The main drivers of the global waste heat boiler market include rise in awareness toward global warming, and high energy costs of fossil fuels. Initiatives by governments play a significant role in successful waste heat boilers implementation, which would further increase the demand for waste heat boilers. Furthermore, increase in initiatives to reduce greenhouse gases present in the environment, owing to the use of high temperature in various industries, such as iron & steel, aluminum, cement, and chemicals, also drive the revenue growth of the global market. In addition, rise in demand for energy, increase in electricity prices, and growth in efforts to reduce global greenhouse gas (GHG) emissions in developing countries drive the waste heat boiler market. However, high cost of equipment, maintenance of boilers, and high installation costs of these boilers are expected to hamper the market growth.
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Based on region, the global waste heat boilers market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia Pacific has the largest market share for the waste heat boiler market, owing to rise in demand for electricity in cities and villages, rapid growth of urban population, and expanding mining & construction sectors. Further, rise in prices of electricity & other energies and favorable government initiatives encourage industries to install waste heat boilers in plants.
Based on orientation, the waste heat boiler market is divided into horizontal and vertical boilers. The choice of orientation mainly depends on the installation site. Vertical boilers are generally used in small and narrow industries while horizontal boilers are installed in spacious sites. Industrial waste heat boilers are majorly used in industrial processes such as power generation utilities, oil & gas, chemicals, primary metals, paper & pulp, and non-metallic minerals. In addition, use of a waste heat boiler reduces the overall energy consumption.
COVID-19 scenario analysis:
- The coronavirus (COVID-19) pandemic has negatively affected different businesses, for example, oil & gas, metalworking, and textile manufacturing.
- The COVID-19 pandemic has affected the global food industry as governments have closed down restaurants and bars to slow the spread of the virus. Closures of restaurants have impact industries such as food production, liquor, wine, & beer production, food & beverages shipping, fishing, and farming.
- COVID-19 could become a key catalyst for digital and technological advancements in the shipping industry. Delays in re-establishing supply chain networks and logistics capabilities could lead to delay in projects and infrastructure.
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Key benefits of the report:
- This study presents the analytical depiction of the waste heat boilers market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the waste heat boilers market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the waste heat boilers market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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