Market Research Future has published a detailed report on the global waste heat recovery market which states that the market is set to rise at a notable CAGR. This rise has owned to the increased electricity consumption in recent times.
The waste heat recovery system market was valued at a notable valuation in 2018 and is set to witness robust growth over the forecast time frame.
Top Impacting Factors in Waste heat recovery system market
The recent activities such as reduced greenhouse gas emissions, application flexibility, and its ability to provide high energy efficiency are some of the key features which will boost product adoption in approaching years.
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The ongoing efforts to reduce harmful carbon emissions along with increasing electricity prices will drive the deployment of electricity & steam generation. Also, the growing focus towards the enhancement of plan efficiency coupled with growing demand for onsite power generation is some of the main factors that are propelling the market for waste heat recovery system rapidly.
Furthermore, essential government initiatives on conserving energy and reducing energy costs are expected to drive the waste heat recovery system market further. The increase in the usage of waste heat recovery systems in the recent times in various industries such as refineries, paper & pulp, heavy metals, petrochemicals and chemicals for pre-heating, steam generation and power generation is expected to further complement the market growth with a higher CAGR in the years to come.
In the current scenario, the latest manufacturing companies are actively adopting a waste heat recovery system market in order to reduce their conventional energy production and produce in-house electricity to reduce operating costs. This trend is expected to augment the global waste heat recovery system market growth further.
On
the flip side, the occurrence of high initial investment costs coupled
with complexity in waste heat recovery system designs is posing as
challenges for the market growth. But, the other side, with extensive
R&D by industry participants is hence improving waste heat recovery
system designs and reduces installation costs and supporting the market
gradually to grow with a confident pull.
Waste Heat Recovery System Market Segmentation
In the reports by MRFR, the global waste heat recovery system market is all-inclusively segmented based on application, end-use, and region.
By mode of end-use, the market has been segmented into petrol refining, chemical, cement, metal production and casting, paper and pulp, and others. Of these, petroleum refining is leading the end-user segment of the market. Whereas, the cement industry is witnessed to be the fastest growing segment of the market. The most energy-incentive process in the cement industry is clinker production in kilns.
By mode of application, the waste heat recovery system market has been segmented into steam and power generation, pre-heating and others.
Regional Outlook
As reported by MRFR, the global waste heat recovery system market has covered the regions mainly of North America, Europe, Asia-Pacific, and rest of the world.
Of these, the European region is set to lead the global waste heat recovery system market. Since 2017, the market has seen substantial growth owing to the growing awareness regarding waste heat recovery systems along with supportive initiatives taken by the European Union to develop energy through waste heat. This has driven the market growth since the 2017 year and became the leading one in the shortest time frame.
Next comes North America, which 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. The U.S. is the major contributor to the global waste heat recovery system market.
Asia Pacific region is expected to expand at the highest CAGR during the forecast period due to high industrialization and growing significance for sustainable energy in emerging markets of China and India. This is projected to drive the global waste heat recovery system market growth over the forecast period. Moreover, high growth seen in manufacturing sectors has also planned 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.
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.
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Industry News
- 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 the assets relating to GE’s Heat Recovery Solutions business, which were located at GE’s facility in Costa Mesa, California.
- 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.
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