Global Waste Heat Recovery System Market is valued at USD 56.82 Billion in 2020 and expected to reach USD 101.23 Billion by 2027 | CAGR of 8.6%

04 Aug 2021

Global Waste Heat Recovery Market is valued at USD 56.82 Billion in 2020 and expected to reach USD 101.23 Billion by 2027 with a CAGR of 8.6% over the forecast period.

Global Waste Heat Recovery System Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027, Increasing pollution and growing greenhouse gas emissions, supportive government regulations to decrease carbon footprint and rising need of energy efficient equipments are the some of the major factors driving the growth of Global Waste Heat Recovery System Market.

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Scope of Global Waste Heat Recovery Market Report

Industrial waste heat is heat produced in different industrial processes which is not put into any practical use and is lost, wasted and dumped into the environment. A waste heat recovery system is an energy recovery heat exchanger that transfers heat from process outputs at high temperature to another part of the process for some purpose, usually increased efficiency. WHRU is tool involved in cogeneration. Waste heat may extracted from sources such as hot flue gases from diesel generator, steam from cooling towers, waste water from cooling processes such as steel cooling. This tool will add more efficiency to the process and thus decreases the costs of fuel and energy consumption needed for that process. This process helps in reducing the pollution e.g. thermal  and air pollution is dramatically reduce due to less flues gases of high temperature emitted from different industries. It reduces equipment sizes as fuel consumption reduces so the control and security equipment for handling the fuel decreases. Also it reduces the auxiliary energy consumption by reducing the equipment sizes. Waste heat of medium (120-650°C) and higher temperature could be used for generation of electricity or mechanical work via different capturing processes. It can be used to fulfill refrigeration requirements of trailer. Waste heat recovery is used in different industries like food industries, ceramic industries, cold storages, chemical industries, petroleum refining etc.

The COVID-19 has witnessed a negative impact on the growth of the global waste heat recovery market owing to the the shutdown or less production of power generation plants, cement industries, glass manufacturing industries, metal manufacturing industries and also petroleum refining and others. Thus, it leads to decreased demand for the waste heat recovery systems by these industries.

The regions covered in waste heat recovery market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of waste heat recovery is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Global Waste Heat Recovery Market:

Some key players for Global waste heat recovery Market are Siemens AG, Ormat Technologies, General Electric Co., Forbes Marshall, Boustead International Heaters, ABB, Echogen Power systems, Mitsubishi Heavy Industries, Ltd., Promec Engineering, Wood Plc, Terrapin, AURA GmbH % Co., Exergy S.P.A., IHI Corporation, Cliemon, Cool Enegy lnc., Econotherm, Thermax Limited and others.

News:

The Prism Johnson Commissions Waste Heat Recovery Plant and Solar Power Plant at Prism Cement Plant

March 31st, 2021; India, Prism Cement established a 12 MW waste heat recovery (WHR) plant and 10MW solar power plant at its 6.1Mt/yr capacity integrated Prism Cement plant at Satana, Madhya Pradesh. The total WHR capacity of this plant is 22MW, with total of 23MW solar power capacity. The measures are part of the producer’s sustainability initiative, by which it aims to decrease its reliance on renewable.

Increasing Pollution and Growing Greenhouse Gas Emissions, Supportive Government Regulations to Decrease Carbon Footprint and Growing Need of Energy Efficient Equipments are the Significant Factors Driving the Market Growth

Increasing pollution and growing greenhouse gas emissions are the major factors driving the growth of global waste heat recovery market. For instance; according to PBL Netherlands Environmental Assessment Agency 2019 Report, Growth of global greenhouse gas emissions in 2018 was highest since 2011, in 2018 the growth in total global greenhouse gas emissions resumed at a rate of 2.0%, reaching 51.8 gigatonnes of CO2 (excluding from land-use change). In 2018, the 2% increase in global GHG emissions was due to a 2% increase in global fossil carbon dioxide emissions from fossil-fuel combustion and those from industrial non-combustion processes including cement production. Global emissions of methane (CH4) and nitrous oxide (N2O) increased by 1.8 and 0.8 % respectively. Global emission of fluorinated gases (F gases) continued to grow by an estimated 6% in 2018, thereby also contributing to the 2.0% growth total GHG emissions. As waste heat recovery system (WHRU) helps in reducing the green house gas emissions as well as pollution. Thus, increasing pollution and growing greenhouse gas emissions increases the demand for waste heat recovery.

In addition, increasing initiatives taken by different various countries for carbon footprints and climate change effects are also fostering for the growth of waste heat recovery market. For instance; according to International Journal of Environmental research and Public Health 2020, in 2017 in U.K. the carbon trust aimed at developing a common understanding of what the carbon footprint of a product is and circulated a draft methodology for consultation. The Carbon Trust is private company set up by the U.K. government to accelerate transition of low carbon economy. In 2019, the latest version of Catalan Office for Climate Change (Catalonia, Spain) is published with new guidelines. Also need of energy efficient equipments and rapid increase in industrialization are also supplementing the growth of waste heat recovery market. However rising energy and electricity prices may limit market growth. In spite of that, growing investment in R & D activities in this field may offer more opportunities for the further growth of the market.   

North America is Anticipated to Dominate the Global Waste Heat Recovery Market

Geographically; North America and Europe are expected to witness a significant growth in the global waste heat recovery market over the forecast period owing to the stringent government regulations and increasing awareness regarding the benefits of  waste heat recovery in these regions. For instance, I-ThERM project aim is to investigate, design, build and demonstrate innovative plug and play waste heat recovery solutions to facilitate optimum utilization of energy in selected applications with high replicability in temperature range 70-1000°C. Thus I- ThERM project and development of different WHR systems are responsible for the growth of waste heat recovery market in Europe.

Asia Pacific is expected to show a fastest growth in the global waste heat recovery market due to the increasing demand of waste heat recovery systems from different industries (Mainly for cement industries) and Rapid Industrialization. For instance, according to cemWHR 2020, Asia is largest cement producing region. China ranks first and India ranks second in the cement production with 502MTPA production. Cement industries’ projected growth is 30% in next five years. Out of over 210 large cement plants in India, only 70% cement kilns have adopted waste heat recovery systems. Mission energy Foundation estimates that the WHR potential in Indian cement industry is close to 750MW, indicating huge opportunity of WHR in cement industry. Thus, by installing WHR systems industries can reuse energy and also gas emission in environment can be restricted.

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