South Korea Waste Heat Recovery System Market Size is forecast to reach $2.9 million by 2026, at a CAGR of 8.8% during forecast period 2021-2026. As stated by WNA, South Korea is among the world’s most prominent nuclear energy countries, and exports it’s technology widely. 24 reactors provide about one-third of South Korea’s electricity from 23 GWe of plant. Moreover, there are 24 operable nuclear reactors and four reactors under construction. Hence the significant deployment of the heat recovery systems in these sectors is set to majorly contribute to the market growth rate. As the power generation sector is highly dependent on heat recovery systems and is a major end user industry, the demand is set to significantly rise thereby impacting on the market growth rate. Waste heat recovery market is driven by the increasing demand of Korea Waste Heat Recovery System in various industries such as cement, petroleum & chemical refining and others coupled with the growing number of products offered by the key players. Key players in the Korea Waste Heat Recovery System Market are General Electric, Echogen Power Systems LLC., and others. The market is moderately consolidated by few major companies and the major development strategies adopted by these companies are mergers, product launches among others.
South Korea Waste Heat Recovery System Market Segment Analysis – By Application
Preheating is a procedure of increasing the temperature of the petroleum liquids as well as natural gas with the help of a preheating device before they are fed into other processes. For example, fuel oil or furnace oil is heated to a certain temperature before it is used as a feedstock in a boiler. Maintaining a certain amount of fuel temperature ensures its complete combustion thereby reducing pollutants. The wide usage of preheating crude oil in the petroleum industry is one of the highest point of energy consumption during processing. The direct immersion in the crude oil allows for rapid heating with less wasted energy. This makes your process faster and reduces operational cost, as well allows for greater accuracy and care. Preheating segment of Korea Waste Heat Recovery System Market generated a share of 45% in 2020 and is projected to grow at a CAGR of 8.8% during 2021-2026.
South Korea Waste Heat Recovery System Market Segment Analysis – By Industry
The growing adoption of Korea Waste Heat Recovery System in marine to improve fuel efficiency, auxiliary engines can be used less and less CO2 will be released is vital factor fueling its market growth. Moreover, in May 2020 Alfa Laval a world leader in heat transfer, centrifugal separation and fluid handling has signed an agreement with a Chinese system builder for the delivery of land-based waste heat recovery units. The agreement stretches over two years and comprises the delivery of Alfa Laval Micro units to power plants in Asia. Once, installed the units will recover waste heat to produce hot water which will be used for generating electricity. Therefore, the growing developments in the marine industry by the various companies is expected to contribute to its segmental growth. Marine segment of Korea Waste Heat Recovery System Market is projected to grow at a CAGR of 11.5% during 2021-2026.
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South Korea Waste Heat Recovery System Market Drivers
Emerging Korea Waste Heat Recovery System Technologies
With the growing up-gradation of existing technologies, which can generate electricity directly from heat using various techniques such as thermoelectric generation, Piezo-electric power generation and thermionic generation along with the rising demand across various industries is opening opportunities for the key players to expand its product portfolio. Exploring new technology platforms and production techniques and applying them in the product development process gives the players of Korea Waste Heat Recovery System the opportunity to create improved product solutions that enable various industry to stay at the forefront of their industries. Thermoelectric materials are semiconductor solids which allow direct generation of electricity when subject to a temperature differential. This technology is based on the phenomenon known as “seebeck effect” which states that when two different semiconductor materials are subject to heat source and heat sink, a voltage is created between the two semi-conductors. Hence, the wide usage of thermoelectric materials which is mainly used for power generation on space craft on very remote location is set to open opportunities for the key players.
Rapid Expansion of Construction Sector
With the growing conduction industry and the rising usage of Korea Waste Heat Recovery System in construction industry to generate electricity, increase production and reduce cost is set to open opportunities for the key players to come up with a various products. Moreover, Korea is expected to become the 4th largest construction market in APAC by 2022 and would require a significant investment across infrastructure by 2022 for sustainable development in the country. Hence, the growing construction industry in India is set to create huge opportunities for the players in the future.
South Korea Waste Heat Recovery System Market Challenges
High initial investment and lack of grid infrastructure
However, if there are inefficiencies in the boiler and distribution processes, producing steam is costly. When steam produced from waste heat is used for industrial operations, the amount of fuel consumed is greatly reduced. Hence, high cost of raw materials would eventually increase the price of the products associated with Korea Waste Heat Recovery System Market which is expected to restrain its market growth in the future.
South Korea Waste Heat Recovery System Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Korea Waste Heat Recovery System market. Korea Waste Heat Recovery System biggest Companies are Wood Group, Siemens, Ormat Technologies, Mitsubishi Heavy Industries, Bosch Thermotechnology, GE, IHI Corp, Thermax Technology and others.
Acquisitions/Product Launches
In December 2020, Siemens Energy has been awarded contracts by global energy company Uniper to provide rotating grid stabilization technology at two sites in South Korea.
In October 2019, Clean tech company Orcan Energy AG has announced significant expansions to its Asian and African business. To drive rapid expansion in both markets, Orcan Energy AG has formed a joint venture with Tamar VPower Energy Fund*, a fund that is backed by two very strong Chinese partners offering outstanding market access and major financial backing.
Key Takeaways
Korea Waste Heat Recovery System Market is a diversified market with finite number of materials being used by various industries. There is a range of suppliers in this industry right from raw materials suppliers to end users. Korea Waste Heat Recovery System manufacturers buy raw materials from various raw material suppliers and then manufacture.
Some of the big manufacturers have their own distribution channels; whereas, others distribute their products through independent distributors. The distribution network of a company depends upon the application industries and the type of materials needed.
The threat of new entrants is low in the Korea Waste Heat Recovery System market. This is owing to high entry barrier, huge capital investment, patents, government regulations and research & development cost.
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