Waste Heat Recovery System Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Spain, Italy, France, Germany, China, India, Japan, Saudi Arabia, U.A.E., South Africa, Brazil, Peru), Application Development, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI1235
Global waste heat recovery system market size is set to grow substantially between 2017 to 2024. Rising environmental concerns towards greenhouse gas emissions and stringent government regulations to diminish carbon footprint will positively impact the industry outlook. The government mandates are favoring industrial enterprises to implement energy efficient equipment, cogeneration technologies, clean coal and advanced energy consumption monitoring and control.
Rapid development of sustainable energy coupled with favorable government initiatives are likely to propel the waste heat recovery system (WHRS) market. Systems installed in China, India, Thailand and Pakistan were granted revenues under the Clean Development Mechanism program.
In June 2015, the U.S. Greenhouse Gas (GHG) Phase II was introduced to regulate the emissions and fuel consumption for medium and heavy duty trucks. With the introduction of the legislation, waste heat recovery system market is growing at a rapid pace, facilitating large commercial vehicles to meet GHG regulation and attain high fuel efficiency.
Increasing growth in the cement industry is a principal driver of the business, propelling the waste heat recovery system market. In 2013, the global cement consumption was estimated by World Bank to be over 3900 metric tonnes, marking a significant increase compared to previous years. The rise in global cement demand has been propelled by economic expansion in emerging economies owing to growing urbanization and industrialization.
Unreliable grid supply is likely to drive the waste heat recovery system market. WHRS can deliver up to 30 percent of a cement plant power requirement, reducing dependence on unreliable power supply, and capacity requirements for captive power.
WHRS are widely used in numerous industries including refineries, paper & pulp, heavy metals, petrochemicals and chemicals for pre-heating, steam generation and power generation. Increasing recovery systems penetration in Heating, Ventilation and Air Conditioning (HVAC) and automotive industries is likely to strengthen the waste heat recovery system market.
Waste heat recovery system market potential for different regions can be prioritized as per the key parameters including WHR capacity (MW), concerns over power reliability, industrial electricity prices, growth in cement industry, political stability, regulations, existing WHR installed capacity and feedstock moisture suitable for WHR.
The U.S. waste heat power generation systems are estimated to gain high potential from industrial and non-industrial processes including heat available from exhaust from landfill gas engines, natural gas pipeline compressors and other operations.
For Europe, Germany is evolving as a major leader in the waste heat recovery system market owing to the high awareness about the systems coupled with the favorable European Union (EU) initiatives to develop energy through waste. In 2011, the European Union funded the first pilot waste heat power plant in energy industries glass, cement, steel and others.
In Asia Pacific, rapid industrialization coupled with increasing emphasis on sustainable energy in China and India is likely to drive waste heat recovery system market growth during the forecast period. In 2014, as per the International Finance Corporation, there are over 850 WHR power installations worldwide with China being the leader having 739 WHR installations, followed by India with 26 WHR installations and Japan with 24 WHR installations.
In India, the government is currently strategizing to employ Waste Heat Power Generation in solar and renewable energy projects as a power source. In 2014, the government reported that majority of waste heat plants are installed in the cement industry with installed capacity of over 81 MW at 11 different locations. India waste heat recovery system market potential is predicted over 5000 MW in multiple industries including cement, iron & steel, glass, aluminium, pulp & paper, industrial boilers, refining among others.
High capital investment and additional cost of equipment maintenance coupled with temperature limits may impede the waste heat recovery system market growth. Extensive research and development towards minimizing installation costs and overcoming temperature constraints of waste heat recovery systems is anticipated to counter the challenge.
Some of the key players in the global waste heat recovery system market include General Electric, Alstom, Mitsubishi, Siemens, ABB Foster, Wheeler, Echogen Power, Econotherm, Thermax, Ormat and China Energy Recovery among others.
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