Waste Heat Boiler Market Size, Share and Global Trend By Type (Water-tube Boiler, Fire Tube Boiler), By Heat Source (Oil Engine Exhaust, Gas Engine Exhaust, Gas Turbine Exhaust, Incinerator Exit Gases, Kiln & Furnace Gases) By Temperature (Medium, High, Ultra-High), By Orientation (Horizontal, Vertical) By End-Use Industry (Power Generation, Oil & Gas, Chemical & Fertilizer, Steel, Petroleum Refinery, Cement) and Regional Forecast, 2024-2032

Process optimization, recycling, and recovery of the utilities in the chemical and other industries have been gaining traction in recent years. The recycling and recovery of utility aids in saving the energy cost for running the facility. Waste heat recovery is one of the parts of reusing the waste heat from the process by recovering it using equipment such as a waste heat boiler.

The waste heat boilers trap the waste heat from the processes and utilize the heat to heat water at higher temperatures or to generate steam. Waste heat boilers have replaced the equipment such as pumps, filters, and fans among others and helped in saving energy and equipment costs. Some manufacturers use the waste heat boilers with other systems such as steam superheaters in order to achieve the desired output.

Based on type, the waste heat boiler market is segmented as a water tube boiler and fire tube boiler. The water tube waste heat boilers have applications in the petroleum refineries and the fire tube waste heat boilers are used in the chemical and other allied industries. By heat source, the market can be bifurcated as oil engine exhaust, gas engine exhaust, gas turbine exhaust, incinerator exit gases, kiln & furnace gases, and others.

Based on temperature, the global waste heat boiler market is divided as a medium, high, and ultra-high temperature. By orientation, the waste heat boilers are segmented as horizontal and vertical. The waste heat boiler market by end-use industry is bifurcated by applications of waste heat boilers in power generation, oil & gas, chemical & fertilizer, steel, petroleum refinery, and cement industry, among others.

Waste heat boilers are popular in the chemical and fertilizer industries owing to their addition in saving energy costs. The growth of the chemical and fertilizer industry is thus expected to drive the sales of waste heat boiler during the forecast period. The rapid growth in the population has driven the growth of the construction industry in the recent past. Cement production has also significantly increased in recent years. Owing to the growth of the cement industry, the waste heat boiler applications in the cement industry are expected to witness positive growth in the near future.

The waste heat boilers provide different efficiencies depending on the quality of the waste heat. If the heat quality is low, the cost of the waste heat boiler and its maintenance goes high as compared to the value of the energy recovered. This is expected to limit the sales of waste heat boilers in particular industries with low quality of waste heat.

Key Players Covered

Some of the major companies that are present in the global waste heat boiler market are VKK Standardkessel GmbH, Forbes Marshall, Thermax Limited, Takuma Co., Ltd, Byworth Boilers Limited, Steinmuller Engineering GmbH, JFE Engineering Corporation, Clarke Energy, Thermodyne Engineering System, Kawasaki Heavy Industries, Ltd, S.A. Hamon, and Haldor Tosoe A/S, among others.

SEGMENTATION

Regional Analysis

The global waste heat boiler market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The steel and chemical production in the U.S has witnessed a steady growth in recent years. Owing to this, the chemical & fertilizer and steel industries in the North America region are expected to drive the waste heat boiler market in the region. Russia, Germany, and Italy are among the key producers of steel in the world. The chemical industry in the region is growing at a steady rate as reported by CEFIC. The growth of the chemical and steel industry in the Europe region is expected to boost the growth of the waste heat boilers in the region. The Latin America region has a moderately growing chemical and steel industry owing to which, the waste heat boiler market is expected to grow at a decent rate in the region. The Middle East and Africa region have witnessed a steady growth in the cement industry, which is mainly driven by the cement production in Saudi Arabia and Iran. The growth of the cement industry in the Middle East and Africa region is expected to augment the growth of the waste heat boiler market in the coming years. Asia Pacific region is expected to provide lucrative opportunities for the growth of the waste heat boiler market. China, South Korea, Japan, and India have witnessed a significant growth in the steel industry comprising more than half of the global steel production in 2018 as reported by the World Steel Association. The growth of the steel industry in the Asia Pacific region is expected to accelerate the growth of the waste heat boiler market in the near future.

Key Industry Developments

• In July 2019, Mitsubishi Hitachi Power Systems Europe has been awarded a contract to deliver a gas and steam power plant to Volkswagen in Germany. The contract includes construction, delivery and commissioning of two steam turbines and generators, two waste heat boilers, and two h-100 class gas turbines.
• In June 2019, subsidiaries of KNM Group named as FBM Hudson Italiana S.p.A and FBM-KNM FZCO have been awarded two contracts worth of around US$ 6.6 Million for design, fabrication, and supply of heat exchangers for the petroleum refinery based in Nigeria. These subsidiaries of the KNM are involved in the design, engineering, and manufacturing of heat exchangers, waste heat boilers and condensers among other equipment.
• In January 2018, Siemens changed the name of its subsidiary NEM Energy to Siemens Heat Transfer Technology. The company is involved in providing waste heat recovery systems to the power plants.