Boston, MA -- (SBWIRE) -- 05/02/2014 -- Waste Heat Recovery Market by Application (Pre-heating, Steam Generation, Electricity & Others), and Industry (Petroleum Refining, Heavy Metal, Cement, Chemical, Natural Gas Compression, Pulp/Paper Industry & Others) - Global Trends & Forecast to 2018
The demand for waste heat recovery systems will continue to surge with the growing requirement for energy efficiency and rising environmental concerns regarding industrial waste heat emissions. The waste heat recovery systems offer energy savings and ensure effective utilization of the waste heat operations. These are the best solutions to the concerns over increasing energy and electricity prices. Technological improvement is as a major opportunity for the waste heat recovery systems market. The primary consideration in the R&D effort of this market lies in minimizing economic costs of waste heat recovery technologies.
Waste heat recovery is the process of capturing heat discarded by an existing industrial process and using that heat for other applications. Waste heat recovery involves capturing and reusing the waste heat from the industrial processes. The factors driving waste heat recovery market are increased growth in government regulatory requirement, increasing concern towards environmental protection, rising concern for energy prices, and the reluctant use of waste heat management. The future opportunities for waste heat recovery systems are huge potential in emerging economies such as Asia-Pacific.
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Waste heat recovery equipment finds their usage in various industries for one or more applications. Enhancing process heat recovery efficiency provides significant and immediate cost savings. The waste heat recovery systems are used in various end-user in industries such as petroleum refining, heavy metal production, cement, chemical refining and other industries. The waste heat recovery market in cement industry is anticipated to grow at a highest CAGR of 9.32% due to the high demand from Asia-Pacific region.
WHRS MARKET MATRIX, BY REGION, 2013-2018
Source: MarketsandMarkets Analysis
The waste heat recovery market will reach $53.12 billion by 2018. Europe dominates the market, accounting for a major share of about 38% in 2012. Asia-Pacific will experience highest growth rate of 9.7% in the next five years from 2013-2018. Key regions in Asia-Pacific market are China and India which will experience the highest installations of waste heat recovery systems.
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