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Global Waste Heat Recovery System Market size is projected to be valued USD 78 Billion by 2026, with a CAGR of 7.5% throughout the projected timeframe.

Increasing energy utilization in the manufacturing and service sectors, as well as rising global power consumption, is propelling the waste heat recovery system market forward. Furthermore, expanding sustainable civilization and industrialization have added significant growth in electricity, boosting the waste heat recovery system market onward. However, as energy consumption grows, organizations are creating a variety of ways to convert waste energy into electrical energy, assisting in the growth of the Waste Heat Recovery market.

Waste heat recovery (WHR) is the method of producing electricity from energy discharged from a variety of sources such as steaming from cooling towers, combustion engines, flue gases, and others. Waste heat recovery systems are among the least expensive ways to increase plant and output efficiency. Its applications include load preheating, power production, steam generation, combustion air preheating, space heating, and water preheating. A multitude of manufacturing applications, including glass melting furnace exhaust, furnace cooling water, fume incinerators, and combustion engines, generate excess heat. Over the projection timeframe, R&D initiatives and the advancement of novel heat recovery techniques are anticipated to propel the market.

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Global Waste Heat Recovery System Market Growth Aspects

In recent years, waste prevention, preservation of natural resources, and lower plant running costs have been some of the major elements of the waste heat recovery system industry. The growing need for energy-efficient technology, combined with rising electricity prices, is propelling the waste heat recovery system market size. On the other side, the excessive complexity and cost of the waste heat recovery system is the fundamental hindrance to market development. The expanding use of waste heat recovery systems to increase efficiency and effectiveness in industries such as metal production, food and beverage, petroleum refining, paper and pulp, cement, and others is expected to propel the waste heat recovery system market trend.

Besides that, the waste heat recovery market has been influenced in addition to economic growth and development. The authorities have been implementing several energy-saving measures and policies, promoting the use of waste heat recovery techniques. Because of concern for the environment, the government is implementing energy-saving measures, and as a result, the waste heat recovery sector is thriving.

The rising importance of energy sustainability, combined with stringent emission regulations globally, will drive market expansion. Heavy metal manufacturing, cement, petrochemical industries, fiberglass, and chemicals are some of the notable application areas with considerable waste heat recovery potential. WHR systems are projected to grow publicity in the coming few years due to their ability to reduce operating costs while increasing onsite heat and electricity.

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Waste Heat Recovery System Market Segmentation

According to Acumen Research and Consulting, the global waste heat recovery system market is segmented by temperature, application, and end-use. By temperature, the market is separated into <230 C, 230-650 C, and >650 C. The >230 C temperature segment is predicted to increase significantly in the market in the coming years. This growth is due to the fact that these systems are widely employed in chemical, food processing, pulp and paper, and other medium-sized businesses.

By application, the segment is further segmented into electricity & steam generation, pre-heating, and others. The pre-heating segment is expected to have a large market share in the next years. Reduced emissions of greenhouse gases, operational versatility, and the ability to attain high energy consumption will promote product acceptance in the coming years.

By end-use, the market can be divided into heavy metal manufacturing, glass, petroleum refining, pulp & paper, food & beverage, cement, chemical, and other manufacturing. The cement segment is projected to grow at the fastest rate in the market due to the rapid development of the building and construction economy. Furthermore, the growing number of cement plants in emerging markets would boost segment growth.

Waste Heat Recovery System Market Regional Overview

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the waste heat recovery system market. According to the waste heat recovery system market forecast, the North America is expected to lead the market and have the biggest market portion in the forecast years. Rising onsite energy production and significant economic stability have increased consumption for waste heat recovery companies in the United States and Canada, driving regional expansion. Aside from that, North American corporations are heavily investing in the development of energy-efficient technology, thus North America’s participation will be beneficial.

Besides that, the Asia-Pacific region is expected to grow significantly in the global market in the next years, owing mostly to region federal regulations and foreign direct investment in the region. The market for waste heat recovery systems is expected to grow quicker in developing economies such as China and India than in industrialized economies such as Germany and United States.

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Waste Heat Recovery System Market Players            

Some of the prominent waste heat recovery system market companies are Thermax, General Electric, Aura GmbH, AC Boilers, Bosch Thermo technology, Siemens, Climeon AB, HRS, Exergy SPA, Cochran, IHI, Ormat Technologies, Rentech Boiler Systems, AMEC Foster Wheeler, Forbes Marshall, Durr Group, Viessman, Walchandnagar, Mitsubishi Hitachi Power Systems, and Promec Engineering.

Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

Mr. Frank Wilson Acumen Research and Consulting USA: +13474743864 India: +918983225533 E-mail: [email protected]

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