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.
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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.
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
