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.
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
The global waste heat recovery systems market is further classified on the basis of region as follows:
Our in-depth analysis of the global waste heat recovery systems market includes the following segments:
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing electricity consumption in various end-use industries and its rising demand across the globe are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High cost of waste heat recovery system and low heat quality of the product to hamper market growth.
The market in Europe region will provide ample growth opportunities owing to the supportive initiatives by European Union to develop energy through waste.
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.
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.
The market is segmented by application, end user, and region.
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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