The waste heat boiler market in Asia-Pacific is expected to grow from US$ 2.17 Bn in 2018 to US$ 4.18 Bn by the year 2027. This represents a CAGR of 7.6% from the year 2018 to 2027. Waste heat boilers are one of the key energy consumption equipment. These solutions recover the waste heat into steams in order to generate power. Vendors are highly focused on identifying technical issues and pursuing R&D that enables the wide-scale use of waste heat boilers to gain a more significant share of waste heat boiler market. R&D areas include materials and designs to extend equipment life, lessen maintenance time intervals, and offer reliable & consistent performance for several years. Emerging technologies offer enhanced recovering waste heat as compared to traditional methods. For instance, the Kalina cycle is one of the successful methods of recovering low? to medium? temperature waste heat. Vendors have a huge opportunity by focusing on new technologies that can recover heat from sources not typically considered for heat recoveries such as losses from heated product streams or sidewall losses. Thus, companies are focusing on developing advanced solutions to gain a strong position in the waste heat boiler market.
The price of energy is dramatically rising for the last few years, and it is one of the key concerns for increasing interest in energy management. Efficient energy management can be achieved by adding new power transmission or generation capacity. Waste heat boilers are one of the signification examples of efficient energy management. With the growing trend of increasing energy prices and the increasing concern for global warming, industries are highly focused on improving the efficiency of the plants. In this scenario, the implementation of a waste heat boiler in the industrial process is witnessing high adoption. With the increasing energy prices and the increasing focus on efficient energy management, it is expected that the waste heat boiler market will witness high growth during the forecast period. Therefore, increasing energy prices are expected to impact the waste heat boiler market positively.
On the basis of waste heat sources, gas engine exhaust held a significant share of the Asia-Pacific waste heat boiler market. However, the kiln & furnace gases are anticipated to grow at a significant CAGR in the Asia-Pacific waste heat boiler market. The substantial penetration of biofuels, diesel, and other petrol-based products have attributed to the large scale availability of gas engine exhaust. As a result, the gas engine exhaust also continues to provide numerous attractive opportunities for the waste heat recovery based solutions and subsequently for waste heat-based boilers. Furthermore, the significantly large scope of application for fuel-powered equipment and machinery has facilitated in penetration of the gas engine based heat sources driven waste heat recovery boilers.
The overall Asia-Pacific waste heat boiler market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific waste heat boiler market. It also provides an overview and forecast for the waste heat boiler market based on all the segmentation provided with respect to the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the waste heat boiler industry. Some of the players present in waste heat boiler market are Alfa Laval, CiTECH Energy Recovery Solutions (UK) LTD, General Electric, Kawasaki Heavy Industries, Ltd, Nooter/Eriksen, Bosch Group, Thermax, ThyssenKrupp AG, Viessmann Group, and Zhengzhou Boiler Co., Ltd among others.