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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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 leading players in the waste heat boiler industry include General Electric (US), Siemens (Germany), Thermax (India), CMI Group (Belgium), Amec Foster Wheeler (UK), and Nooter/Eriksen (US).
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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.
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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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