Waste Heat Recovery Systems Market

Waste Heat Recovery Systems Market Segmentation by Application (Pre-Heating, and Power & Steam Generation); and by End-User (Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, and Others) – Global Demand Analysis and Opportunity Outlook 2029

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Report ID: 935 | Published On: Sep 07, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.


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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. The significant factors driving the market growth include technological advancements, increasing initiatives of governments, and stringent regulations. In addition, 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. Furthermore, the waste heat recovery system market is expected to be driven by factors such as the rising focus of industries on conservation of energy, growing demand for uninterrupted and reliable electricity, and shifting trends toward sustainable exhaust heat utilization. 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 Systems Market

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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 end-user industries in several countries across the globe. The increase in electricity prices and efforts to reduce greenhouse gas emissions will also boost the growth of the market segment in the coming years.


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. Additionally, 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 growth. 

Waste Heat Recovery Systems Market

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


Waste Heat Recovery Systems Market
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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


Waste Heat Recovery Systems Market
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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

Key Questions Answered in the Report

1) What are the major factors driving the growth of the waste heat recovery systems market?

Ans: Increasing electricity consumption in various end-use industries and its rising demand across the globe are the key factors driving market growth.

2) What would be the CAGR of waste heat recovery systems market over the forecast period?

Ans: The market is anticipated to attain a moderate CAGR of ~9.1% over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the waste heat recovery systems market growth?

Ans: High cost of waste heat recovery system and low heat quality of the product to hamper market growth.

4) Which region will provide more business opportunities for growth of waste heat recovery systems market in future?

Ans: The market in Europe region will provide ample growth opportunities owing to the supportive initiatives by European Union to develop energy through waste.

5) Who are the major players dominating the waste heat recovery systems market?

Ans: The major players dominating the waste heat recovery systems market are Siemens AG, ABB Ltd., General Electric Company, Mitsubishi Heavy Industries Ltd., Amec Foster Wheeler plc, among others.

6) How are the company profiles selected?

Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the waste heat recovery systems market?

Ans: The market is segmented by application, end user, and region.

8) Which segment under the application segment captures the largest market size in the waste heat recovery systems market?

Ans: With respect to application, the power & steam generation segment is anticipated to hold the largest market share owing to the rising demand of these systems across the globe.

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