The report “Waste Heat Recovery System Market by Application (Preheating and Steam & Electricity Generation), End-Use Industry (Petroleum Refining, Metal Production, Cement, Chemicals, Pulp & Paper), and Region – Global Forecast to 2027″, 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. In-depth research on WHRS market Size, Share, Business Analysis, Growth Factors, and Regional Forecast. The market report gives a purposeful depiction of the area by the practice for research, amalgamation, market size, overview, and review of data taken from various sources.
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.
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Browse in-depth TOC on “Waste Heat Recovery System Market”
208 – Tables
38 – Figures
222 – Pages
Driver- Growing environmental concerns
Climate change is the greatest economic, political, developmental, and environmental challenge for countries worldwide. Enhancing energy efficiency is the cheapest and the most reliable method of curbing carbon emissions, thus saving costs. Supplying energy for sustainable economic development is a goal shared by both developed and developing countries. The exhaust manufacturing facilities generate a lot of heat, which raises the carbon footprint and has a negative impact on the environment. Waste heat recovery systems are useful for improving the overall energy efficiency of industrial manufacturing processes, thereby boosting their demand.
Restraint- High capital investment
The major restraints of waste heat recovery systems are their high cost. The waste heat recovery systems industry require complex maintenance, which is expensive. Because of this, installing such a system requires a significant capital investment, which only large industries can afford. Small and medium-sized businesses cannot afford to cover such high costs. In most cases, the recovered heat may not be of sufficient quality to improve the process’s energy efficiency. The cost-benefit analysis may be skewed by high costs and little benefit. One of the obstacles to the market’s expansion is the high cost of waste heat recovery systems.
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Growing environmental concerns and surging need for energy efficient systems are a key to market growth
The greatest challenge to countries around the world in terms of economics, politics, development, and the environment is global climate change. Improving energy efficiency is the most cost-effective and dependable means of reducing carbon emissions and thereby saving money. Energy supply for long-term economic development is an objective shared by both industrialized and developing countries. The heat generated by the exhaust manufacturing plants increases the carbon footprint and has a detrimental influence on the environment. Waste heat recovery systems are a reasonable option for increasing the total energy efficiency of industrial manufacturing processes, hence increasing WHRS demand.
Energy security and sustainable development are significant in every industry, as the worldwide price of electricity and other energy sources has risen. To resolve these obstacles, industries are moving toward self-sufficiency in energy generation by using any useful fuel, such as biomass, household waste, or waste heat from an industrial operation. The expansion of the waste heat recovery system market is being supported by all of these factors, and this trend is anticipated to continue during the forecast period.
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.
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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.
Market Players
The major key players in the WHRS market are ABB Ltd. (Switzerland), Wood (John Wood Group Plc) (UK), Ormat Technologies Inc. (U.S.), General Electric Co. (US), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (US), Econotherm Ltd. (UK), Thermax Limited (India), Siemens AG (Germany), Cool Energy Inc. (Colorado) and others.
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