Waste Heat Recovery System Market Size & Share, By Application (Pre Heating, Steam & Power Generation), End-use (Petroleum Refinery, Chemical, Cement), Phase System, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032
Market Outlook:
Base Year Value (2023)
USD 55.98 Billion
CAGR (2024-2032)
9.5%
Forecast Year Value (2032)
USD 109.58 Billion
Historical Data Period
2019-2023
Largest Region
Europe
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:Rising energy costs, stringent government regulations, and increasing focus on sustainability are driving the demand for waste heat recovery systems in various industries.
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | End-Use, Application, Phase System |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | Siemens Energy,Mitsubishi Power,., General Electric, ABB, Turboden S.p.A., Bosch Industriekessel, Exergy International Srl, Forbes Marshall, IHI, Terrapin |
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High initial investment costs and lack of awareness about waste heat recovery technology among small and medium-sized enterprises are major restraints for the waste heat recovery system market.
Regional Forecast:
Largest Region
Europe
31% Market Share in 2023
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The Waste Heat Recovery System market in North America is expected to witness significant growth due to strict government regulations regarding energy efficiency and the increasing focus on reducing carbon emissions. The United States and Canada are the key countries driving the market growth in the region.
Asia Pacific:
The Waste Heat Recovery System market in Asia Pacific is projected to experience rapid growth, particularly in countries like China, Japan, and South Korea. This growth can be attributed to the increasing industrial activities, along with stringent environmental regulations aimed at reducing greenhouse gas emissions.
Europe:
In Europe, the Waste Heat Recovery System market is anticipated to witness steady growth in countries such as the United Kingdom, Germany, and France. The market growth in this region is driven by the strong emphasis on sustainability and energy efficiency, as well as the presence of a well-established industrial sector.
Report Coverage & Deliverables
Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Segmentation Analysis:
In terms of segmentation, the global waste heat recovery system market is analyzed on the basis of End-Use, Application, Phase System
The Waste Heat Recovery System market is expected to witness substantial growth in the coming years, with a promising market size and share. The increasing focus on energy efficiency and sustainability across industries is driving the demand for waste heat recovery systems. These systems help in capturing and reusing heat that would otherwise be wasted, thereby reducing energy consumption and operational costs.
By Application (Pre Heating, Steam & Power Generation)
The Waste Heat Recovery System market can be segmented based on applications such as pre-heating, steam generation, and power generation. Pre-heating applications involve using the recovered heat for heating purposes, while steam generation involves converting the heat into steam for various industrial processes. Power generation applications focus on converting the heat into electricity, thereby providing an additional source of power for industries.
End-use (Petroleum Refinery, Chemical, Cement)
The Waste Heat Recovery System market caters to various end-use industries such as petroleum refineries, chemical plants, and cement factories. These industries generate a significant amount of waste heat during their operations, which can be effectively captured and utilized through waste heat recovery systems. By implementing these systems, industries can not only reduce their energy consumption but also lower their carbon footprint.
Phase System
The Waste Heat Recovery System market can also be categorized based on the phase system used in the recovery process. Common phase systems include liquid phase, gas phase, and hybrid systems, each offering unique benefits and applications. Liquid-phase systems are typically used in industries where there is a high availability of liquid waste heat, while gas-phase systems are more suitable for industries with gaseous waste heat streams. Hybrid systems combine both liquid and gas phase technologies to maximize heat recovery efficiency.
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Competitive Landscape:
Competitive Landscape: The Waste Heat Recovery System Market is highly competitive with key players constantly striving for innovation and new product development. Companies are focusing on strategic collaborations and partnerships to enhance their market presence.Top Market Players:
1. Siemens AG
2. General Electric Company
3. Ormat Technologies Inc.
4. Thermax Limited
5. Mitsubishi Heavy Industries Ltd.
6. ABB Ltd.
7. Boustead International Heaters Ltd.
8. Amec Foster Wheeler
9. Econotherm Ltd.
10. Sigma Thermal
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