Waste Heat Recovery Market 2021-2027: Industry Analysis and Forecast
Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global waste heat recovery market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Segmental Analysis
The global waste heat recovery system market has been analyzed based on application, end-use, and region.
Based on the application, the waste heat recovery system market is segmented into petroleum refining, chemical, cement, metal production and casting, paper and pulp, and others. Petroleum refining dominated the application segment of the market.
Based on end-use, the market has been bifurcated into power generation and pre-heating.
Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
The global waste heat recovery system market dominated the European area in 2017. Increasing understanding of waste heat recovery systems along with the European Union promoting initiatives to grow energy from waste has been a major driving force for the industry. The most significant contributors in the field are Germany, the U.K., and France. North America is yet another prominent waste heat recovery area. The sector is influenced by strict legislation on energy conservation and energy usage from the government and numerous environmental organizations. The United States is a significant supplier to North America and the global demand for waste heat recovery systems. Asia Pacific area is expected to grow during the forecast period to the highest CAGR. High industrialization and increasing importance for renewable energy in China and India's emerging markets are projected to drive market growth in the Asia Pacific over the forecast period. Also, high growth in the region's manufacturing sector projected to drive demand for waste heat recovery systems in cement, paper & pulp, metals, chemicals, and petroleum refining. The main contributors to the field are China, Japan, Singapore, and Australia.
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Competitive Analysis
The major market players acknowledged in the global market by MRFR are Alstom SA (France), ABB Ltd. (Switzerland), Siemens AG (Germany), General Electric Co. (U.S.), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). China Energy Recovery Inc. (China), Econotherm Ltd. (U.K.), Echogen Power Systems Inc. (U.S.), Thermax Limited (India), and Cool Energy Inc. (U.S.), are among others.
Drivers and Restraints
The increasing consumption of electricity worldwide is recognized as one of the key growth factors for this sector. The global population has led to an increase in electricity consumption and this, in effect, drives the demand for electricity supply. Energy performance in manufacturing has significantly increased in the last decade, and waste heat recovery is one of the main ways to minimize energy use. Waste heat recovery systems are commonly used in many branches of industry. Waste heat is heat produced by combustion of fuel or chemical reaction and then, even though it could be reused, thrown into the environment. Evidently, technological developments that occurred in the Waste Heat Recovery market, coupled with key players operating on the market who are continuously investing significant amounts in R&D activities, provide impetus to the growth of the market for waste heat recovery. Market-operating manufacturers aim to offer creative technologies that enhance market processes around the world in terms of design and manufacturing. Focusing on the competitive edge, manufacturers are working to create goods that can provide maximum adhesion, comfort and reliability. Installing waste heat recovery systems in existing power stations is cheaper than installing new power plants, which help the market towards growth. These waste heat recovery methods will be the primary method of growing power production during the forecast period.
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