LOS ANGELES, Feb. 27, 2019 (GLOBE NEWSWIRE) -- The global waste heat recovery system market is expected to grow with 7.5% CAGR for the forecast period of 2018 to 2025. The waste heat recovery system market is expected to reach US$ 78Bn by 2026.
Rising adoption of waste heat recovery system in preheating application is expected to be one of the key factor boosting the adoption of these systems across different industry verticals. The increasing initiatives towards environmental protection by controlling the factors such as greenhouse gas emission, industrial energy emission, and others are positively impacting the demand for waste heat recovery system.
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The rapid shift of population towards urbanization and strong government support for improving industrialization is increasing demand for such energy efficient devices and impacting the revenue generation to next level and hence driving the market growth. The governments of developed and developing countries are now keeping development and environment in the same plate to achieve sustainable growth for better future. This is leading to increase in demand for renewable energy sources and maintaining energy efficiency at the industrial level and this factor is ultimately boosting adoption of waste heat recovery system.
Reduction in industrial Operational Cost
Waste heat recovery system is known for its power generation by processing the wastage of energy at the manufacturing or processing areas. The usage of waste heat recovery system at industrial location is helping them to reduce their operational cost and control the emission levels. The generation of steam by utilizing the waste heat sources is important for different end-use industries which is achieved through the usage of these system.
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The global waste heat recovery system market is segmented into application, temperature, end-use and region. On the basis applications, the global waste heat recovery system market is segmented into pre-heating, electricity & steam generation {SRC, ORC, Kalina}, and others. On the basis temperature, the global waste heat recovery system market is segmented into <230 0C, 230-650 0C, >650 0C. On the basis end-use, the global waste heat recovery system market is segmented into petroleum refining, cement, heavy metal manufacturing, chemical, pulp & paper, food & beverage, glass, other manufacturing). On the basis of region the global waste heat recovery system market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
Surging demand for energy efficient solutions due to escalating cost of energy resources is driving the market growth at global level
On the account of rapid industrialization and rising awareness about achieving a sustainable growth with energy efficient methods, the APAC region is expected to register noticeable CAGR growth rate as compared to other region. Also, entrance of international production industries in this region are accelerating the adoption of advanced systems such as waste heat recovery systems for energy emission control in this region.
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Europe was the key region concerning the demand for waste heat recovery systems and consumption and accounted a maximum market share in 2018. The high industrialization index in this region across countries including U.K., Germany, Russia, and others and the presence of significant disposable income is one of the key parameter responsible for high adoption of waste heat recovery systems in this region. Moreover, the developed region including Europe and America are significantly managed by various associations and their controls for secured production in industries. The manufacturers are facing needs to deliver an industry compliant waste heat recovery systems to control the wastage and improve the outcome. Europe is one of the potential customer for waste heat recovery systems by virtue of its industrial revolution.
The market is estimated to witness significant growth due to increasing research and development activities in waste heat recovery systems by leading manufacturers of these systems. The manufacturers are focusing on delivering an industry specific products to propel their revenue generation and achieve sustainable growth in the increasing market competition. Some of the leading players operating in waste heat recovery system market includes Thermax, General Electric, Climeon AB, Promec Engineering, HRS, Cochran, IHI, Mitsubishi Hitachi Power Systems, AMEC Foster Wheeler, Durr Group, Viessman, Siemens, Forbes Marshall, Bosch Thermotechnology, Rentech Boiler Systems, AC Boilers, Ormat Technologies, Walchandnagar, Exergy SPA, and Aura GmbH.
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