The global waste heat recovery system market is expected to reach US$ 78Bn by 2026. The market is expected grow with 7.5% CAGR for the forecast period of 2018 to 2026
The segmentation included in global waste heat recovery system market is performed on the basis of end-use,temperature,application, and region. On the basis end-use, the global waste heat recovery system market is segmented into petroleum refining, cement, heavy metal manufacturing, chemical, pulp & paper, food & beverage, glass, other manufacturing). On the basis temperature, the global waste heat recovery system market is segmented into <230 0C, 230-650 0C, >650 0C.On the basis applications, the global waste heat recovery system market is segmented into pre-heating, electricity & steam generation {SRC, ORC, Kalina}, and others. On the basis of region the global waste heat recovery system market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
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The global waste heat recovery system market is expected to be driven by factors such as rising focus of industries on conservation of energy for improving the efficiency of their industrial operations and utilise the wastage of heat to boost the productivity. In addition to this, the other factors such as stringent government regulations is increasing adoption of waste heat recovery systems across different industry verticals. Upsurge in energy prices is forcing industries to go for the more cost effective solutions and waste heat recovery system is of the ways to achieve it
Environmental conditions are changing and it is affecting the quality of renewable resources, which is a backbone of industries. Due to boom in industrialisation from past decade the demand for resources is rising and this phenomenon is shifting the focus of industries and governments to achieve a sustainable development for maintaining environmental balance. This is leading to increase in demand for renewable energy sources and maintaining energy efficiency at the industrial level and this factor is ultimately boosting adoption of waste heat recovery system.
Considering the current scenario for the demand of waste heat recovery systems, the Europe region is the prominent market for waste heat recovery systems demand and is holding a significant market share. The countries present in Europe including U.K., Germany, Russia, and others are one of the top adopters of such advanced energy management systems. The dense presence of industries in above mentioned countries in Europe region is one of the key parameter responsible for high adoption of waste heat recovery systems in this region.
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In addition this, the interference of associations, government laws, standards, and other legislations are very stringent in developed region including Europe and America. The industries are significantly managed by various associations and their controls for secured production in industries. The manufacturers are facing needs to deliver an industry compliant waste heat recovery systems to control the wastage and improve the outcome. Europe is one of the potential customer for waste heat recovery systems by virtue of its industrial revolution.
On the account of rapid industrialization and rising awareness about achieving a sustainable growth with energy efficient methods, the APAC region is expected to register noticeable CAGR growth rate as compared to other region. Also, entrance of international production industries in this region are accelerating the adoption of advanced systems such as waste heat recovery systems for energy emission control in this region.
The market is estimated to witness significant growth due to increasing research and development activities in waste heat recovery systems by leading manufacturers of these systems. The manufacturers are focusing on delivering an industry specific products to propel their revenue generation and achieve sustainable growth in the increasing market competition. Some of the leading players operating in waste heat recovery system market includes Thermax, General Electric, Climeon AB, HRS, Cochran, IHI,AC Boilers, Ormat Technologies,Aura GmbH, Bosch Thermotechnology,Forbes Marshall,Promec Engineering, Mitsubishi Hitachi Power Systems, Durr Group, Viessman, AMEC Foster Wheeler,Siemens, Rentech Boiler Systems, Walchandnagar, and Exergy SPA
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