As per the latest report published by Variant Market Research, Global Waste Heat Recovery System Market is estimated to reach $91.3 billion by 2024; growing at a CAGR of 8.8% from 2016 to 2024. Waste heat recovery systems are used for recycling heat from streams of high energy content produced in several refining procedures in industrial sectors such as petroleum, chemicals, paper and pulp, and automotive. Due to rapid Industrialization, waste heat recovery systems demand is expected to increase to overcome energy concerns for various industries. Key manufacturing companies are highly accepting these systems to reduce use of conventional energy and to produce internal electricity to decrease operating costs, this trend is projected to boost the global market growth.
Major factors driving the global waste heat recovery system market are growing energy and electricity cost, improved government initiatives and stringent rules, technological developments and growing investment, and rapid industrialization. However, lack of awareness, high cost of installation and initial investment may hamper the market growth. Furthermore, Emergent economies providing high demand of waste heat recovery system would unfold with numerous growth opportunities in the forecasted years.
Major segments of the global waste heat recovery system market are application, end-user, and geography. Application segment comprises steam and power generation, pre-heating, and other applications. Petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and other end-users are the sub segments of end-user segment.
By geography, global waste heat recovery system market is categorized into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The key market players operating in the market are Econotherm Limited., General Electric Co., ABB (ASEA Brown Boveri), Thermax Limited, Ormat Technologies Inc., Siemens AG, Mitsubishi Heavy Industries Ltd., Echogen Power Systems Inc., Cool Energy Inc., Amec Foster Wheeler Plc., among others.
The key takeaways from the report
- The report will provide detailed analysis of Waste Heat Recovery System Market with respect to major segments such as application, and end-user
- The report will include the qualitative and quantitative analysis with market estimation over 2015 - 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Waste Heat Recovery System Market has been included in the report
- Profile of the key players in the Waste Heat Recovery System Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of Waste Heat Recovery System Market
- Steam and Power Generation
- Other Applications
- Petroleum Refining
- Metal Production and Casting
- Natural Gas Compression
- Paper and Pulp
- Other End-Users
- North America
- ·Rest of Europe
- ·South Korea
- ·Rest of Asia-Pacific
- ·South America
- ·Middle East