The waste heat boiler market in North America is expected to grow from US$ 1.09 Bn in 2018 to US$ 1.68 Bn by the year 2027. This represents a CAGR of 5.0% from the year 2019 to 2027.
Factors including stringent government regulations and growing energy concerns are driving the growth of the waste heat boiler market. However, challenges associated with waste heat recovery systems with the existing process might slow down the growth of 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. Thus growing energy prices are expected to impact the waste heat boiler market positively.
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. 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. Vendors have a huge opportunity to gain a more significant share of the waste heat boiler market by focusing on the development of new technologies.
On the basis of orientation, horizontal orientation held a significant market share of the North America waste heat boiler market and is anticipated to grow at a significant CAGR. In a vertical boiler, the heating and boosting process is fast. It further helps in burning the unburned gas completely two times and remove dust and smoke. The vertical boiler has the benefits of simple structure, convenient operation, reasonable design, and maintenance, small infrastructure investment, and occupation area. In short, the deployment of a vertical heat recovery boiler has two major advantages. Firstly, it can be easily installed in the comparatively restricted boundaries of an existing plant owing to its compact size. Secondly, owing to the heat transfer tubes mounted horizontally across a vertical gas path and held in vertical tube plates suspended from the top of the boiler frame, it had lower thermal inertia, even in its natural-circulation form.
The waste heat boiler market is highly competitive with the presence of some of the well-established players that hold a significant share of the waste heat boiler market.
The overall North America 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 North America 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 North America 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 Siemens AG among others.