LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global waste heat recovery market is expected to reach USD 56.340 billion by 2021, growing at a CAGR of almost 7%.
This research report titled ‘Global Waste Heat Recovery Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global waste heat recovery market is expected to grow at a steady pace during the forecast period. Many nations worldwide are making efforts to reduce the GHG emissions and control pollution. Countries such as the US, Canada, and China are implementing stringent emission norms and placing restrictions on the emissions from power plants. To achieve the proposed emission standards, advanced technologies such as waste heat recovery and carbon capture and storage (CCS) are required, which can improve the power generation efficiency levels from 40%-45% to 80%-85%.
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Technavio’s energy research analysts categorize the global waste heat recovery market into the following segments by end-user. They are:
- Petroleum refining
- Commercial and institutional
- Others (cement industry and other manufacturing)
The top three revenue-generating end-user segments for the global waste heat recovery market are discussed below:
The chemicals industry is expected to witness a high growth during the forecast period. This segment includes various industries, which have processes that generate massive amounts of heat. This provides the substantial potential to deploy waste heat recovery technologies in such processes.
According to Sayani Roy, a lead power research analyst from Technavio, “The chemicals industry generates vast amounts of waste heat, which may be utilized for various purposes within the systems or separately for power generation. The chemicals industry includes polymer, petrochemicals, agrochemicals, pharmaceuticals, fertilizers, and dyes, all of which generally involve high-temperature processes that release a large amount of waste heat.”
The petroleum refining industry will witness rapid growth in the next five years. Petroleum refineries are at the heart of the world as they manufacture fuel, which drives almost everything today. Due to the criticality of the processes, petroleum refineries have their own captive power plants for the uninterrupted supply of electricity.
“Waste heat recovery systems are used in the petroleum refining processes, such as distillation, thermal cracking, and catalytic conversion and treatment. These processes involve exothermic reactions that produce waste heat and utilize substantial amounts of energy,” says Sayani.
The global waste heat recovery market in the paper industry is expected to see moderate growth in the coming years. Waste heat in the paper drying process is recovered and used for power generation, which can be utilized in the paper manufacturing units. Paper and pulp production processes include chemical pulping, mechanical pulping, paper recycling, and paper production.
Globally, the increase in population, which leads to the need for the education market, will drive the paper industry. For instance, in India, higher education contributes to more than half of the overall education market in the country, as India has one of the leading higher education markets in the world.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Amec Foster Wheeler
- Clean Energy Technologies
- Mitsubishi Hitachi Power Systems
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