The waste heat recovery system market is experiencing a significant surge, driven by the growing emphasis on sustainability and energy efficiency in industrial sectors. Waste heat recovery systems capture and utilize the excess heat generated during various industrial processes, reducing energy consumption and minimizing environmental impact. Experts believe that waste heat recovery systems have the potential to revolutionize industries by turning waste into a valuable resource. The systems enable the recovery and reuse of heat that would otherwise be lost, thereby improving overall energy efficiency and reducing greenhouse gas emissions.
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.
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Industrial growth, particularly in sectors such as manufacturing, chemical, and oil and gas, has contributed to the increasing adoption of waste heat recovery systems. These systems offer substantial economic benefits, including reduced energy costs and enhanced competitiveness.
Moreover, government initiatives promoting sustainable practices and stricter environmental regulations have further fueled the demand for waste heat recovery systems. Countries worldwide are encouraging industries to invest in such technologies through financial incentives and tax benefits.
The waste heat recovery system market is witnessing a range of technological advancements. Innovations like organic Rankine cycle (ORC) systems and thermoelectric generators are enhancing system efficiency and expanding the application scope. Additionally, the integration of advanced control systems and data analytics is optimizing system performance and enabling predictive maintenance.
Industry experts predict robust growth for the waste heat recovery system market in the coming years. With the increasing focus on decarbonization and the transition towards a low-carbon economy, waste heat recovery systems will play a crucial role in achieving sustainability targets. The market is expected to witness significant investment and strategic partnerships as companies recognize the immense potential and long-term benefits of these systems.
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.
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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.
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.
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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.
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.
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