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ENERGY & POWER

Waste Heat Recovery Systems Market By Product Type (Regenerators, Ovens, Heat Pumps, Boilers, Compressors, Heat Exchangers, Recuperators & Others); By Industry Type (Chemical, Gas & Diesel, Paper & Pulp, Metal, Cement & Incineration); By Temperature (Low, Medium & High); By Application (Pre-Heating, Complete Closed Loop Management, Steam Generation & Electricity Generation) - Global Historical Growth (2013-2017) & Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation

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Extensive insights into the Growth of Waste Heat Recovery Systems Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Waste Heat Recovery Systems Market Highlights 2020-2029

The waste heat recovery systems market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. A waste heat recovery system involves the capturing and reuse of waste heat for several purposes. Waste heat is generated in various industrial processes such as from the exhausts of glass melting furnaces, fume incinerators, cooling water from furnaces, combustion engines, and others. This waste heat is reduced using waste heat recovery systems. The significant factors driving the market include technological advancements, increasing initiatives of governments, and stringent regulations.

According to the U.S. Department of Energy, combustion air preheat can increase furnace efficiency by 50%. Preheating combustion exhaust gases can potentially eliminate the need for additional space heating equipment, reducing capital and overhead costs. These trends display a potential growth landscape for the waste heat recovery system market.

The waste heat recovery system market is expected to be driven by factors such as the rising focus of industries on conservation of energy for improving the efficiency of their industrial operations and utilize the wastage of heat to boost productivity. Growing demand for uninterrupted and reliable electricity and shifting trends toward sustainable exhaust heat utilization will stimulate the market size across the petroleum refining industry. The rise in demand for refined petroleum products and increasing investments toward the expansion of refining capacity will further favour the waste heat recovery system market growth.

According to the United States Department of Energy and the International Energy Agency, over three-fifths of the power plants' energy gets wasted in the form of heat, and nearly 20%-50% of industrial energy is lost as waste heat. Waste heat recovery equipment finds usage in several industrial applications such as heavy metal production, cement production, petroleum refining, and chemical refining.

Waste Heat Recovery Systems Market Graph

The market is segmented based on the applications into pre-heating, and power & steam generation, out of which the power & steam generation segment is anticipated to grab the largest share on account of its rising demand in its end-user industries in the countries across the globe. The increase in electricity prices and efforts to reduce greenhouse gas emissions will boost the waste heat recovery system deployment for power & steam generation.

Waste Heat Recovery Systems Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in Europe is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness pertaining to sustainable energy utilization and favourable initiatives by the European Union to generate energy through waste has been a significant factor driving the market. The initiatives for the usage of energy-efficient technologies and government regulations for greenhouse gas emissions have led to retrofitting of the existing industrial facilities, which will further propel the regional market demand. CLICK TO DOWNLOAD SAMPLE REPORT

Waste Heat Recovery Systems Market Share Image

The global waste heat recovery systems market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global waste heat recovery systems market includes the following segments:

By Application

  • Pre-heating
  • Power & Steam Generation

By End User

  • Petroleum Refinery
  • Power
  • Cement
  • Chemicals
  • Metal Production
  • Pulp & Paper
  • Others

Growth Drivers

  • Increasing Electricity Consumption
  • Stringent Regulations to Decrease Carbon Emissions

Challenges

  • High Cost of Waste Heat Recovery Systems
  • Low Heat Quality of the Product

Top Featured Companies Dominating the Market

  • ABB Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Alstom SA
  • Amec Foster Wheeler plc
  • General Electric Company
  • Ormat Technologies Inc.
  • Mitsubishi Heavy Industries Ltd.
  • Echogen Power Systems LLC
  • Thermax Limited
  • Siemens AG

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