Waste Heat Recovery System Market Size is expected to reach at USD 128.8 Billion by 2030, registering a CAGR of 8.7%, Owing to Rising Energy and Electricity Prices in Emerging Economies
Acumen Research and Consulting recently published report titled “Waste Heat Recovery System Market Report and Region Forecast, 2022 – 2030”
TOKYO, Nov. 21, 2022 (GLOBE NEWSWIRE) — The Global Waste Heat Recovery System Market Size accounted for USD 61.3 Billion in 2021 and is projected to occupy a market size of USD 128.8 Billion by 2030 growing at a CAGR of 8.7% from 2022 to 2030.
Waste Heat Recovery System Market Statistics
- Global waste heat recovery system market revenue was worth USD 61.3 billion in 2021, with a 8.7% CAGR from 2022 to 2030
- Europe region was accounted 32.9% of waste heat recovery system market share in 2021
- Asia-Pacific waste heat recovery system market growth is expected to expand at a CAGR of 9% from 2022 to 2030
- By application, electricity & steam generation segment capture over 51% of total market share in 2021
- Rising environmental concerns, drives the waste heat recovery system market value
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Waste Heat Recovery System Market Report Coverage:
|Market||Waste Heat Recovery System Market|
|Waste Heat Recovery System Market Size 2021||USD 61.3 Billion|
|Waste Heat Recovery System Market Devices Market Forecast 2030||USD 128.8 Billion|
|Waste Heat Recovery System Market CAGR During 2022 – 2030||8.7%|
|Waste Heat Recovery System Market Analysis Period||2018 – 2030|
|Waste Heat Recovery System Market Base Year||2021|
|Waste Heat Recovery System Market Forecast Data||2022 – 2030|
|Segments Covered||By Application, By Temperature, By End-Use, And By Geography|
|Waste Heat Recovery System Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ABB, Boston Scientific Corporation, General Electric, IHI ,Mitsubishi Hitachi Power Systems, AMEC Foster Wheeler, Siemens, Forbes Marshall, Ormat Technologies, Exergy SPA, and Aura GmbH.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Waste Heat Recovery System Market Overview
A waste heat recovery system is recognized for generating power by processing energy waste in industrial or processing industries. The use of waste heat recovery systems in industrial settings aids in the reduction of operational costs and the management of emission levels. The generation of steam from waste heat sources is critical for a variety of end-use sectors that benefit from the utilization of these systems.
Waste Heat Recovery System Market Trends
The increasing utilization of waste heat recovery systems in preheating applications is projected to be one of the primary factors driving their acceptance across many business verticals. The growing environmental protection activities that limit elements such as industrial energy emissions, greenhouse gas emissions, and others are favorably boosting the market for waste heat recovery systems.
The increased urbanization of the population, combined with strong government support for upgrading industrialization, is increasing demand for such energy-efficient equipment, influencing revenue generating to the next level and driving market expansion. Governments in both wealthy and emerging nations are increasingly balancing development and the environment in order to achieve long-term prosperity and a better future. This is increasing demand for renewable sources of electricity and preserving industrial energy efficiency, which is eventually driving the deployment of waste heat recovery systems.
Rising Demand for Energy-Efficient Solutions As The Cost Of Energy Resources Rises Is Propelling Global Market Growth
Due to fast industrialization and growing awareness about attaining sustainable growth through energy-efficient means, the Asia-Pacific region is predicted to have a higher CAGR growth rate than other regions. Furthermore, the arrival of foreign manufacturing enterprises in this region is hastening the implementation of modern technologies for energy emission management, such as waste heat recovery systems.
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Waste Heat Recovery System Market Segmentation
The global waste heat recovery system market has been segmented by Acumen Research and Consulting based on application, temperature, and end-use. By application, the segment is separated into electricity & steam generation (SRC, ORC, kalina), pre-heating, and others (space heating, and chilling). According to the waste heat recovery system market forecast, the electricity & steam generation category is predicted to develop significantly in the next years.
In terms of temperature, the market is categorized into <230°C, 230-650°C, and >650°C. Moreover, the market is split into petroleum refinery, cement, pulp & paper, metal production, power, chemical, and others (glass, food & beverage, and primary metal refining), based on the end-use.
Waste Heat Recovery System Market Regional Overview
Based on the region, the worldwide waste heat recovery system market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to a waste heat recovery system industry report, the Europe region accounted for the highest market share in 2021. One of the key parameters responsible for the region’s strong adoption of waste heat recovery systems is the high industrialization index in nations such as the United Kingdom, Germany, Russia, and others, as well as the presence of large discretionary money. Furthermore, many associations and their regulations for secure manufacturing in industries are heavily monitored in the developed region, including Europe and America. To control waste and increase results, manufacturers must supply industry-compliant waste heat recovery solutions. Because of the industrial revolution, Europe is one of the prospective clients for waste heat recovery systems.
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Waste Heat Recovery System Market Players
The market is expected to grow significantly due to increased R&D activity in waste heat recovery systems by key manufacturers of these systems. Manufacturers are focusing on offering industry-specific solutions to boost revenue generation and achieve long-term success in an increasingly competitive market. Some of the prominent waste heat recovery system market companies are ABB, General Electric, IHI AMEC Foster Wheeler, Forbes Marshall, Exergy SPA, Boston Scientific Corporation, Mitsubishi Hitachi Power Systems, Siemens, Ormat Technologies, and Aura GmbH.
Questions Answered By This Report
- What was the market size of Waste Heat Recovery System Market in 2021?
- What will be the CAGR of Waste Heat Recovery System Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Waste Heat Recovery System Market?
- Which region held the largest share in Waste Heat Recovery System Market in 2021?
- What are the key market drivers of Waste Heat Recovery System Market?
- Who is the largest end user Waste Heat Recovery System Market?
- What will be the Waste Heat Recovery System Market value in 2030?
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