Waste Heat Recovery System Market Size Expected To Reach $72.7 Billion With CAGR Of 7.6% By 2026 Industryarc

2022-10-27 07:34:21

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Rising Waste Heat Recovery System Market Understanding of Environmental Conservation and Efficient Waste Heat Use Would Improve the Industry's Prospects.

HYDERABAD, TELANGANA, INDIA, October 27, 2022 / / -- IndustryARC, in its latest report, predicts that Size is forecast to reach $72.7 billion by 2026, at a CAGR of 7.6% during forecast period 2021-2026. Systems that recover heat from processing/manufacturing activities are known as waste heat recovery systems. The heat produced can be used to replace both electricity and fuel. There must be a source of waste heat, technology to recover the produced heat, and a need for the heat for a waste recovery system to function. Waste heat recovery systems are a viable option for the overall energy efficiency of industrial manufacturing operations, thus increasing demand. The rising cost of fuel and electricity, as well as the benefits it offers, such as reduced air pollution, are driving demand for waste heat recovery systems. The technology is supposed to be used all over the world, with China, India, the United States, Russia, Germany, and a few other countries dominating the markets. The countries listed above are known for producing the most cement, metals, and petroleum. The latest epidemic of COVID-19, however, has had a significant impact on the global manufacturing sector. Across globe, the production activities have slowed down with the intention of restricting the spread of coronavirus, which is expected to further affect the demand for waste heat recovery systems market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. Growing concerns about greenhouse gas (GHG) emissions, as well as strict regulations aimed at reducing carbon footprint, are expected to propel the global waste heat recovery system (WHRS) market forward.

2. Investments in many sectors, including refineries, heavy metals, paper & pulp, petrochemicals, and chemicals, would amplify the industry's future evolution. Major manufacturing companies are aggressively implementing WHRS to reduce their reliance on traditional energy and generate in-house power to save money. Continuous technical advancements, such as the WHR with organic rankine cycle, would also help to drive market growth.

3. Preheating of combustion air, furnace loads, boiler feed water, and space heating are all popular uses for waste heat recovery systems. WHR's cascade method is boosting product demand.

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Segmental Analysis:

1. Ultra Low (<100˚C) dominated the Waste Heat Recovery System Market with a value share of approximately 48% in 2020, WHR systems are commonly used in pulp and paper, food manufacturing, chemical, and other medium-sized businesses.

2. Petroleum and Chemical Refining industry dominated the Waste Heat Recovery System Market with a value share of approximately 31% in 2020. Some of the underlying factors that will drive the market growth are an increasing emphasis on plant productivity and a growing demand for onsite power generation.

3. North America dominated the Waste Heat Recovery System Market with a value share of approximately 33% in 2020, Because of the demand for onsite power generation and increased investment in the implementation of energy efficient technologies, North America's market share will rise.

Competitive Landscape:

The top 5 players in the Waste Heat Recovery System industry are -

1. Wood Group

2. Siemens

3. Bosch Thermotechnology

4. GE

5. IHI Corp

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Related Reports:

A. Thermoelectric Modules Market

B. Energy Harvesting Market

Venkat Reddy
IndustryARC

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