IMARC Group’s report titled “Waste Heat Recovery Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global waste heat recovery boiler market size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Factors Affecting the Growth of Waste Heat Recovery Boiler Industry:
- Increasing Industrialization and Energy Efficiency Demands:
The waste heat recovery boiler market is witnessing significant growth due to the global trend of increasing industrialization and the growing emphasis on energy efficiency. As industries expand and modernize their operations, they require more energy to meet production demands. This heightened energy consumption often results in substantial waste heat being discharged into the atmosphere, contributing to environmental concerns and energy wastage. Waste heat recovery boilers play a crucial role in addressing these challenges. They capture and utilize the excess heat generated during industrial processes, converting it into valuable energy resources such as steam or electricity. This reduces greenhouse gas emissions and also leads to substantial cost savings for industrial facilities. As industries strive to meet stringent environmental regulations and enhance their sustainability profiles, the demand for waste heat recovery boilers is expected to continue to rise.
- Focus on Sustainable Practices and Emission Reduction:
The second driving factor for the waste heat recovery boiler market is the heightened focus on sustainable practices and the need to reduce greenhouse gas emissions. In an era of climate change concerns and sustainability commitments, industries across various sectors are under pressure to minimize their carbon footprint and improve energy efficiency. Waste heat recovery boilers are a vital component of sustainability initiatives. By recovering and reusing waste heat, industries can significantly reduce their reliance on conventional energy sources, leading to a decrease in carbon emissions. This aligns with the global objectives outlined in the Paris Agreement and various national-level sustainability goals.
- Significant Technological Advancements and Innovations:
The waste heat recovery boiler market is also being propelled by continuous technological advancements and innovation. Manufacturers in the industry are constantly developing more efficient and reliable waste heat recovery systems. These innovations enhance the overall performance and cost-effectiveness of waste heat recovery boilers, making them more attractive to a broader range of industries. One notable technological advancement is the development of advanced materials and heat exchange technologies. These improvements have led to higher thermal efficiency and reduced maintenance requirements for waste heat recovery systems. Additionally, the integration of digital monitoring and control systems allows for real-time optimization and predictive maintenance, ensuring seamless operations and minimized downtime.
Leading Companies Operating in the Global Waste Heat Recovery Boiler Industry:
- Alfa Laval
- Amec Foster Wheeler
- Robert Bosch
- Forbes Marshall
- General Electric
- Nooter/Eriksen
- Siemens
- Thermax
- Thyssenkrupp
- Viessmann
- Zhengzhou Boiler
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/waste-heat-recovery-boiler-market/requestsample
Waste Heat Recovery Boiler Market Report Segmentation:
By Type:
Fire tube boiler dominates the market due to its simplicity, cost-effectiveness, and widespread use across various industries, making it a preferred choice for many applications.
By Waste Heat Temperature:
High temperature holds maximum number of shares due to its widespread applicability across various industries, including steel, cement, and chemical manufacturing, where processes generate substantial amounts of high-temperature waste heat that can be efficiently recovered and utilized.
By Waste Heat Source:
Oil engine exhaust represent the largest segment due to its widespread use in various industries, including transportation, power generation, and manufacturing, resulting in a substantial volume of waste heat that can be harnessed for energy recovery.
By Orientation:
Vertical dominates the market due to its widespread adoption in various industries, providing efficient space utilization and compatibility with diverse industrial setups.
By End Use Industry:
Oil & gas holds the maximum number of shares due to its extensive use in various sectors such as transportation, petrochemicals, and power generation, making it a fundamental energy source with wide-reaching applications.
Regional Insights:
Asia Pacific’s dominance in the waste heat recovery boiler market is attributed to its extensive industrialization, growing energy demand, and increasing adoption of waste heat recovery technologies across various industries, driving significant market expansion in the region.
Global Waste Heat Recovery Boiler Market Trends:
The market is witnessing a growing trend toward heat-to-power conversion, wherein waste heat is directly converted into electricity. This approach is gaining prominence as it enhances overall energy efficiency and offers a more sustainable solution for industries looking to reduce their carbon footprint. Additionally, government support in the form of subsidies, tax incentives, and stringent environmental regulations are incentivizing industries to invest in waste heat recovery systems. These policies encourage businesses to adopt energy-efficient practices and reduce emissions, thereby driving the market for waste heat recovery boilers.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
Email: sales@imarcgroup.com
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA
Follow us on Twitter: @imarcglobal
