Global Waste Heat Recovery System Market Report: Information by Application (Steam and Power Generation, and Pre-heating), End-User (Petroleum Refining, Chemical, Cement, Metal Production and Casting, Paper and Pulp, others), and Region - Forecast Till 2027
ID: MRFR/E&P/0847-HCR | February 2021 | Region: Global | 120 pages
Market Scenario
Waste heat recovery systems are amongst the most cost-effective way to increase the overall efficiency of the plant and while diminishing the fuel demand. It is extensively used throughout industries. Waste heat is heat produced by fuel combustion or chemical reaction and then thrown to the environment even if it could be reused. It is projected that 20-50% of the energy used is lost in industrial operations in the form of hot exhaust gases, heat losses from radiation and within the cooling water. It is vital for increasing energy efficiency in the chemical process industries (CPI).
Heat exchanger is a crucial component in waste heat recovery system. The profitability of an investment in waste heat recovery depends greatly on the efficiency of heat exchangers and their associated life-cycle costs. R&D opportunities include optimizing present recovery technologies as well as developing new heat recovery technologies. Present technologies can be further developed to maximize recovery, expand application constraints, and improve economic feasibility.
Increasing electricity consumption, across the globe, is one of the major growth factors for this market. The growing global population has led to a rise in the electricity consumption and this, drives the electricity production market. The installation of waste heat recovery systems in current power plants is cost effective than building new power plants, which helps the market towards growth. These waste heat recovery techniques will be the main method of increasing power production during the forecast period.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. European region dominates the global waste heat recovery system market in 2017. Growing awareness regarding waste heat recovery systems along with supportive initiatives by European Union to develop energy through waste has been a major factor driving the market. Germany, U.K., and France are the key contributors in the region. North America is another prominent region for the waste heat recovery system. Stringent regulations from government and various environmental organizations on energy saving and energy efficiency drive the market. U.S. is major contributor in North America and global waste heat recovery system market.
Asia Pacific region is expected to expand at the highest CAGR during the forecast period. High industrialization and growing significance for sustainable energy in emerging markets of China and India is projected to drive the Asia Pacific market growth over the forecast period. Moreover, high growth in manufacturing sector in the region also projected to drive waste heat recovery systems demand in cement, paper & pulp, metals, chemicals and petroleum refining. China, Japan, Singapore, and Australia are the major contributors in the region.
Market Segmentation
The global waste heat recovery system market has been segmented based on application, end-use, and region. Based on end-use, the market has been segmented into petroleum refining, chemical, cement, metal production and casting, paper and pulp, and others. Petroleum refining dominated the end-use segment of the market. In this industry, the system is used for many processes such as distillation, thermal cracking, catalytic, and treatment. Cement industry is expected to be the fastest growing end-use segment of the market. The most energy-intensive process in the cement industry is clinker production in kilns. However, on the basis of application, the global waste heat recovery system market has been segmented into steam and power generation, pre-heating and others.
Among end-users, the petroleum refining segment held the largest share of the global market in 2015; it is anticipated to retain its dominance during the forecast period.
Competitive landscape
The waste heat recovery system market is marked by the presence of well-established players. Newly established industries are coming up with pre-installed heat recovery units whereas the older plants are integrating waste heat recovery technologies to lesser fuel consumption and realize cost savings. Furthermore, the chief vendors in the market have an extensive portfolio of power plant related equipment and services that can be customized based on the end-user requirements. These vendors also have high capital resources and R&D funds for the development of new technologies.
Industry News
In October 2015, Probe Manufacturing, Inc., completed the acquisition of the assets of GE’s Heat Recovery Solutions business from General Electric International, Inc. The acquisition substantially includes all of the assets relating to GE’s Heat Recovery Solutions business, which were located at GE’s facility in Costa Mesa, California.
In January 2017, BITZER US, Inc. is a subsidiary of the BITZER Group completed the acquisition of ElectraTherm, a leader in distributed waste heat to power generation.
Hence, global waste heat recovery system market is estimated to expand at a CAGR of 5.7% by the end of the forecast period.
Key Players
The key players of the global waste heat recovery system market are 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.) are among others.
Frequently Asked Questions (FAQ) :
The global waste heat recovery system market is anticipated to account for a substantial revenue generation by 2023, expanding at a considerable CAGR of 3% over the review period.
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.
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Application
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining power of buyers
3.1.3 Threat of substitutes
3.1.4 Segment rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global Waste Heat Recovery System Market, By Application
5.1 Introduction
5.2 Steam and Power Generation
5.2.1 Market Estimates & Forecast, 2020-2027
5.2.2 Market Estimates & Forecast by Region, 2020-2027
5.3 Pre-heating
5.3.1 Market Estimates & Forecast, 2020-2027
5.3.2 Market Estimates & Forecast by Region, 2020-2027
6 Global Waste Heat Recovery System Market, By End-User
6.1 Introduction
6.2 Petroleum Refining
6.2.1 Market Estimates & Forecast, 2020-2027
6.2.2 Market Estimates & Forecast by Region, 2020-2027
6.3 Chemical
6.3.1 Market Estimates & Forecast, 2020-2027
6.3.2 Market Estimates & Forecast by Region, 2020-2027
6.4 Cement
6.4.1 Market Estimates & Forecast, 2020-2027
6.4.2 Market Estimates & Forecast by Region, 2020-2027
6.5 Metal Production and Casting
6.5.1 Market Estimates & Forecast, 2020-2027
6.5.2 Market Estimates & Forecast by Region, 2020-2027
6.6 Paper and Pulp
6.6.1 Market Estimates & Forecast, 2020-2027
6.6.2 Market Estimates & Forecast by Region, 2020-2027
6.7 Others
6.7.1 Market Estimates & Forecast, 2020-2027
6.7.2 Market Estimates & Forecast by Region, 2020-2027
7 Global Waste Heat Recovery System Market, By Region
7.1 Introduction
7.2 North America
7.2.1 Market Estimates & Forecast, 2020-2027
7.2.2 Market Estimates & Forecast by Application, 2020-2027
7.2.3 Market Estimates & Forecast by End-User, 2020-2027
7.2.4 U.S.
7.2.4.1 Market Estimates & Forecast, 2020-2027
7.2.4.2 Market Estimates & Forecast by Application, 2020-2027
7.2.4.3 Market Estimates & Forecast by End-User, 2020-2027
7.2.5 Canada
7.2.5.1 Market Estimates & Forecast, 2020-2027
7.2.5.2 Market Estimates & Forecast by Application, 2020-2027
7.2.5.3 Market Estimates & Forecast by End-User, 2020-2027
7.3 Europe
7.3.1 Market Estimates & Forecast, 2020-2027
7.3.2 Market Estimates & Forecast by Application, 2020-2027
7.3.3 Market Estimates & Forecast by End-User, 2020-2027
7.3.4 U.K.
7.3.4.1 Market Estimates & Forecast, 2020-2027
7.3.4.2 Market Estimates & Forecast by Application, 2020-2027
7.3.4.3 Market Estimates & Forecast by End-User, 2020-2027
7.3.5 Germany
7.3.5.1 Market Estimates & Forecast, 2020-2027
7.3.5.2 Market Estimates & Forecast by Application, 2020-2027
7.3.5.3 Market Estimates & Forecast by End-User, 2020-2027
7.3.6 France
7.3.6.1 Market Estimates & Forecast, 2020-2027
7.3.6.2 Market Estimates & Forecast by Application, 2020-2027
7.3.6.3 Market Estimates & Forecast by End-User, 2020-2027
7.3.7 Spain
7.3.7.1 Market Estimates & Forecast, 2020-2027
7.3.7.2 Market Estimates & Forecast by Application, 2020-2027
7.3.7.3 Market Estimates & Forecast by End-User, 2020-2027
7.3.8 Rest of Europe
7.3.8.1 Market Estimates & Forecast, 2020-2027
7.3.8.2 Market Estimates & Forecast by Application, 2020-2027
7.3.8.3 Market Estimates & Forecast by End-User, 2020-2027
7.4 Asia Pacific
7.4.1 Market Estimates & Forecast, 2020-2027
7.4.2 Market Estimates & Forecast by Application, 2020-2027
7.4.3 Market Estimates & Forecast by End-User, 2020-2027
7.4.4 China
7.4.4.1 Market Estimates & Forecast, 2020-2027
7.4.4.2 Market Estimates & Forecast by Application, 2020-2027
7.4.4.3 Market Estimates & Forecast by End-User, 2020-2027
7.4.5 India
7.4.5.1 Market Estimates & Forecast, 2020-2027
7.4.5.2 Market Estimates & Forecast by Application, 2020-2027
7.4.5.3 Market Estimates & Forecast by End-User, 2020-2027
7.4.6 Japan
7.4.6.1 Market Estimates & Forecast, 2020-2027
7.4.6.2 Market Estimates & Forecast by Application, 2020-2027
7.4.6.3 Market Estimates & Forecast by End-User, 2020-2027
7.4.7 South Korea
7.4.7.1 Market Estimates & Forecast, 2020-2027
7.4.7.2 Market Estimates & Forecast by Application, 2020-2027
7.4.7.3 Market Estimates & Forecast by End-User, 2020-2027
7.4.8 Australia
7.4.8.1 Market Estimates & Forecast, 2020-2027
7.4.8.2 Market Estimates & Forecast by Application, 2020-2027
7.4.8.3 Market Estimates & Forecast by End-User, 2020-2027
7.4.9 Rest of Asia Pacific
7.4.9.1 Market Estimates & Forecast, 2020-2027
7.4.9.2 Market Estimates & Forecast by Application, 2020-2027
7.4.9.3 Market Estimates & Forecast by End-User, 2020-2027
7.5 Middle East & Africa
7.5.1 Market Estimates & Forecast, 2020-2027
7.5.2 Market Estimates & Forecast by Application, 2020-2027
7.5.3 Market Estimates & Forecast by End-User, 2020-2027
8 Competitive Landscape
9 Company Profile
9.1 Alstom SA
9.1.1 Company Overview
9.1.2 Applications/Services Offering
9.1.3 Financial Overview
9.1.4 Key Developments
9.1.5 Strategy
9.1.6 SWOT Analysis
9.2 ABB Ltd
9.2.1 Company Overview
9.2.2 Applications/Services Offering
9.2.3 Financial Overview
9.2.4 Key Developments
9.2.5 Strategy
9.2.6 SWOT Analysis
9.3 Amec Foster Wheeler
9.3.1 Company Overview
9.3.2 Applications/Services Offering
9.3.3 Financial Overview
9.3.4 Key Developments
9.3.5 Strategy
9.3.6 SWOT Analysis
9.4 Ormat Technologies Inc
9.4.1 Company Overview
9.4.2 Applications/Services Offering
9.4.3 Financial Overview
9.4.4 Key Developments
9.4.5 Strategy
9.4.6 SWOT Analysis
9.5 General Electric Co.
9.5.1 Company Overview
9.5.2 Applications/Services Offering
9.5.3 Financial Overview
9.5.4 Key Developments
9.5.5 Strategy
9.5.6 SWOT Analysis
9.6 Mitsubishi Heavy Industries Ltd.
9.6.1 Company Overview
9.6.2 Applications/Services Offering
9.6.3 Financial Overview
9.6.4 Key Developments
9.6.5 Strategy
9.6.6 SWOT Analysis
9.7 Echogen Power Systems Inc.
9.7.1 Company Overview
9.7.2 Applications/Services Offering
9.7.3 Financial Overview
9.7.4 Key Developments
9.7.5 Strategy
9.7.6 SWOT Analysis
9.8 Econotherm Ltd.
9.8.1 Company Overview
9.8.2 Applications/Services Offering
9.8.3 Financial Overview
9.8.4 Key Developments
9.8.5 Strategy
9.8.6 SWOT Analysis
9.9 Thermax Limited
9.9.1 Company Overview
9.9.2 Applications/Services Offering
9.9.3 Financial Overview
9.9.4 Key Developments
9.9.5 Strategy
9.9.6 SWOT Analysis
9.10 Siemens AG
9.10.1 Company Overview
9.10.2 Applications/Services Offering
9.10.3 Financial Overview
9.10.4 Key Developments
9.10.5 Strategy
9.10.6 SWOT Analysis
9.11 China Energy Recovery Inc.
9.11.1 Company Overview
9.11.2 Applications/Services Offering
9.11.3 Financial Overview
9.11.4 Key Developments
9.11.5 Strategy
9.11.6 SWOT Analysis
9.12 Cool Energy Inc.
9.12.1 Company Overview
9.12.2 Applications/Services Offering
9.12.3 Financial Overview
9.12.4 Key Developments
9.12.5 Strategy
9.12.6 SWOT Analysis
List of Tables
Table 1 Global Waste Heat Recovery System Market: By Region, 2020-2027
Table 2 North America Waste Heat Recovery System Market: By Country, 2020-2027
Table 3 Europe Waste Heat Recovery System Market: By Country, 2020-2027
Table 4 Asia Pacific Waste Heat Recovery System Market: By Country, 2020-2027
Table 5 RoW Waste Heat Recovery System Market: By Country, 2020-2027
Table 6 Global Waste Heat Recovery System Market, By Application, By Regions, 2020-2027
Table 7 North America Waste Heat Recovery System Market, By Application, By Country, 2020-2027
Table 8 Europe Waste Heat Recovery System Market, By Application, By Country, 2020-2027
Table 9 Asia Pacific Waste Heat Recovery System Market By Application, By Country, 2020-2027
Table 10 RoW Waste Heat Recovery System Market By Application, By Country, 2020-2027
Table 11 Global Ambient Food Packaging By End-User Market: By Regions, 2020-2027
Table 12 North America Waste Heat Recovery System Market By End-User : By Country, 2020-2027
Table 13 Europe Waste Heat Recovery System Market By End-User : By Country, 2020-2027
Table 14 Asia Pacific Waste Heat Recovery System Market By End-User : By Country, 2020-2027
Table 15 RoW Waste Heat Recovery System Market By End-User : By Country, 2020-2027
Table 16 Global Waste Heat Recovery System Market: By Region, 2020-2027
Table 17 Global Waste Heat Recovery System Market: By Application, 2020-2027
Table 18 Global Waste Heat Recovery System Market: By End-User, 2020-2027
Table 19 North America Waste Heat Recovery System Market, By Country
Table 20 North America Waste Heat Recovery System Market, By Application
Table 21 North America Waste Heat Recovery System Market, By End-User
Table 22 Europe: Waste Heat Recovery System Market, By Country
Table 23 Europe: Waste Heat Recovery System Market, By Application
Table 24 Europe: Waste Heat Recovery System Market, By End-User
Table 25 Asia Pacific: Waste Heat Recovery System Market, By Country
Table 26 Asia Pacific: Waste Heat Recovery System Market, By Application
Table 27 Asia Pacific: Waste Heat Recovery System Market, By End-User
Table 28 RoW: Waste Heat Recovery System Market, By Region
Table 29 RoW Waste Heat Recovery System Market, By Application
Table 30 RoW Waste Heat Recovery System Market, By End-User
List of Figures
FIGURE 1 RESEARCH APPLICATIONOF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
FIGURE 8 GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET SHARE, BY APPLICATION, 2020 (%)
FIGURE 9 GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET, BY APPLICATION, 2020-2027 (USD MILLION)
FIGURE 10 GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET SHARE, BY END-USER, 2020 (%)
FIGURE 11 GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET, BY END-USER, 2020-2027 (USD MILLION)
FIGURE 12 GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET SHARE (%), BY REGION, 2020
FIGURE 13 GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET, BY REGION, 2020-2027 (USD MILLION)
FIGURE 14 NORTH AMERICA WASTE HEAT RECOVERY SYSTEM MARKET SHARE (%), 2020
FIGURE 15 NORTH AMERICA WASTE HEAT RECOVERY SYSTEM MARKET BY COUNTRY, 2020-2027 (USD MILLION)
FIGURE 16 EUROPE WASTE HEAT RECOVERY SYSTEM MARKET SHARE (%), 2020
FIGURE 17 EUROPE WASTE HEAT RECOVERY SYSTEM MARKET BY COUNTRY, 2020-2027 (USD MILLION)
FIGURE 18 ASIA PACIFIC WASTE HEAT RECOVERY SYSTEM MARKET SHARE (%), 2020
FIGURE 19 ASIA PACIFIC WASTE HEAT RECOVERY SYSTEM MARKET BY COUNTRY, 2020-2027 (USD MILLION)
FIGURE 20 REST OF THE WORLD WASTE HEAT RECOVERY SYSTEM MARKET SHARE (%), 2020
FIGURE 21 REST OF THE WORLD WASTE HEAT RECOVERY SYSTEM MARKET BY COUNTRY, 2020-2027 (USD MILLION)
