The latest report by IMARC Group, titled “Waste Heat Recovery Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The global waste heat recovery boiler market size reached US$ 7.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.2% during 2024-2032.

A Waste Heat Recovery Boiler (WHRB) is specialized equipment aimed at minimizing heat waste from industrial operations. Primarily utilized in steel, cement, non-ferrous metal, and chemical plants (e.g., ethylene, ammonia, sulfuric acid, and nitric acid), WHRB systems are integral to thermal power plants. They facilitate the recycling of flue gases for pre-drying and co-generation, thereby enhancing overall thermal efficiency. Working alongside gas turbines and combined heat/power units, these boilers convert waste heat energy into steam or hot water for various purposes. The reclaimed heat serves diverse functions such as re-heating, electricity generation via turbine propulsion, vapor compression, and liquid pumping. This process significantly improves plant efficiency, lowers process costs, and reduces utility consumption. Consequently, WHRB enjoys widespread adoption across energy-intensive sectors worldwide, including heavy metal manufacturing, chemical, cement, glass, and petroleum refining industries.

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Waste Heat Recovery Boiler Market Trends and Drivers:

The global market for waste heat recovery boilers is primarily fueled by increasing demand for energy-efficient industrial processes and rapid growth in power, oil and gas, and chemical industries. Furthermore, the rising utilization of WHRBs to extract heat from process fluids for transportation and storage purposes positively impacts market expansion. Additionally, shifting preferences towards renewable resources and environmentally friendly energy solutions, aimed at minimizing greenhouse gas emissions due to escalating energy demand worldwide, are driving market growth. The growing adoption of WHR systems for preheating combustion air, space heating, furnace loads, and boiler feed water also contributes to market expansion. Moreover, the surging use of WHRs by various manufacturing facilities to reduce dependence on conventional energy and lower operating costs through in-house power generation boosts product demand. Technological advancements, such as integrating waste heat recovery with the organic Rankine cycle, further stimulate market growth. Additionally, increased investments in combined cycle power plants, particularly in emerging economies, contribute to market expansion. Favorable government initiatives promoting sustainable infrastructural development further accelerate product adoption. Other factors driving market growth include rising electricity prices, increased awareness of WHRB benefits, rapid industrialization, growing demand for onsite power generation, and heightened focus on enhancing plant efficiency.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

• Water Tube Boiler
• Fire Tube Boiler

Breakup by Waste Heat Temperature:

• Medium Temperature
• High Temperature
• Ultra-High Temperature

Breakup by Waste Heat Source:

• Oil Engine Exhaust
• Gas Engine Exhaust
• Gas Turbine Exhaust
• Incinerator Exit Gases
• Others

Breakup by Orientation:

• Horizontal
• Vertical

Breakup by End-Use Industry:

• Power Generation Utilities
• Oil & Gas
• Chemical
• Primary Metals
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape with Key Player:

• Alfa Laval
• Amec Foster Wheeler
• Robert Bosch
• Forbes Marshall
• General Electric
• Nooter/Eriksen
• Siemens, Thermax
• Thyssenkrupp
• Viessmann
• Zhengzhou Boiler

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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