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Waste Heat Recovery Market Analysis, Key Players, Growth and Future Scope

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Globally, Europe registered the highest adoption of waste heat recovery systems and processes in the past.

NEW YORK - eTradeWire -- Waste heat recovery basically involves capturing and reusing waste heat for various purposes and applications such as combustion air preheating, steam generation, load preheating, space heating, water preheating, and power generation. Waste heat is produced in several industrial processes. Cooling water from furnaces, exhausts from glass melting furnaces, combustion engines, cement kiln, conductive, convective, and radiation heat losses, and fume incinerator are some of the major industrial processes that generate waste heat.

There are various methods that are used for recovering waste heat. In waste heat wellsprings, various hot burning gases are released to the environment. A waste heat recovery system is basically is a regular heat exchanger, in which, heat is collected from hot springs. Heat recovery system generators HRSG's, turbines, and mechanical warming boilers are the some of the major waste heat recovery hardware. The usage of mechanical waste heat recovery systems also allows the recovery of waste heat.

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For instance, preheating the combustion air can increase the efficiency of furnaces by as much as 50%. Besides these, the increasing implementation of various government initiatives and rapid technological advancements are also fueling the demand for waste recovery systems and processes across the globe. This is, in turn, driving the progress of the global waste heat recovery market (https://www.psmarketresearch.com/market-analysis/waste-heat-recovery-market). Steam and power generation and preheating are the major application areas of waste heat recovery systems.

The biggest end users of these systems are natural gas compression, paper and pulp, chemical, cement, metal production, and casting, and petroleum refining industries. Out of these, the usage of waste heat recovery systems was found to be the highest in the petroleum refining industry during the last few years. Moreover, this trend will continue in the coming years, as per the estimates of P&S Intelligence, a market research company based in India.

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Hence, it can be said without any hesitation that the sales of waste heat recovery systems will skyrocket all over the world in the coming years, primarily because of the growing popularity of systems and processes that can reduce environmental degradation and the emission of harmful gases from industrial processes.

Vijay Kumar

Source: P&S Intelligence
Filed Under: Business

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