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Need for energy efficiency driving the waste heat recovery systems market
The recovery of the industrial waste heat can be achieved by numerous methods. Either the waste heat can be reused within the same process or could be transferred to a different process. Various technologies are commercially available for this excess heat recovery. Many industrial facilities are improving their energy productivity by installing these technologies. However, in many cases, heat recovery is neither economical nor possible. Thus, the focus is on improving energy efficiency in the industrial sector. Waste heat recovery involves capturing and reusing the waste heat from the industrial processes.
New product/technology development was the second major strategy opted by most of the companies in the global WHRS market. Many companies are mainly focusing on R&D in order to develop new and improved equipment, which offer more distinguished and revolutionary features than the ones already available. The companies such as ABB Ltd., General Electric, Siemens, and Mitsubishi Heavy Industries are constantly trying to improve their existing product line to capture major market share by providing effective energy efficient systems.
In terms of global market, the industry comprises many market participants with few market leaders globally. The industry is highly fragmented in terms of the segments to which the products are offered. The current market is flooded with companies of varying sizes with some companies more dedicated to a particular market segment and some companies with greater financial resources. There is presence of a large number of small players which are catering to the local demand of the end-user industries and trying to capture more market share along with large manufactures who have significant market share.
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
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