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On the basis of product type, the waste heat recovery system market is segmented as generators, boilers, exhaust stacks, ovens, compressors, heat pumps, regenerators, recuperators and others. On the basis of application the global market can be segmented as pre-heating, steam generation, electricity generation and others. Globally, steam generation accounts for almost half of the market share compared to other sources. According to the United States Department Of Energy (US DOE) and the International Energy Agency (IEA), over three-fifths of the energy used by power plants gets wasted in the form of heat and around 20% to 50% of industrial energy input is lost as waste heat. Waste heat recovery equipment find usage in a number of industrial applications such as heavy metal production, cement production, petroleum refining, chemical refining and natural gas compression.
The waste heat recovery system market is expected to grow two-fold between2014 and2020. Currently, Europe is the largest market in the global waste heat recovery systems, accounting for around 35-40% share of the global market. North America is the second-largest segment, followed by APAC region. The APAC region is expected to register a significant growth from 2014 to 2020, majorly due to government regulations and foreign direct investment in the region. The waste heat recovery systems market is expected to grow at a higher rate for emerging economies such as India and China as compared to developed economical regions, such as North America and Europe.
Large-scale economic development, growing population, presence of strict emission regulations and rapid industrialization are the major growth drivers for the APAC waste heat recovery systems market. Apart from these, requirement for fuel efficient systems and growing environment safety awareness are other long term growth drivers, which are contributing towards growth of waste heat recovery market in the APAC region. China and India are playing important roles in the installations of waste heat recovery systems. The use of waste heat recovery systems in the cement industry is estimated to grow significantly, due to a high demand of cement from the APAC region.
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Major players in the waste heat recovery system market include General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd. and Alstom. These companies adopt strategies such as entering into joint ventures, alliances and partnerships in order to expand their business and product lines. Apart from these key players, several other small and local companies are present in the APAC region, and they account for a comparatively low market share.
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