Waste Heat Recovery Boiler Market 2024 Industry Size, Outlook, Forecast and Analysis and Key Regions 2032

IMARC Group’s report titled “Waste Heat Recovery Boiler Market Report by Type (Water Tube Boiler, Fire Tube Boiler), Waste Heat Temperature (Medium Temperature, High Temperature, Ultra-High Temperature), Waste Heat Source (Oil Engine Exhaust, Gas Engine Exhaust, Gas Turbine Exhaust, Incinerator Exit Gases, and Others), Orientation (Horizontal, Vertical), End-Use Industry (Power Generation Utilities, Oil & Gas, Chemical, Primary Metals, and Others), and Region 2024-2032“. The global waste heat recovery boiler market size reached US$ 7.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

Factors Affecting the Growth of the Waste Heat Recovery Boiler Industry:

• Industrial Growth:

The expansion of industrial activities in emerging economies is fueling the growth of the waste heat recovery boiler market. Certain industries, such as cement, steel, glass, and chemicals, are major contributors to waste heat generation due to their energy-intensive manufacturing processes. The adoption of waste heat recovery systems in these sectors is driven by the need to reduce energy consumption, optimize operational efficiency, and minimize costs. By leveraging waste heat, these industries can significantly lower their energy expenditure, enhance their competitiveness, and improve their bottom line. Waste heat recovery boilers play a vital role in capturing and utilizing this wasted energy, which can be reused in the production process or repurposed for other applications.

• Technological Advancements:

The rapid advancement of technology is transforming waste heat, and cost-effective solutions. Breakthroughs in high-temperature and corrosion-resistant materials, combined with cutting-edge control systems, enable seamless integration with existing industrial processes and optimize performance. These innovations not only prolong the lifespan of the boilers and reduce across diverse industries, making them previously considered impractical or inefficient. As a result, companies are becoming increasingly eager to adopt these advanced systems, driven by the prospect of substantial energy savings, improved operational efficiency, and a swift

• Growing Focus on Sustainable Practices:

The adoption of waste heat recovery boilers is a key strategy for achieving sustainability goals, driving market expansion. By harnessing waste heat and converting it into usable energy, these boilers can substantially decrease the total energy needs of industrial facilities, resulting in a lower carbon footprint, reduced GHG emissions, and decreased dependence on fossil fuels. This technology also enables companies to comply with environmental regulations and meet consumer expectations for eco-friendly products. Furthermore, the implementation of waste heat recovery boilers demonstrates an industry’s dedication to environmentally responsible practices, highlighting its forward-thinking approach to energy efficiency and environmental conservation.

Leading Companies Operating in the Global Waste Heat Recovery Boiler Industry:

• Alfa Laval
• Amec Foster Wheeler
• Robert Bosch
• Forbes Marshall
• General Electric
• Nooter/Eriksen
• Siemens
• Thermax
• Thyssenkrupp
• Viessmann
• Zhengzhou Boiler

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/waste-heat-recovery-boiler-market/requestsample

Waste Heat Recovery Boiler Market Report Segmentation:

By Type:

• Water Tube Boiler
• Fire Tube Boiler

Fire tube boilers dominate the market, as they are more cost-effective and easier to install compared to other types, appealing to various industries seeking efficiency improvements.

By Waste Heat Temperature:

• Medium Temperature
• High Temperature
• Ultra-High Temperature

High temperature boilers hold the largest market share as they offer higher energy recovery potential, attracting industries with processes generating substantial amounts of high-grade waste heat, such as steel manufacturing or power generation.

By Waste Heat Source:

• Oil Engine Exhaust
• Gas Engine Exhaust
• Gas Turbine Exhaust
• Incinerator Exit Gases
• Others

Oil engine exhaust represents the largest market segment due to the widespread use of oil engines in various industrial applications, creating a significant demand for recovering the heat from exhaust gases to enhance overall energy efficiency.

By Orientation:

• Horizontal
• Vertical

Vertical orientation accounts for the largest market share, as it offers space-saving advantages and is often preferred in industrial settings where floor space is limited, making it a practical choice for many applications.

By End-Use Industry:

• Power Generation Utilities
• Oil & Gas
• Chemical
• Primary Metals
• Others

The oil and gas industry dominates the market due to its extensive operations involving high-temperature processes and exhaust streams rich in recoverable energy to improve energy efficiency and reduce emissions.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Global Waste Heat Recovery Boiler Market Trends:

Currently, industries are increasingly focused on enhancing energy efficiency due to concerns about environmental sustainability and rising energy costs. Waste heat recovery boilers provide a way to capture and utilize heat that would otherwise be wasted, leading to reduced energy consumption and lower greenhouse gas emissions. Governments around world are enforcing stricter regulations industrial emissions and waste management, which includes the adoption of boilers as part of compliance efforts to reduce carbon footprint and environmental impact. The rapid industrial growth in developing countries is driving the demand for energy-efficient solutions, prompting industries such as manufacturing, chemical processing, and power generation to invest in waste heat recovery technologies to improve operational efficiency and stay competitive.

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