , End-user
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Waste Heat Boiler Market: Competitive Landscape and Key Developments
Alfa Laval, CiTECH Energy Recovery Solutions (UK) LTD, General Electric, Kawasaki Heavy Industries, Ltd., Nooter/Eriksen, The Bosch Group, Thermax Limited, Thyssenkrupp AG, Viessmann Group, Zhengzhou Boiler Co., and Ltd are among key players profiled during the study of the Waste Heat Boiler market.

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Steam is a vital element in power generation plants, which is a key energy source and fulfils several significant functions, including for turbine operation, as process steam, or for district heating. Thus, heat recovery systems are considered very essential components in several power generation utilities. These components facilitate in increasing the overall efficiency of these plants and minimizes the fuel costs. For instance, several environmental problems can be caused by the fossil fuel power plants owing to their exhaust emissions as well as use of substantial amounts of water.

Recovery of heat and water from the flue gas in a thermal power station can help in reducing the emissions as well as water requirements. Many techniques have been developed and implemented to utilize flue gas, which can facilitate in solving these issues. Among these, techniques focused on waste heat are quite attractive. The waste heat boiler by orientation is segmented into horizontal and vertical boilers. The waste heat recovery capacity of each of these boilers depends on the boiler efficiency. Further, the choice of orientation is majorly dependent on the installation site. Vertical boilers are usually preferred at small and narrow application; however horizontal boilers are mostly deployed at spacious site. Both of these boilers are different in terms of application area, thus the choice completely depends on the customers' requirements.

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In the future, the energy-efficient solutions would most likely to witness high demand. Waste heat boiler, an energy-efficient equipment are used to recover waste heat energy and can reduce future operating costs, capital investment, and utility systems costs. The performance of waste heater boilers is a key element in the efforts of commercial facilities to hold down utility costs. For maintenance and engineering procedures in various industries, businesses trying to provide efficient boiler performance, the efficiency of the boiler is decided by the proportion of heat output to the amount of fuel utilized. According to the U.S Department of energy, traditional heating systems generally run between 56% to 70% efficiency, which is a substantial loss in energy savings. However, modern boilers and water heaters run around 80% efficiency, which provides significant energy savings when used in a number of industries. Thus, developing technologies offer promise in recovering waste heat more efficiently rather than traditional.

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