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Joint Venture – The Most Popular Growth Strategy
Joint venture is the most popular growth strategy adopted by the leading companies in the waste heat recovery market. The top players in the waste heat recovery are keen on this strategy for better penetration and expansion of their business into new regions. These new ventures would help the companies to satiate the growing demand for waste heat recovery systems.
Several factors directly or indirectly affect the waste heat recovery market such as increased growth in government regulatory requirement, increasing concern towards environmental protection, rising concern for energy prices, and the reluctant use of waste heat management technologies among others.
One major factor that is hindering the development of the market is the high implementation costs of these systems in the factories. This is a massive restriction for medium level companies with low capital budget. The capital cost involved in their implementation in the industry is significant when it comes to larger applications and higher power capacity. The system also requires proper maintenance adding to the overall capital and operating cost of the WHR equipment. Many industries are reluctant towards investing in the mechanisms that do not increase the production and ensure their economic survival. They hesitate to take up risks involved projects, such as waste heat recovery projects that are outside of their core business. All these factors together prove a deterrent to the WHRS market.
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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