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Waste Heat Recovery Systems Market: Overview

Waste heat recovery systems are among the most economical ways to increase the overall efficiency of the plant and while lowering fuel demand. Large quantities of the fuel used to produce power in conventional power plants is wasted due to the limitations of the power conversion processes. Exhaust gas of various processes carry a huge amount of energy, also referred to as waste heat. Often industrial processes produce enough waste heat to generate electricity. Waste heat recovery units (WHRUs) or heat to power units could recover the waste heat and transform it into electricity by using, for example, an organic Rankine cycle (ORC). Any exhaust gas stream with temperatures above 250°F has the potential for significant waste heat recovery. The waste heat temperature is a key factor determining waste heat recovery feasibility. Waste heat temperatures can vary significantly. In order to enable heat transfer and recovery, it is necessary that the waste heat source temperature is higher than the heat sink temperature.

Waste Heat Recovery Systems Market: Market Dynamics and Trends

Consumers of waste heat recovery systems include plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat. Often, waste heat is of low temperature quality. It can be difficult to efficiently utilize the heat contained. In these cases ORC technology can bring an additional benefit to raise the overall plant efficiency. The ORC unit utilizes this otherwise wasted energy and converts it into power.

In the upstream oil & gas segment the need for heating process fluid is required in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units. This is done by harnessing the waste heat available in the exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor drives (PGC).

Decentralized power supply is another trend in the world’s growing demand for energy. While many regions do not have access to centralized power supply yet the local infrastructure still demands electricity. Independent power supply makes use of any available fuels, be it biomass, household refuse, or waste heat from an industrial process.

Waste Heat Recovery Systems Market: Market Segmentation

Based on the market, waste heat recovery systems are classified into gas and diesel cogeneration systems, boiler exhaust stack economizer systems, and fume incineration systems.

Based on technology, waste heat recovery systems can be classified into: complete closed loop systems, combustion air preheat systems, and high particulate systems.

Based on application, waste heat recovery systems can be classified into recuperators, regenerators, rotary heat exchangers, heat pumps, and economizers.

Based on the application, waste heat recovery systems can be classified into low temperature range (0–120°C), medium temperature range (120–650°C) and high temperature range (650°C and above)

Waste Heat Recovery Systems Market: Region-wise Outlook

Region-wise, Europe and North America are the market leaders in the manufacturing and utilization of waste heat recovery systems including in marine sectors. This trend is followed by the Asia Pacific and Middle East regions.

Waste Heat Recovery Systems Market: Key Players

Major players in the waste heat recovery systems market are Bosch Industriekessel GmbH, Sigma Thermal, Dresser-Rand-Ingersoll, Cain Industries, Ecogen Power Systems, Borsig GmbH, The Maersk Group, Siemens AG, Thermax Global, and Ci-Tech Energy Recovery Systems.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Waste Heat Recovery Systems Market

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