Waste Heat Recovery System Market is projected to be worth USD 114.67 Billion by 2028, registering a CAGR of 9.21% during the forecast period (2021 - 2028)
Waste Heat Recovery System Market is projected to be worth USD 114.67 Billion, registering a CAGR of 9.21% during the forecast period (2022 - 2030), The market is expected to be driven by increasing electricity consumption.
Waste heat is the energy generated in the industries or other commercial sectors, and the heat goes to waste instead of re-utilization. Various companies are taking effective steps to harvest this energy in utilize in future. They are using heat recovery systems to reduce energy loss and using it effectively. Various heat recovery methods are used for recycling energy, and due to this, the demand for waste heat recovery technology is increasing.
The main goal of heat recovery technology is to minimize the waste of energy in industries. Now the heat recovery system is used in the ceramic, iron, and food & beverages industries. The use of advanced technology has helped industries by saving energy. The key technologies used in the heat recovery process are regenerators, recuperators, waste heat boilers, and plate heat exchangers. The Waste Heat Recovery industry has generated huge revenue from sales of heat pump systems and heat pumps. Advanced technology has converted heat to power and propelled the Waste Heat Recovery market size.
Increasing energy consumption in various industries and high electricity consumption across the globe positively impacts the Waste Heat Recovery industry growth. Additionally, the increasing global population has increased electricity consumption, driving the market. With the help of a heat recovery system, the industry is cost-effective than setting up new power plants, and it helps the market grow. The waste recovery technology is one of the best methods to increase power production, and it will help the Waste Heat Recovery market to grow in the forecast period.
The spread of coronavirus in Wuhan City caused a global pandemic, and it has affected various industries. Due to this, the demand for the Waste Heat Recovery market has declined. The imposition of various restrictions and lockdown to reduce the spread of the virus has created problems for the Waste Heat Recovery market growth. Covid-19 has stopped the production of various products, and it hampered the global market significantly. The pandemic has affected the sale of machines and equipment, and it had a bad impact on the Waste Heat Recovery market. The major countries with big manufacturing units, such as the UK, Germany, the U.S., and China, are affected due to the pandemic. Apart from that, the lockdown affected the financial state of the companies, so they are not investing money in machinery and equipment. The key players are playing their part to keep the Waste Heat Recovery market trends stable, and the market is expected to come back to normal after the covid-19 situation.
One of the major drivers in the global market is the rising use of energy, economic development, and rising electricity prices. The use of energy is rapidly increasing in various sectors to manufacture products. With industrialization in the developed regions, the need for energy has also increased. With the increasing use of energy, companies are coming up with various techniques to convert waste heat into energy. As a result, it is driving the Waste Heat Recovery market growth. According to the U.S. Energy Information Administration data, the primary energy consumption was equal to 93 quadrillion Btu.
Apart from economic development has also played a part in driving the Waste Heat Recovery industry. The government has taken many steps and implemented regulations regarding saving energy, and due to it, the adoption of Waste Heat Recovery technologies has increased. Due to environmental concerns, the government is taking the initiative to save energy; as a result, the Waste Heat Recovery market is gaining huge demand. The need for energy-efficient technology has become crucial for industries to save money. All these factors are playing a huge role in driving the Waste Heat Recovery market trends.
The companies opt for heat recovery technologies to generate more energy and use it in the manufacturing process. Heat recovery technology plays a big part in saving the waste heat and turning it into energy, and it will generate opportunities for the market.
The initial investment for the Waste Heat Recovery industry is huge, so few companies are not ready to make a huge investment. It has become a major restraint for the market. Rising electricity prices, cost restrictions, and temperature restraints also hamper the market.
The presence of an alternative cost-efficient heat recovery system has become a challenge for the Waste Heat Recovery market. Apart from that, the underdeveloped regions are unaware of this technology, and lack of awareness has become another challenge.
The global market has shown significant growth over the years and is growing at a CAGR rate of 9.21%, and the market will see many opportunities in the coming years.
The Waste Heat Recovery industry is segmented based on techniques, application, and industry.
Based on technique, the market is segmented into heat exchangers, boilers, regenerators, recuperators, heat wheels, and others.
Based on industry, the Waste Heat Recovery market is segmented into chemical & petrochemical, energy and power, food & beverages, oil & gas, and others. Chemical & petrochemical was accounted for the highest Waste Heat Recovery industryshare in 2020. The chemical & petrochemical had 31% share. Waste Heat Recovery technology is used in this sector for thermal cracking, refinement, and catalytic treatment. Heating process fluid is required in the floating production storage, offshore process, onshore processing, and offloading vessels in the oil and gas market. This process is done by capturing waste from gases. The Waste Heat Recovery market trends will rise with the increasing demand for waste heat recovery systems in various industries.
The Waste Heat Recovery market is divided into temperature control, pre-heating systems, electricity generation, and application.
The major regions in the Waste Heat Recovery industry are North America, South America, Europe, Middle East & Africa. North America is dominating the market, and it was responsible for the highest market share in 2020 with 33% share. Increasing onsite power generation has and strong economic stability has increased the demand for the Waste Heat Recovery market in this region. Apart from that, companies in North America are investing highly in implementing energy-efficient systems; as a result, North America’s share will help ruse. The Asia-Pacific region is also showing rapid growth in the Waste Heat Recovery market due to industrialization and economic development. Due to government environmental concerns, the European region will also have a great place for the Waste Heat Recovery market. The use of energy-efficient technology is driving the demand for the Waste Heat Recovery market.
The major key players in the Waste Heat Recovery market are
All these key players are playing a crucial role in increasing the Waste Heat Recovery industry demand. General Electric Co. (U.S.) is the leading contributor in the Waste Heat Recovery industry.
This global Waste Heat Recovery industry report is based on the qualitative and quantitative analysis of the market. This report highlights the Waste Heat Recovery market on the market overviews, covid-19 analysis, market dynamics, and Waste Heat Recovery industry analysis. This Waste Heat Recovery market report also highlights the data about regional analysis, competitive landscape, and recent market development.
|CAGR||9.21% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alstom SA (France), ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), China Energy Recovery Inc. (China), and Cool Energy Inc. (U.S.)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Waste Heat Recovery System Market is projected to be worth USD 114.67 Billion by 2028, registering a CAGR of 9.21% during the forecast period (2021 - 2028).
The major market players operating in the global waste heat recovery system market include ABB Ltd. (Switzerland), Alstom SA (France), Amec Foster Wheeler (U.K.), General Electric Co. (U.S.), Ormat Technologies Inc. (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S.), Thermax Limited (India), Econotherm Ltd. (U.K.), China Energy Recovery Inc. (China), Siemens AG (Germany), and Cool Energy Inc. (U.S.) are among others.
The global waste heat recovery system market segmentation is conducted based on end-users and applications.
The regional analysis of the global waste heat recovery system market is conducted in four major regions, including North America, the Asia Pacific, Europe, and the rest of the world (including the Middle East and Africa, and Latin America).
The North American region in the global waste heat recovery system market is slated to dominate the market share over the review period, while the report projects the highest CAGR in the Asia Pacific.