The global waste heat recovery system market thrives on the untapped potential of reclaiming wasted energy from commercial sectors and industries. Rather than allowing heat to dissipate, companies are increasingly adopting efficient methods to harness and repurpose this energy. By employing advanced heat recovery systems, energy loss is minimized, and its utilization is optimized. Various heat recovery techniques are employed to recycle this energy, driving the escalating demand for waste heat recovery technology. This demand surge highlights the market's upward trajectory as industries prioritize sustainability and resource efficiency.
According to Data Bridge Market Research, the Global Waste Heat Recovery System Market was valued at USD 64.87 billion in 2021 and is expected to reach USD 132.13 billion by 2029, registering a CAGR of 9.30% during the forecast period of 2022 to 2029.
“Extensive application in power and steam generation facilitate market growth”
The global waste heat recovery system market is propelled by its extensive application in power and steam generation. Waste heat recovery systems harness and convert residual heat from industrial processes into usable energy, thereby enhancing overall efficiency. Their widespread adoption in power and steam generation processes significantly contributes to energy conservation and reduced operational costs. This pivotal role not only aligns with sustainability goals but also strengthens industries' economic viability, driving the demand for waste heat recovery systems and fostering the market's growth trajectory.
What restraints the growth of global waste heat recovery system market?
“Availability of cost-efficient alternatives”
The availability of cost-efficient alternatives poses a significant restraint on the global waste heat recovery system market. As industries seek economically viable solutions to enhance energy efficiency, the presence of alternative technologies that offer comparable benefits at lower costs can hinder the adoption of waste heat recovery systems. The competition from these alternatives can challenge the market's growth by diverting investments and attention away from waste heat recovery solutions, emphasizing the need for innovation and value proposition differentiation to maintain and expand market presence.
Segmentation: Global Waste Heat Recovery System Market
The waste heat recovery system market is segmented on the basis of application, end-user industry, temperature, technology and type.
- On the basis of application, the waste heat recovery system market is segmented into preheating, steam and electricity generation, recuperators, regenerators, rotary heat exchangers, heat pumps, economizers, other application.
- On the basis of end-user industry, the waste heat recovery system market is segmented into petroleum refining, meta production, cement, chemical, paper and pulp, and others.
- On the basis of temperature, the waste heat recovery system market is segmented into <230 °c, 230-650 °c, >650 °c.
- On the basis of technology, the waste heat recovery system market is segmented into complete closed loop systems, combustion air preheat systems, and high particulate systems.
- On the basis of type, the waste heat recovery system market is segmented into gas and diesel cogeneration systems, boiler exhaust stack economizer systems, and fume incineration systems.
Regional Insights: Europe dominates the Global Waste Heat Recovery System Market
Europe leads the waste heat recovery system market in terms of revenue and market share. This stems from the European Union's proactive initiatives to harness energy from waste and heightened awareness about waste heat recovery systems. These factors collectively drive Europe's command in the market, as the region focuses on sustainable energy generation through waste utilization.
Asia-Pacific is poised for rapid growth from 2022 to 2029, emerging as the fastest-developing region. The construction sector's expansion and rising demand for waste heat recovery systems in industries such as cement contribute to this growth. Notably, India and China exhibit increasing awareness about sustainable energy, elevating the demand for waste heat recovery systems and fostering market expansion in the region.
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The Prominent Key Players Operating in the Global Waste Heat Recovery System Market Include:
- Alstom (France)
- ABB (Switzerland)
- John Wood Group PLC (U.K.)
- Ormat Technologies Inc. (U.S.)
- General Electric (U.S.)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Echogen Power Systems Inc. (U.S.)
- Econotherm Limited (U.K.)
- Thermax Limited (India)
- Siemens (Germany)
- Cool Energy Inc. (U.S.)
- DEC (China)
- Harbin Electric Corporation co.,Ltd (China)
- BIHL (U.K.)
- AURA (Germany)
- Exergy International Srl (Italy)
- IHI Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global waste heat recovery system market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Waste Heat Recovery System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
