Market Research Report
Waste Heat Recovery Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945299|
|Published||Content info||108 Pages
Delivery time: 2-3 business days
|Waste Heat Recovery Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 108 Pages||
The global waste heat recovery boiler market grew at a CAGR of around 7% during 2014-2019. A waste heat recovery boiler refers to a heat recovery equipment that is utilized for minimizing the wastage of heat generated by industrial plants. It is primarily used by the factories producing steel, cement, non-ferrous metals and chemicals, such as ethylene, ammonia, sulfuric acid and nitric acid. The boiler is used, along with gas turbines and combined heat/power units, to reprocess the wasted heat energy and convert it into steam or hot water for further utilization. This heat can be used for re-heating applications, generating electricity by driving turbines, compressing vapors and pumping liquids. This aids in enhancing the efficiencies of the plant and lowering the process costs and consumption of utilities.
Significant growth in the power, oil and gas and chemical industries, along with the increasing requirement for energy-efficient industrial processes, is one of the key factors driving the growth of the market. Apart from reusing waste heat, a WHB can also be used for removing heat from a process fluid that needs to be cooled down for transportation or storage. Furthermore, the rising environmental consciousness among the masses is also creating a positive impact on the market growth. Resulting from the growing energy demand, there is an increasing preference for utilizing renewable resources to develop environment-friendly energy with minimal greenhouse gas (GHG) emissions. Other factors, including growing investments in combined cycle power plants across the globe, especially in emerging nations, along with the implementation of various government initiatives to promote sustainable infrastructural development, are projected to drive the market further. Looking forward, IMARC Group expects the market to witness moderate growth during the forecast period (2020-2025).