Waste heat boiler market will witness robust growth owing to rising industrialization coupled with growing investment toward retrofitting of existing industrial facilities. Additionally, positive outlook toward deployment of energy efficient technologies along with growing focus toward adoption of trash heat recovery systems will drive the industry growth.
Growing demand for continuous electricity supply from developing economies has resulted in increased investments towards cleaner technologies which will stimulate the waste heat boiler market. In addition, stringent government regulations to limit the carbon emissions from existing power plants will positively impact the business growth.
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Growing industrialization across emerging economies coupled with ongoing expansion of petrochemical industries will drive the high temperature waste heat boiler market. For instance, as per the BP statistics, global per day refining capacity has reached to 98,139 thousand barrels in 2017 as compared to 92, 513 thousand barrels in 2010. Policy makers across the globe are focusing towards deployment of cost-effective technologies to recover exhaust heat from industrial processes which will further enhance the business growth.
Positive outlook toward food & beverage, and chemical industries coupled with growing demand for onsite power generation will drive the waste heat boiler market. Additionally, effective implementation of policies towards pollution control by respective governments will positively impact the deployment of these systems across energy intensive industries.
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Key participants across global waste heat boiler market include Siemens, Thermax, Forbes Marshall, BHEL, Babcock & Wilcox, Amec Foster Wheeler, Bosch, General Electric, Thyssenkrupp, Alfa Laval, Nooter/Eriksen amongst others. Product development and geographical expansion are some of the key strategies followed by industry leaders to achieve competitive advantage. Continuous investments toward efficiency enhancement across energy intensive industries will further create business opportunities for industry players.
China waste heat boiler market will witness growth owing to growing investment toward expansion and retrofitting of metal manufacturing and chemical facilities. For instance, in 2018, German chemical giant BASF announced to invest around USD 10 billion for building a chemical industry in Guangdong, China by 2030. Expanding cement industry due to growing construction activities will further drive the business growth.
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Stringent emission norms and introduction of energy efficiency targets will drive the Europe waste heat boiler market. For instance, revised Energy Efficiency Directive 2012/27/EU introduced in 2018 by European Commission aims toward achieving minimum energy efficiency of 32.5% by 2030.
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