Waste Heat Boiler Market

General Electric (US) and Siemens (Germany) are the Major Players in the Waste Heat Boiler Market

The global waste heat boiler market is projected to reach USD 8.04 Billion by 2023, growing at a CAGR of 6.72% from 2018 to 2023. This market growth is primarily driven by increasing energy demand and prices, especially in the emerging economies such as India, South Africa etc. The requirement for decentralized power supply to reduce energy consumption, and increasing efforts to reduce global GHG emissions are also supporting the demand of waste heat boilers.

Asia Pacific would continue to be the largest market for waste heat boiler, followed by North America, during the forecast period. The global market is dominated by major players such as General Electric (US), Siemens (Germany), Thermax (India), CMI Group (Belgium), Amec Foster Wheeler (UK), and Nooter/Eriksen (US).

The market growth strategies adopted by the key players in the waste heat boiler market include contracts & agreements, mergers & acquisitions, and partnership & collaborations. Contracts & Agreements were the most commonly adopted strategy by market players from February 2014 to December 2018.

General Electric is one of the leading technology and financial services company. The company operates through various business segments, namely, aviation, power, healthcare, oil & gas, renewable energy, capital, energy connections and lighting, and transportation. It offers heat recovery steam generator products through its power business segment. The company has adopted contracts & agreements as its key strategy to gain a larger share of the waste heat boiler market. In March 2018, the company signed a multiyear agreement with Southern Power Generation Sdn Bhd (SPG) for its new Track 4A plant, a 1,440 MW combined-cycle power plant in Pasir Gudang, Johor, Malaysia.

Siemens is a German manufacturing and engineering company that offers products to sectors such as infrastructure, healthcare, and energy. The company operates through eight business segments, namely, power and gas, wind power and renewables, energy management, building technologies, mobility, digital factory, process industry and drives, and healthcare. Siemens offers heat recovery steam generators through its power & gas business segment. Siemens has adopted contracts & agreements as its key strategy. In February 2018, Siemens was selected to engineer, manufacture and commission the SGT-750 gas turbine-driven compression train for Statoil's floating production, storage and offloading. Through this contract Siemens will also supply a waste heat recovery unit to recover gas turbine exhaust heat that will be distributed as heated liquid to prevent ice build-up on key surfaces of the superstructure. In November 2017, Siemens had received a contract to expand the Genelba gas-fired power station in Argentina. The Scope of the project for Siemens consists of one SGT5-2000E gas turbine, one SST-5-5000 steam turbine, and two SGen-100A generators, in addition to two NEM heat recovery steam generators.

Related Reports:

Waste Heat Boiler Market by Temperature (Medium, High, Ultra High), Source (Oil Engine, Gas Engine, Gas Turbine, Incinerator, Cement Plant Kiln, Steel Plant, Glass Furnace), Orientation (Horizontal & Vertical), End-User, and Region - Global Forecast to 2023

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Waste Heat Boiler Market Size,  Share & Growth Report
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