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 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 need of energy efficient equipments, rising power consumption and growing environmental awareness and supportive government initiatives are some of the major factors anticipated to drive the growth of Global Waste Heat Recovery System Market.
Waste heat recovery is the way towards catching and reusing heat from streams of high energy content created during different refining measures in industrial areas. Heat exchanger is an important segment in waste heat recovery system. These incorporate areas like automotive, chemicals, petroleum and so on. Industrialization keeps on developing quickly, and as a lot of heat is being generated, its protection and reuse has become a matter of huge concern for different businesses. Different strategies are being utilized for a huge scope in the industrial sector to decrease energy utilization, operational expenses, green-house gas and carbon emission. Utilization of waste heat recovery system could be an optimal move for different industrial cycles to improve their financial viability. As the industrial sector proceeds with endeavours to improve energy effectiveness, waste heat recovery systems offer an appealing chance to guarantee a low emission climate. Waste heat recovery hardware is utilized in various industrial applications like substantial metal production, petrol refining, cement production, chemical refining and natural gas compression.
During COVID-19 pandemic, the closure of the power generation plants, metal assembling units, glass fabricating, petrol refining has declined the utilization of the power, which is basically affecting the development of the market. However, in post lockdown many significant organizations are relied upon to focus on the advancement of heat exchangers for sending the heat from the waste stream of the power cycle. The growing adoption of the warmth exchanger in the assembling units is relied upon to drive the market development. The upsurge in demand for the implementation of renewable energy systems for efficient electricity generation will drive the growth of the Waste heat recovery system market size for the next many years.
The global waste heat recovery system market is segmented into application and end-user industry. On the basis of application, waste heat recovery system market is divided into preheating, steam & electricity generation and others. On the basis of end-use industries waste heat recovery system market is divided into petroleum refining, metal production, cement, chemical, paper & pulp and others
The regions covered in this global waste heat recovery system market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of waste heat recovery system 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.
The global waste heat recovery system market is highly competitive and consists of a few major player like ABB Ltd., Electric Co. and Mitsubishi Heavy Industries Ltd. Amec Foster, Alstom SA, Wheeler, Ormat Technologies Inc. ,General Echogen Power Systems Inc. Econotherm Ltd. , Thermax Limited Siemens AG, China Energy Recovery Inc., and Cool Energy Inc. and others.
News: First of its Kind Waste Heat-to-Power Facility to be Built in Canada
On February 12th, 2021; Siemens Energy signed an agreement with Canada-based TC Energy Corporation to commission a waste heat to-power pilot establishment in Alberta. The ability will catch waste heat from a gas-fired turbine working at a pipeline compression station and convert it into emission-free force. The power delivered will be returned into the grid, resulting in estimated greenhouse gas decreases of 44,000 tons each year. They utilize supercritical carbon dioxide (sCO2) as the functioning liquid to change over waste heat into power. Due to its properties, sCO2 can cooperate more straightforwardly with the heat source than water/steam, killing the requirement for a secondary thermal loop, ordinarily needed in traditional waste heat recovery systems.
The major factor driving the growth of waste heat recovery system is growing demand for the application of energy efficient equipment systems. It is projected that 20-50% of the energy used is lost in industrial operations in the form of hot exhaust gases, heat losses from radiation and within the cooling water. As per statistic and projection information from the International Energy Agency (IEA), the shock to energy interest in 2020 is set to be the biggest in the last 70 y. Worldwide energy interest in 2020 is assessed to decay by 6% contrasted with 2019, a fall multiple times more prominent than the 2009 financial emergency. In addition, increase in demand for electricity across the globe is also supplementing the need for installation of waste heat recovery system. Furthermore, growing environmental awareness and supportive government initiatives are also fostering the market growth. According to the DOE National Energy Modelling System (NEMS), by 2030, carbon emissions from power plants can be 84% lower than 2005 levels due to increasing environmental awareness and government restrictions to decrease these emissions by installing such systems.
However, high manufacturing cost and temperature restraints might hamper the potential of the waste heat recovery system market. In spite of that, emerging waste heat recovery technologies are expected to create better opportunities for waste heat recovery system market, globally.
North America has is expected to dominate the global waste heat recovery market due to infrastructural development and advancements in industries and supportive government regulations in this region. Now a day’s energy consumption in this region is increased. According to The U.S. Energy Information Administration’s (EIA) 2015 Residential Energy Consumption Survey 76 million primary occupied U.S. homes use central air-conditioning equipment and approximately 13 million homes use heat pumps for heating or cooling, so the United States will be required to meet new energy efficiency standards. Additionally, growing industrialization in the region is likely to create a number of gas-based power generation facilities, which is further anticipated to spur demand for waste heat recovery system during forecast period.
The Asia Pacific is expected to witness a fastest growth in the global waste heat recovery system market due to the rapid industrialization in developing countries such as China, South Korea and Japan and rising awareness about the benefits of waste heat recovery system. For instance, India’s Reliance industries sealed a deal with Saudi Aramco, which requires continuous electricity supply for oil refinery activities. The expanded shale gas extraction in China will build the electricity generation through gas turbines. As indicated by the International Energy Agency (IEA), China is probably going to introduce 36% of complete overall hydroelectricity generation limit and 40% of all worldwide breeze energy.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 56.82 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 101.23 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||ABB Ltd., Electric Co. and Mitsubishi Heavy Industries Ltd. Amec Foster, Alstom SA, Wheeler, Ormat Technologies Inc. ,General Echogen Power Systems Inc. Econotherm Ltd. , Thermax Limited Siemens AG, China Energy Recovery Inc., and Cool Energy Inc. and others|
|Segments Covered||By Application, By End-Use Industries|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|