LONDON--(BUSINESS WIRE)--As demand for electrical power increases worldwide, the Global Waste Heat Recovery Market is expected to grow at a CAGR of 7.3 percent from 2014-2019, says research firm TechNavio.
Many countries are expected to witness an increase in energy use, owing to rapid industrialization and improved standards of living. The growing global population has raised the demand for power, leading many countries to adopt technologies like waste heat recovery solutions to increase their overall efficiency, and meet these escalating power demands.
“Plants using waste heat recovery technology can increase their overall electricity output with the same fuel costs and emissions,” says Faisal Ghaus, Vice President of TechNavio.
The latest report by TechNavio emphasizes huge investment plans in the Waste Heat Recovery Market in the MEA region. The Middle East is rich in gas reserves and new gas explorations in East Africa have placed both these areas in a strong position for gas-based power plants in the future.
“The increase in the number of combined cycle gas turbine (CCGT) plants will be a major determinant for the market growth in the MEA region,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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