As industries around the world strive to reduce their environmental impact and improve energy efficiency, waste heat recovery systems have emerged as a key solution. These systems have the potential to transform waste heat, a byproduct of various industrial processes, into a valuable resource. The waste heat recovery system market is experiencing steady growth, driven by the growing demand for sustainable energy solutions and stringent government regulations aimed at curbing emissions. Waste Heat Recovery System Market size is expected to grow from USD 72.5 billion in 2022 to USD 102.1 billion by 2027 at a compound annual growth rate (CAGR) of 7.1% during the forecast period. The main factor driving the WHRS market during the forecast period includes the government regulations, awareness towards fighting climate change and global warming. Also, increase in interests related to energy efficient options and related technology across the globe is providing momentum to the growth of the market.
A few of the major players are ABB Ltd. (Switzerland), Wood (John Wood Group Plc) (UK), Ormat Technologies Inc. (US), General Electric Co. (US), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (US), Econotherm Ltd. (UK), Thermax Limited (India), Siemens AG (Germany), and Cool Energy Inc. (Colorado). These players have implemented various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships, to enhance their market shares and boost their product portfolios.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202657867
ABB Ltd. is a technology company that develops and offers solutions for electrification, motion, and automation. It operates through the following business segments: Motion, Process Automation, Robotics & Discrete Automation, and Electrification. The Process Automation segment develops and sells a wide range of industry-specific integrated automation, electrification, and digital systems and solutions, as well as life cycle services, advanced industrial analytics, and artificial intelligence applications and suites for the process, marine, and hybrid industries. Robotics and Machine Automation are the two operating Divisions that provide products, solutions, and services for the Robotics & Discrete Automation segment. With nearly 105,000 employees, ABB Group conducts business in nearly 100 countries.
This article explores the market trends, benefits, and future prospects of waste heat recovery systems.
- Market Growth and Trends: The waste heat recovery system market has witnessed significant growth in recent years and is projected to continue expanding. Factors such as rising energy costs, increasing environmental concerns, and the need to optimize industrial processes are driving the adoption of waste heat recovery systems across diverse sectors, including power generation, cement, chemical, and oil and gas industries. Technological advancements, such as the development of advanced heat exchangers and organic Rankine cycle systems, have further propelled market growth.
- Benefits of Waste Heat Recovery Systems: a) Energy Efficiency: Waste heat recovery systems enable the utilization of otherwise wasted heat, improving overall energy efficiency and reducing the reliance on primary energy sources. This results in substantial cost savings and reduced carbon footprint for industries.
b) Emissions Reduction: By capturing and reusing waste heat, these systems contribute to a significant reduction in greenhouse gas emissions. Industries can align their operations with sustainability goals, regulatory requirements, and environmental standards by implementing waste heat recovery systems.
c) Resource Optimization: Waste heat recovery systems allow industries to optimize their resources by converting waste heat into usable energy. This not only reduces dependence on fossil fuels but also helps conserve natural resources.
- Regional and Industry Outlook: The waste heat recovery system market is witnessing robust growth across different regions. Asia-Pacific holds a significant market share due to the presence of a large industrial base and rapid industrialization. North America and Europe are also experiencing considerable market expansion, driven by stringent emission standards and government incentives for energy efficiency.
Various industries are embracing waste heat recovery systems. For instance, the power generation sector utilizes waste heat from gas turbines and engines to generate additional electricity. Similarly, the cement and chemical industries capture waste heat from kilns and furnaces for process heating. The oil and gas industry recovers waste heat from flue gases to enhance operational efficiency.
- Future Prospects: The waste heat recovery system market is poised for continued growth in the coming years. Factors such as increasing awareness about sustainable practices, evolving energy efficiency regulations, and the growing adoption of clean energy sources will drive market expansion. Technological advancements in waste heat recovery systems, including improved materials and enhanced system integration, will further boost their efficiency and applicability.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=202657867
Steam & electricity generation is expected to have highest CAGR in the forecast period
The WHRS are used in a variety of sectors to generate steam and electricity. Companies can considerably lower their energy expenditures by adopting these WHRS systems to generate steam or electricity. The increased demand for energy, as well as the emphasis on making operations more energy efficient, is driving the market for WHRS in steam and electricity generation applications in sectors such as metal manufacturing, chemical, petroleum refining, and cement.
The Europe to be the biggest market during the projection period.
Due to the strict government regulations and rising interest in energy efficient methods, Europe has become the largest growing and profitable market for “WHRS market”. The development of modern technology and implementation of sustainable practices especially in Germany, Russia, France, UK is a key driver for growth in this market.
