According to the market report published by
MarketsandMarkets™ “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”, 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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The waste heat boiler market is dominated by major players that are established brand names with
wide regional presence, along with many local and regional players in the
emerging economies. The global market is dominated by major
players such as General Electric (US), Siemens (Germany), Thermax (India), CMI
Group (Belgium), Amec Foster Wheeler (UK), and Nooter/Eriksen (US).
77 - Tables
28 - Figures
153- Pages
The market
growth strategies adopted by the key players in the waste heat boiler market
include contracts & agreements, mergers & acquisitions, and partnership
& collaborations. Contracts & Agreements were the most commonly adopted
strategy by market players from February 2014 to December 2018.
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 is expected to be the largest
waste heat boiler market, by waste heat temperature, in 2018.
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.
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Asia
Pacific: The largest waste heat boiler market during the forecast period.
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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