Product ID: SQMIG20I2106
Global Waste Heat Recovery System Market Size, Share, Growth Analysis, By Application(Pre Heating, Steam & Electricity Generation), By End-User(Petroleum Refinery, Power) - Industry Forecast 2024-2031
Report ID:
SQMIG20I2106 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
67 |
Figures:
75
Global Waste Heat Recovery System Market Regional Insights
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.
Global Waste Heat Recovery System Market Report Snapshots
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