Waste Heat Boiler Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3722
Waste Heat Boiler Market size is poised to witness a positive growth trend during the forecast period 2021-2027. This growth is credited to the ongoing efforts to curb greenhouse gas emissions across the world, which is promoting the adoption of sustainable technologies across industries. The need for better energy efficiency in industrial processes and tightening regulations on industries to limit carbon emissions will certainly boost the deployment of waste heat boilers.
The growth of the waste heat boiler market is also driven by the rapidly increasing world population and the subsequently rising energy demand. To meet this demand in a sustainable and efficient manner, economies are actively investing towards cleaner technologies. These boilers are anticipated to experience strong demand in chemical, oil & gas, food & beverage, and other sectors in the future.
Waste heat boilers use the heat in flue gases from hot waste air flows from industrial processes or combustion processes to generate saturated steam or hot water. They reduce heat produced due to industrial processes significantly, thereby minimizing the negative impact on life caused due to heat production. Due to economic and legislative considerations, these boilers are widely used in conjunction with combined heat and power units and gas turbines. The impact of increasing energy costs will continue to promote the application of waste heat boilers in industrial processes.
The oil & gas sector is slated to capture a notable share of the waste heat boiler market by 2027. The need for higher efficiency and productivity in oil & gas operations is driving the implementation of sustainable technologies in the sector. O&G companies across the world are phasing out conventional boiler systems and adopting eco-friendlier options such as waste heat boilers. The adoption of these boilers will grow substantially with the growing number of oil and gas sector investments worldwide.
Region-wise, North America waste heat boiler market will experience significant growth in the forthcoming years. The regional trends are attributable to the growing environmental impact due to greenhouse gas emissions and tightening regulatory norms. The continuously rising energy demand and increasing electricity prices are driving the adoption of sustainable technologies across the power generation sector. Additionally, the ongoing developments across the oil & gas sector will offer lucrative opportunities for boiler manufacturers based in North America.
Bosch, Siemens, Forbes Marshall, Thermax, General Electric, Alfa Laval, Thyssenkrupp, Babcock & Wilcox, BHEL, Nooter/Eriksen, and Amec Foster Wheeler some of the top companies in the business. Manufacturers are bound to witness tremendous opportunities in the future as the demand for waste heat recovery solutions rises.
In June 2021, Thermax Babcock and Wilcox Energy Solutions (TBWES), Thermax’s wholly owned subsidiary, had received a nearly USD 34 million contract to supply waste heat boiler and other equipment for a greenfield refinery in Latin America. The scope of the contract includes design, engineering, and production of the equipment. Citing another instance, in February 2021, Siemens Energy had inked an agreement with Canadian power company TC Energy Corporation to build a novel waste heat-to-power plant in Alberta, Canada.
COVID-19 crisis and its impact on waste heat boiler market forecast
The COVID-19 pandemic and resulting disruptions such as the global economic downturn have had a significant impact on the waste heat boiler industry. Reduced industrial operations due to containment measures, strict protocols, workforce shortages, and supply chain issues have caused a decline in boiler demand and utilization. The recovery of key end-use verticals, however, will bolster market outlook over 2021-2027.
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