According to the new
market research report "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",
published by MarketsandMarkets™, the global
waste heat boiler market is expected to grow at a CAGR of 6.72%, from 2018 to
2023, to reach a market size of USD 8.04 billion by 2023. The increasing demand
for energy and rising electricity prices are forcing companies to opt for
decentralized power supply which is increasing the demand for waste heat
boiler. Also, efforts to reduce GHG emissions is expected to drive the waste
heat boiler market during the forecast period.
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in-depth TOC on "Waste Heat Boiler Market"
77 - Tables
28 - Figures
153 - Pages
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The
industrial segment is a key segment of the waste heat boiler market, by
end-user, from 2018 to 2023. The market for this segment is driven by
increasing investments in oil & gas industry in the developing countries of
Asia Pacific and Middle East & Africa. Therefore, need to reduce carbon
emissions is leading to the increased demand for cleaner sources of power
generation, which, in turn, is causing the rise in demand for waste heat boiler
that would significantly boost the efficiency of natural gas fired power plant.
Kiln
and furnace gases segment is expected to grow at the fastest rate from 2018 to
2023. Rising investments in power generation sector and primary metal
industries are expected to drive the Kiln and furnace gases segment of the
waste heat boiler market.
High
Temperature segment of the waste heat boiler market, by temperature, is
estimated to grow at the fastest rate from 2018 to 2023. Factors such as high
investment in primary metal industries and non-metallic mineral industries are
driving the waste heat boiler market. Most of the process industries, including
iron & steel, cement, aluminum, chemical, and refineries, produce flue
gases at a high temperature range, which is driving the market for high
temperature waste heat boilers.
The waste
heat boiler market has been segmented by region into Asia Pacific, Europe,
North America, Middle East & Africa, and South America. Asia Pacific is
projected to grow at the fastest rate, from 2018 to 2023, followed by North
America and Europe. Countries such as China and India are the largest markets
in Asia Pacific and have increased their investments in the infrastructure and
power sectors in the recent past. China accounted for the maximum share in the
Asia Pacific market in 2017 and is projected to grow at the highest CAGR of
9.47%, from 2018 to 2023. Growing urbanization, increasing industrialization,
growing construction sector, and increasing investments in oil & gas and
chemical segments are the major factors impacting the growth of the waste heat
boiler market in this region.
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