USD 718.50 million
Report ID: SQSG20I2029 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Waste Heat Recovery System Market was valued at USD 718.50 million in 2021, and it is expected to reach a value of USD 848.20 million by 2028, at a CAGR of 2.40% over the forecast period (2022-2028).
A waste heat recovery system (WHRS) is an energy recovery heat exchanger that transfers heat from a hot process output to another part of the process, usually for efficiency purposes. WHRU is a tool related to cogeneration. Waste heat can be recovered from sources such as hot diesel generator flue gas, steam from cooling towers, or effluent from cooling processes such as steel cooling. Despite efforts by ORC companies, waste heat of low temperature (0-120 °C, or typically less than 100 °C) has traditionally not been used for electricity generation. primarily due to the low Carnot efficiency (maximum 18% for 90°C heating and 20°C cooling, minus losses, typically yielding 5-7% net electricity). Growth in concerns about greenhouse gas (GHG) emissions and stringent regulations to reduce carbon dioxide emissions are expected to be the key factors behind the growth of global waste heat recovery system market.
Domestic demand for WHR systems in North America is showing strong growth due to tightening global energy efficiency regulations. The United States is the largest contributor to the North American market revenue due to the increasing use of her WHRS to optimize emissions from coal-fired power plants and provide zero-emission electricity. Such systems enable the reuse of flue gas for pre-drying and cogeneration in thermal power plants, increasing the thermal efficiency of the system and thereby boosting product demand. The presence of major industry players such as General Electric and Terrapin in the region further fuels the market growth.
Global Market Size
USD 718.50 million
Electricity generation and Steam
To get more reports on the above market click here to Buy The Report
Global Waste Heat Recovery System Market is segmented based on the Application, End-user, and region. Based on application, the Market is segmented into Pre Heating, Steam & Electricity Generation, and Others. Based on End-user, the market is segmented into Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, and Other. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Analysis by Application
Electricity generation and steam generation has been the dominant application segment in the market due to increasing global demand. Rising electricity prices and continued efforts to reduce greenhouse gas emissions will lead to the use of WHRS for electricity and steam generation. Increased demand for on-site power generation and focus on improving plant efficiency are also important drivers of segment growth.
Preheating is analysed to be the fastest growing application segment in forecasting period. Waste heat recovery systems are primarily used for preheating combustion air, furnace load, boiler feed water and heating. The system uses a hot stage for air preheating and a cold stage for feed water heating to minimize operating costs and increase overall efficiency.
According to the US Department of Energy, preheating combustion air can improve furnace efficiency by up to 50%. Additionally, preheating the flue gas may eliminate the need for additional heating equipment, reducing capital costs and overhead. These trends represent the potential growth landscape of the Global Waste Heat Recovery System Market.
Analysis by End-User
The petroleum refining segment accounted for the largest market share in 2021. It is estimated to continue to expand at the fastest CAGR over the forecast period due to increased drilling activity. The sector uses WHR plant for processes such as refining, pyrolysis and catalytic treatment.
Many government initiatives to conserve energy and reduce energy bills are expected to further drive the market. Increasing demand for WHRS in industries such as petroleum refining, pulp and paper, heavy metals, petrochemicals, preheating chemicals, power generation, and steam generation is expected to further complement market growth.
Significant growth is expected for the cement end-use segment during the forecast period, owing to the rapid expansion of the construction sector. Moreover, increasing number of cement plants in developing countries such as India and China will lead to an increase in WHRS installations, which will boost the growth of the segment.
To get detailed analysis on other segments, Request For Sample Report
North America is expected to be the largest regional market during the forecast period owing to increase in demand for on-site power generation and increasing initiatives for deployment of energy efficient technologies. Strict government regulations on toxic gas emissions will lead to retrofitting of existing industrial plants, further increasing demand for our products.
Europe will become the second largest regional market in the future. Growing awareness of the WHR system and the European Union's waste-to-energy initiative are key drivers of market growth in the region. Germany is the biggest contributor to her WHRS market in Europe due to strict emission standards to reduce greenhouse gas emissions. Technological innovation, falling costs, and a favorable political environment are some of the potential factors that will boost product demand in the coming years.
Asia Pacific is projected to be the fastest-growing region at a certain CAGR over the forecast period. Asia-Pacific ranked as the largest recipient of FDI in the manufacturing sector. Rapid industrialization, along with growing awareness of the importance of sustainable energy in the emerging economies of India and China, should support market growth in the region.
The oil and natural gas industry in Latin America is expected to grow at a decent pace in the coming years owing to the oil reserves in Venezuela which in turn is likely to aid in the growth of the waste heat recovery systems market in the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Global Waste Heat Recovery System Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector are expected to spur industry growth in the coming years. Overall, the global market is highly competitive and dependent on product development and technological advancements. Large companies invest in research and development activities to gain a competitive advantage over others. Mergers and acquisitions, expansion of overseas operations, and strategic collaborations are other business strategies pursued by market players. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers.
Top Player's Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Waste Heat Recovery System market analysis, Asia Pacific region holds the highest share in 2021. Emerging Waste heat recovery technologies, and emerging economies can drive the market in future. Industrial waste treatment and recovery is one of the major concerns of various processing industries. To address this issue, companies have introduced various products and systems related to industrial waste treatment and recycling, as well as the recovery of energy from industrial waste. Products and services include wastewater treatment plants, waste heat recovery systems and flue gas desulfurization systems. These systems are commonly used to capture or recover heat that escapes with wastewater, air, or other products. This process allows companies to recover heat and use it for various operations.
|Market size value in 2021||USD 718.50 million|
|Market size value in 2028||USD 848.20 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Waste Heat Recovery System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Waste Heat Recovery System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Waste Heat Recovery System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Waste Heat Recovery System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.SPEAK TO AN ANALYST
Get lifetime access to our reportsBasic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOW
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.
Product ID: SQSG20I2029