The Waste Heat Recovery System Market refers to the market for systems and technologies that recover waste heat generated by industrial processes and convert it into usable energy. The waste heat can be used to generate electricity, provide heating or cooling, or drive mechanical processes, resulting in significant energy and cost savings.
The Waste Heat Recovery System market is a highly competitive and dynamic industry, where companies strive to position themselves for success by conducting thorough market analysis and developing targeted strategies. 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. 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.
Browse 208 market data Tables and 38 Figures spread through 222 Pages and in-depth TOC on “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”
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There are several methods used in waste heat recovery systems, including:
- Heat Recovery Steam Generator (HRSG): This technology uses the waste heat from a gas turbine to generate steam, which can then be used to power a steam turbine and generate additional electricity.
- Organic Rankine Cycle (ORC): ORC systems use a working fluid with a lower boiling point than water to generate electricity from waste heat. The fluid is vaporized by the waste heat and used to drive a turbine, which generates electricity.
- Thermoelectric Generators (TEGs): TEGs generate electricity directly from the temperature difference between two surfaces. In waste heat recovery systems, the temperature difference is created by the waste heat and ambient temperature.
- Absorption Chillers: Absorption chillers use waste heat to generate cooling for industrial processes or air conditioning systems.
- Heat Pumps: Heat pumps use waste heat to provide heating or cooling for buildings or industrial processes.
Waste Heat Recovery System Market Key Players
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).
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.
John Wood Group PLC is one of the world’s major consulting and engineering firms, with 35,000 professionals in over 60 countries operating in the energy and materials markets. The company is a provider of energy services. It works with the oil & gas and power generation industries to provide engineering, production support, maintenance management, industrial gas turbine overhaul, and repair services. Asset Solutions EAAA, Asset Solutions Americas, Technical Consulting Solutions, and Investment Services are the divisions under which the company operates its business.
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“The Europe to be the biggest market during the projection period”
Europe is expected to be the biggest market for waste heat recovery systems (WHRS) in the coming years. This is due to several factors, including increasing government regulations on energy efficiency, rising energy costs, and growing demand for sustainable energy solutions.
Europe is expected to dominate this market during the forecast period, due to the presence of stringent environmental regulations, high demand for energy-efficient solutions, and a mature industrial sector.
Furthermore, several European countries have set ambitious targets for reducing their carbon footprint, which is driving the adoption of waste heat recovery systems across various industries. For instance, the European Union’s Green Deal aims to achieve carbon neutrality by 2050, which is expected to boost the demand for energy-efficient technologies such as WHRS.
