Waste Heat Boiler Market by Type (Vertical Waste Heat Boilers, Horizontal Waste Heat Boilers, Economizers), by Fuel Type (Biomass, Natural Gas, Oil, Coal), by End-Use Industry (Power Generation, Oil & Gas, Chemical Processing, Steel Production, Cement Industry); Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Waste Heat Boiler Market was valued at USD 5.1 billion in 2023 and will surpass USD 9.0 billion by 2030; growing at a CAGR of 8.5% during 2024 - 2030.

The waste heat boiler market is gaining significant momentum as industries increasingly focus on energy efficiency and reducing operational costs. Waste heat boilers are critical for recovering waste heat from industrial processes, converting it into useful energy such as steam or electricity. With rising energy prices and environmental regulations, companies are adopting these technologies to improve energy efficiency, reduce emissions, and enhance sustainability. This market is driven by advancements in technology, as well as a growing emphasis on reducing carbon footprints and achieving cost savings across a variety of industries, including power generation, oil & gas, chemical processing, and more.

The waste heat boiler market is expanding rapidly as industries around the world seek ways to make their operations more sustainable and cost-efficient. This growth is fueled by the need for solutions that can help reduce energy consumption and make use of otherwise wasted heat. As the market evolves, technological innovations in waste heat recovery systems are expected to further drive adoption, allowing companies to optimize energy use and cut down on waste.

Vertical Waste Heat Boilers Segment is Largest Owing to Space Efficiency and Higher Heat Recovery

The vertical waste heat boilers segment is the largest within the market, primarily due to their space efficiency and higher heat recovery capabilities. Vertical boilers are preferred in industries where space is limited and maximizing energy recovery is a priority. These boilers offer better heat exchange efficiency as they are designed to handle higher temperatures and pressure levels, making them ideal for industries like power generation and chemical processing. Their compact design also enables them to be installed in smaller, more confined spaces, providing a more practical solution for many applications.

In addition, vertical waste heat boilers are designed for optimal performance in heat recovery applications, making them a go-to solution for industries seeking to improve energy efficiency. Their ability to recover heat from flue gases and other industrial processes is a key driver of their widespread adoption. As industries continue to prioritize sustainability and cost-saving measures, the demand for vertical waste heat boilers is expected to remain strong, solidifying this segment as the largest in the waste heat boiler market.

Biomass Fuel Type is Fastest Growing Owing to Renewable Energy Demand

Biomass is the fastest-growing fuel type in the waste heat boiler market, driven by the increasing demand for renewable energy sources and the global shift towards sustainability. Biomass fuel is derived from organic materials such as wood, agricultural residues, and waste, making it an environmentally friendly option compared to traditional fossil fuels like coal and oil. As governments around the world implement stricter environmental regulations and sustainability goals, industries are turning to biomass as a cleaner alternative for generating energy from waste heat.

The growth in biomass-based waste heat boilers is supported by several factors, including the lower carbon footprint and the ability to use locally sourced materials. With the rising emphasis on reducing greenhouse gas emissions, biomass is becoming a preferred fuel source, particularly in industries that rely heavily on waste heat recovery. As the adoption of renewable energy continues to rise, the biomass fuel type is poised to become an even more dominant player in the waste heat boiler market.

Power Generation End-Use Industry is Largest Owing to High Energy Demand

The power generation end-use industry is the largest segment in the waste heat boiler market, driven by the growing global demand for electricity and the need for efficient energy recovery systems. In power plants, waste heat boilers are used to recover heat from flue gases, which can then be used to generate steam or electricity, improving overall energy efficiency. Given the scale of energy consumption in this industry, waste heat boilers offer a significant opportunity for cost savings and reduced fuel consumption, making them an essential part of modern power generation facilities.

With an increasing focus on reducing emissions and optimizing energy production, the power generation industry is adopting waste heat recovery systems at a rapid pace. The adoption of advanced waste heat boilers enables power plants to recover and utilize heat that would otherwise be wasted, thereby improving efficiency and reducing the need for additional fuel. As the global demand for electricity continues to rise, the power generation sector will remain the largest end-use industry for waste heat boilers.

Asia Pacific is Fastest Growing Region Owing to Industrialization and Energy Efficiency Initiatives

Asia Pacific is the fastest-growing region in the waste heat boiler market, fueled by rapid industrialization and a growing emphasis on energy efficiency. Countries such as China and India are experiencing significant growth in manufacturing and power generation, driving the demand for waste heat recovery technologies. With increasing energy consumption and environmental concerns, governments in the region are implementing policies to promote energy efficiency and sustainability, further boosting the adoption of waste heat boilers.

Additionally, the region's industrial sectors, including cement, steel, and chemical processing, are significant contributors to global waste heat generation, making waste heat recovery a critical component of energy management strategies. As more industries in Asia Pacific adopt energy-efficient technologies, the waste heat boiler market in the region is expected to grow at a rapid pace, making it the fastest-growing region globally.

Leading Companies and Competitive Landscape

The waste heat boiler market is competitive, with several global players offering innovative solutions to meet the growing demand for energy-efficient technologies. Leading companies in the market include Siemens AG, Doosan Heavy Industries & Construction, Mitsubishi Power, Babcock & Wilcox, and Wärtsilä. These companies are leveraging technological advancements and expanding their product portfolios to cater to the diverse needs of industries such as power generation, oil & gas, and chemical processing.

The competitive landscape is characterized by intense R&D efforts and the development of high-performance waste heat recovery systems. Companies are also focusing on strategic partnerships, joint ventures, and acquisitions to expand their market presence. As industries continue to seek ways to optimize energy use and reduce costs, the market is expected to see more innovations in waste heat recovery systems. The emphasis on sustainability and reducing carbon footprints will likely drive further competition in this dynamic market.

Recent Developments:

• General Electric (GE) announced the launch of an advanced waste heat recovery system for industrial applications, improving energy efficiency by capturing excess heat for power generation.
• Siemens AG has integrated its waste heat recovery systems into chemical plants, aiming to reduce carbon emissions and fuel consumption by up to 20%.
• Mitsubishi Heavy Industries introduced a new generation of modular waste heat boilers that offer improved performance and flexibility in energy recovery for the oil and gas sector.
• Babcock & Wilcox Enterprises secured a contract to supply waste heat recovery systems to a steel plant, helping the facility reduce energy costs by optimizing heat recovery processes.
• Thermax Limited launched a next-generation waste heat boiler with enhanced heat transfer capabilities, aimed at the cement industry for improved energy recovery.

List of Leading Companies:

• Amec Foster Wheeler
• ANDRITZ AG
• Babcock & Wilcox Enterprises, Inc.
• BHEL (Bharat Heavy Electricals Limited)
• Cleaver-Brooks, Inc.
• Foster Wheeler AG
• General Electric (GE)
• John Thompson
• Mitsubishi Heavy Industries
• Nooter/Eriksen, Inc.
• Siemens AG
• Spirex Corporation
• Thermax Limited
• Vogt Power International
• ZEECO, Inc.

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