The global waste heat recovery system market is expected to register significant CAGR growth rate of 7.5% over forecast period. The waste heat recovery system market is expected to surpass US$ 78 Bn by the end of 2026.
Increasing focus of industries on energy conservation for improving the efficiency of their industrial operations and utilise the wastage of heat to boost the productivity is one of the key factor fuelling the adoption of waste heat recovery system and hence driving the market growth. In addition to this, the other factors such as stringent government regulations is increasing adoption of waste heat recovery systems across different industry verticals.
This research report includes a detailed analysis of the waste heat recovery systems market and offers key insights on the various parameters driving the adoption of waste heat recovery systems. The waste heat recovery systems market report includes adetailed analysis of the key drivers, challenges, trends, market structure, and opportunity in this market.The waste heat recovery systems report is segmented on the basis of application, temperature, end-user, and region.The application of waste heat recovery system for controlling the energy emission across different industries such as heavy metal processing, cement, paper and pulp, and others is propelling the market growth. Changing focus of industries on cost effective production process for business growth is accelerating the adoption of waste heat recovery system.
Rising focus on sustainable development
Changing environmental conditions are drastically affecting the renewable resources, which is a backbone of industries and degrading the quality of living environment as well. 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 market share in the global waste heat recovery system, the Europe region is expected to hold significant market share and similar trend is expected to continue over forecast period. Strong presence of potential customers for waste heat recovery system in this region and strict government regulations are some of the key factors behind this adoption rate in Europe. The North America region is expected to be second largest market in terms of demand for waste heat recovery system due to rising focus on energy efficient industrialization in this region.
The APAC region is registering significant growth rate as compared to other region due to rapid industrialisation and increasing penetration of international production industries in this region are accelerating the adoption of waste heat recovery systems in this region. Also, the dense presence of cement, paper and pulp, metal processing and production industries in this region is fuelling the demand for waste heat recovery system.
Some of the leading players operating in waste heat recovery system market includes Thermax, General Electric,Climeon AB, Promec Engineering, HRS, Cochran, IHI, Mitsubishi Hitachi Power Systems, AMEC Foster Wheeler, Durr Group, Viessman, Siemens, Forbes Marshall, Bosch Thermotechnology, Rentech Boiler Systems, AC Boilers, Ormat Technologies, Walchandnagar, Exergy SPA, and Aura GmbH.