Waste Heat Recovery System Market Size is forecast to reach $72.7 million by 2026, at a CAGR of 7.6% during 2021-2026.  The growing demand of waste heat recovery system in petroleum industries for various activities such as refinement, thermal cracking and catalytic treatment is set to propel its market growth. Besides this, the major companies offering waste heat recovery system for refinery and petrochemical plant is set to propel its market growth. For instance, Thermax offers waste heat recovery boiler (WHRB), also known as Flue Gas Coolers (FGC) for fluid catalytic cracking unit (FCCU). Its FCCU WHRB boilers are designed to handle large gas flows in excess of 5000,000 Nm3/hr of catalytic dust-containing flue gas at temperature in excess of 700⁰C.

Moreover, in December 2019, Alfa Laval a world leader in heat transfer, centrifugal separation and fluid handling has won an order to supply waste heat recovery systems to a power plant in EI Salvador. The order has an value of approximately SEK 95 million and is booked in the boiler system unit of the Marine Division. Deliveries are scheduled for 2020. Hence, such rapid expansion by companies is set to propel its market growth. Petroleum & Chemical Refining segment of Waste Heat Recovery System Market generated a revenue of $14.86m in 2020 and is projected to reach a revenue of $23.10m by 2026 growing at a CAGR of 7.81% during 2021-2026. Steam is generated in main generation plants, and/or various process units using heat from flue gas or other sources. Heater include burners and a combustion air system, the boiler enclosure in which heat transfer takes place, a draft or pressure system to remove flue gas from furnace, soot blowers and compressed air systems that seal openings to prevent the escape of flue gas.

The increasing demand of on-site power generation among the various end-use industry coupled with the increased focus on improving the plant efficiency is set to drive its market growth over the forecast period. Moreover, in February 2020, Kawasaki Heavy Industries Ltd announced that it has received an order from Taiheiyo Cement Corporation to supply a cement plant waste recovery power generation system to their Saitama Plant. The WHRPG system will recover waste heat during calcination stage of the cement production processes and use it for power generation and energy saving measures of the newly plant. A newly developed VEGA boiler will be adopted for the first time in Japan as the heat recovery steam generator. Hence, such developments by the key players is expected to drive its market growth in the upcoming years. Steam Generation segment of Waste Heat Recovery System Market generated a revenue of $8.35m in 2020 and is projected to reach a revenue of $12.91m by 2026 growing at a CAGR of 7.70% during 2021-2026.

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Waste Heat Recovery System Market Growth Drivers:

Increasingly Robust Regulatory Scenario:

In the recent years rapid growth of regulations surrounding wasteheat is noticed. The Pressure Equipment Directive (PED) 2014/68/EU (formerly 97/23/EC) of the EU sets out the standards for the design and fabrication of pressure equipment ("pressure equipment" means steam boilers, pressure vessels, piping, safety valves and other components and assemblies subject to pressure loading) generally over one litre in volume and having a maximum pressure more than 0.5 bar gauge. It also sets the administrative procedures requirements for the "conformity assessment" of pressure equipment, for the free placing on the European market without local legislative barriers. EN 13445 - Unfired Pressure Vessels is a standard that provides rules for the design, fabrication, and inspection of pressure vessels. EN 13445 was introduced in 2002 as a replacement for national pressure vessel design and construction codes and standards in the European Union and is harmonized with the Pressure Equipment Directive (2014/68/EU or "PED"). New updated versions of all parts were published between 2009 and 2012. DIN 4754-1 "Heat transfer installations working with organic heat transfer fluids" applies for heat transfer installations in which organic heat transfer fluids are heated to temperatures below or above their initial boiling point at atmospheric pressure. It applies to heat consumers only in spaces where heat transfer fluid passes through them. This standard has the purpose of satisfying protection targets for the production and supply, in particular those specified in the Pressure Equipment Directive (DGRL). It also serves as an aid in the compliance with the specifications of the German Ordinance on Industrial Safety and Health (BetrSichV). 

The Major Players in this Market Include

Major players in Waste Heat Recovery System include Wood Group, Siemens, Bosch Thermotechnology, GE, IHI Corp, TMEIC and others. In December 2019, MAN Energy Solutions had signed a cooperation agreement with CleanTech company Orcan Energy. Above all, the companies want to collaborate when it comes to technologies for waste heat recovery.

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