DUBLIN, June 27, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Waste Heat Recovery Market 2017-2021" report to their offering.
The global waste heat recovery market to grow at a CAGR of 6.74% during the period 2017-2021.
Global Waste Heat Recovery Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the new installations and exclude retrofit/ replacement/spares/aftermarket/services market.
According to the report, one of the major drivers for this market is growing global electricity consumption. Globally, electricity consumption has been on the rise. It has increased at a CAGR of 2.77% during the period 2005-2015. Similarly, the global population rose by 12.78% during 2005-2015. This is creating an increasing demand for electricity, thus driving the electricity production market. This will be a major driver for the incorporation of waste heat recovery in power plants during the forecast period, as their use can lead to increased power production by improving plant efficiency. The installation of waste heat recovery systems in existing power plants is cheaper than building new power plants. Hence, waste heat recovery techniques will be the prime method of increasing power production during the forecast period.
The latest trend gaining momentum in the market is increasing use of thermoelectric material for waste heat recovery. Thermoelectric materials can generate electricity potential by a temperature difference. This converting temperature to current or vice versa is known as the Seebeck effect. These materials have been under study for generating electricity from waste heat. The materials can be utilized to generate useful electric power from waste heat, which will increase the overall energy consumption efficiency of the plant. These can be used in various industries, as well as in transportation vehicles. The improvements in the performance of thermoelectric materials have mainly focused on reducing the thermal conductivity of the materials.
Further, the report states that one of the major factors hindering the growth of this market is high investment costs for waste heat recovery systems. The key inhibiting factor of any technology is the cost. These costs primarily include capital cost and operational cost. One of the drawbacks of waste heat recovery systems is the high capital costs. The total costs incurred in installing a waste heat to power (WHP) system includes the cost of waste heat recovery equipment and power generation equipment. The average cost of such a WHP system is $3 million per MW of power produced. One unit of waste heat boiler can cost upward of half a million USD, depending on the size and specifications.
- Amec Foster Wheeler
- Clean Energy Technologies
- Mitsubishi Hitachi Power Systems
Other prominent vendors
- Bono Energia
- Bosch Industriekessel
- ClearPower Systems
- Forbes Marshall
- Ormat Technologies
- Probe Manufacturing
- THE MAERSK GROUP
- Thermax Global
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by end-user
Part 07: Geographical segmentation
Part 08: Decision framework
Part 09: Drivers and challenges
Part 10: Market trends
Part 11: Vendor landscape
Part 12: Key vendor analysis
Part 13: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/2sbvwr/global_waste_heat
Laura Wood, Senior Manager
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SOURCE Research and Markets