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A recent report published by Infinium Global Research on waste heat recovery systems market provides in-depth analysis of segments and sub-segments in the global as well as regional waste heat recovery systems market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional waste heat recovery systems market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global waste heat recovery systems market.
Waste heat recovery systems involve the process of generating energy from the heat released by various sources, including flue gases, diesel generators, cooling tower steam, and more. They are a highly cost-effective means of enhancing the overall efficiency of industrial plants. Utilizing specialized heat exchangers, WHRS transfers this excess heat to a working fluid, like water or a heat transfer medium. The captured heat can then be converted into useful forms of energy, such as electricity, steam, or hot water, which can be employed to meet various operational needs, from powering machinery to heating buildings. WHRS offers benefits such as reducing energy consumption, lowering operational costs, and diminishing environmental impacts by curbing greenhouse gas emissions. Industries, such as manufacturing, chemical processing, and power generation, are increasingly adopting WHRS to improve their energy efficiency, align with sustainability goals, and comply with environmental regulations. These systems exemplify the importance of harnessing untapped energy resources while contributing to a greener and more economically viable future.
The increasing demand for power generation worldwide has driven a parallel surge in the adoption of Waste Heat Recovery Systems (WHRS). According to the IEA report, there is a 5% rise in electricity demand in 2021 As power generation capacity expands to meet growing energy needs, a significant amount of waste heat is generated during the process. WHRS plays a crucial role in capturing and reusing this waste heat, improving the overall energy efficiency of power plants. This dual benefit of enhancing energy output while reducing environmental impact aligns with sustainability goals making WHRS an essential technology in the power generation sector. Hence, the rising demand for power generation is propelling the widespread deployment of WHRS. Additionally, the growing demand for on-site power generation and a heightened focus on enhancing plant efficiency are among the other factors expected to drive market growth. The rising electricity prices are further contributing to the expansion of the market. However, the high initial establishment costs may serve as a constraint on market growth. Furthermore, growing environmental concerns provide growth opportunities for the market.
The Asia Pacific (APAC) region is experiencing notable growth driven by rapid industrialization and the increasing presence of international production industries. This has led to a heightened adoption of waste heat recovery systems in the region. For instance, in 2020, six Waste Heat Recovery Systems across India. The cement plants of both Ambuja Cement and ACC will invest over USD 7800 million in green power generation. In addition, North America, is expected to be the second-largest market for waste heat recovery systems, owing to the growing emphasis on energy-efficient industrial practices. This focus on energy efficiency is driving the demand for waste heat recovery systems in the region. Europe is anticipated to maintain a significant market share, with the adoption of waste heat recovery systems continuing on a similar trajectory throughout the forecast period. The region benefits from a strong presence of potential customers for these systems and stringent government regulations that encourage their adoption.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 72.64 Billion |
| Market Size by 2030 | USD 134.14 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 7.02% |
| Largest Market | Asia-Pacific |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Application, and By End-use |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global waste heat recovery systems market covers segments such as application, and end-use. On the basis of application, the sub-markets include pre-heating, steam and power generation, and others. On the basis of end-use, the sub-markets include petroleum refining, cement, chemical, pulp and paper, and others.
The report provides profiles of the companies in the market such as ABB Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens Energy, General Electric, Thermax Limited, Ormat Technologies, Inc., Robert Bosch GmbH, Echogen, Econotherm Limited, and Others.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the waste heat recovery systems market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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