Global Waste Heat Recovery System Market Size By Vehicle Type (Power and Steam Generation, Pre-Heating), By End-Use (Power, Petroleum Refinery), By Phase System (Liquid-liquid Phase Systems, Liquid-gas Systems), By Geography Scope And Forecast
Global Waste Heat Recovery System Market Size By Vehicle Type (Power and Steam Generation, Pre-Heating), By End-Use (Power, Petroleum Refinery), By Phase System (Liquid-liquid Phase Systems, Liquid-gas Systems), By Geography Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Waste Heat Recovery System Market Size And Forecast
Waste Heat Recovery System Market size was standing at USD 63 Billion in 2022 and is estimated to stand at USD 127.2 Billion by 2030, registering a CAGR of 9.2% from 2024 to 2030.
The increasing focus and concerns about greenhouse gas emissions and strict laws to minimize the carbon footprint are the major factors propelling the growth of the global Waste Heat Recovery System market. Also, ongoing innovations such as heat recovery systems for waste are helping the global market to boost. The Global Waste Heat Recovery System Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Waste Heat Recovery System Market Definition
A pivotal possibility to increase effectiveness and lower energy costs is Waste Heat Recovery System. Waste Heat Recovery System (WHR) power plants are used in cement production facilities to generate energy using the heat from the rotary kiln preheating system and the hot gases from the AQC exhaust. In a steam generator (boiler), these heated gases are utilized to produce steam, and the steam turbo generator is used to produce electricity. WHR systems offer a practical substitute for raising the general energy efficiency of industrial production processes.
The factories that make exhausts generate much heat, negatively influencing the environment and increasing carbon footprint. Waste heat captured and utilized again can replace expensive fuels or energy without releasing any emissions. Systems for recovering waste heat are also used in maritime boats. The environment loses almost half of the fuel energy required to power the diesel engines on marine board boats. High-efficiency mechanical and electrical power may be produced using systems to recover low-temperature waste heat. The market for Waste Heat Recovery System is expanding due to this use.
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Global Waste Heat Recovery System Market Overview
As energy efficiency regulations become stricter worldwide, the market for Waste Heat Recovery (WHR) systems in North America is really taking off. The U.S. is leading the charge in the region, mainly because WHR systems are increasingly being used to clean up exhaust gases in coal power plants and create clean energy. Basically, these systems let power plants recycle those hot flue gases for things like pre-drying materials and co-generation, which makes the whole process more efficient and drives up demand. With big names like Terrapin and General Electric already involved, we can expect the regional economy to get a serious boost.
Investments in several sectors, including chemicals, paper & pulp, petrochemicals, heavy metals, and refineries, will accelerate the industry’s impending development.  Major manufacturing sectors are implementing WHR to reduce reliance on traditional energy sources and generate electricity to cut operating expenses. Additionally, advancing technologies such as Waste Heat Recovery System via an organic Rankine cycle will increase demand.
Global Waste Heat Recovery System Market Segmentation Analysis
The Global Waster Heat Recovery System Market is Segregated Based on Vehicle Type, End-Use, Phase System, and Geography.
Waste Heat Recovery System Market, By Vehicle Type
Power and steam generation
Pre-Heating
Others
Based on Vehicle Type, The global Waste Heat Recovery System Market is distributed into Power and Steam Generation, Pre-Heating, and Others. The market is highly dominated by energy and steam generation due to increased demand in developing and developed countries. These systems are used by various industries also.
Waste Heat Recovery System Market, By End-Use
Power
Petroleum Refinery
Chemical
Cement
Metal Production and Casting
Pulp & Paper
Others
Based On End-Use, The global Waste Heat Recovery System market is further segmented into Power, Petroleum Refinery, Chemical, Cement, Metal Production, Casting, Pulp & Paper, and Others. The petroleum refinery segment has the largest market share due to the increasing drilling activities worldwide.
Waste Heat Recovery System Market, Phase System
Liquid-liquid phase system
Liquid-gas phase system
Thermal Regeneration
Based on Phase Systems, The global market is bifurcated into Liquid-liquid Phase Systems, Liquid-gas Systems, and Thermal Regeneration. Liquid-liquid phase system is anticipated to grow significantly during the estimated years owing to the growing power and petroleum industries worldwide.
Waste Heat Recovery System Market, By Geography
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Based on Geography, the global Waste Heat Recovery System market is divided into Asia Pacific, North America, the Middle East, Europe and Africa, and Latin America. Asia Pacific is anticipated to have a high growth rate in the forecast period. The growth is owing to the rising development of industries such as chemical, food and beverage, and cement in countries such as China.
Key Players
The Global Waste Heat Recovery System Market report also offers clear insights into the competitive landscape and the leading players in the global market. The leading players in Global Waste Heat Recovery System Market are General Electric, ABB, Siemens AG, Mitsubishi Heavy Industries, Terrapin, Forbes Marshall, Wood Plc, IHI Corporation, AURA GmbH, and Kessel GmbH.
Our market evaluation also includes a specially dedicated sector for major players. Our analysts offer a transparent view of the financial overview of all the key players, along with product benchmarking and SWOT analysis.
Key Developments
In September 2022, Energy and ElectraTherm, Inc., a leading geothermal technology and development firm in Transitional of Georgia, declared they had signed a Letter of Intent to partner on converting heat waste into electricity in the oil and gas industry.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Waste Heat Recovery System Market. We cover the major impacting factors responsible for driving the industry growth in the given region.
Porter’s Five Forces Model
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Waste Heat Recovery System Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
General Electric, ABB, Siemens AG, Mitsubishi Heavy Industries, Terrapin, Forbes Marshall, Wood Plc, IHI Corporation, AURA GmbH, and Kessel GmbH.
SEGMENTS COVERED
By Vehicle Type, By End-Use, By Phase System and By Geography.
CUSTOMIZATION SCOPE
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
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Research Methodology of Market Research
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Reasons to Purchase this Report
We'll dive into the market, looking at it from all angles, both the economic stuff and the stuff that's harder to measure. You'll get the market value (in USD Billion!) for every little piece of the market. We'll point out which areas and groups are going to blow up the fastest and which ones will be the biggest. Plus, we'll break down each region, showing you what people are buying and what's pushing the market around there. Think of it as a geographic spotlight! We also have a competitive landscape which will show you the big players ranked, along with any new goodies they've launched, deals they've made, expansions, and takeovers in the last five years. We'll give you detailed profiles of the top companies, covering their story, inside scoops, how their products stack up, and their strengths and weaknesses. We'll also peek into the future, looking at the industry's prospects with all the new developments, opportunities, and roadblocks in both up-and-coming and established areas. And for good measure, we'll use Porter's five forces to really dig into the market from different viewpoints. Basically, you'll get the inside scoop on the market!
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