Waste Heat Recovery System Market size was valued at USD 70.83 Bn. in 2022 and the total Waste Heat Recovery System revenue is expected to grow by 7% from 2023 to 2029, reaching nearly USD 113.8 Bn.
Waste Heat Recovery System Market Overview:
Maximize Market Research has conducted comprehensive research on the Waste Heat Recovery System Market covering market trends, value, market share, and other essential information. The research aims to assist users in analyzing the Waste Heat Recovery System market and making informed decisions. The report encompasses historical data and trends, which prove beneficial for new market entrants. Furthermore, the report provides recommendations for development strategies that can contribute to the expansion of the global Waste Heat Recovery System market.
The report also discusses the competitive landscape through various analyses, aiding in the formulation of appropriate strategies. Additionally, the report includes all Waste Heat Recovery System market expansion plans. The research has successfully identified the top players in the global market, providing valuable insights into their presence and impact.
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Waste Heat Recovery System Market Scope
The Waste Heat Recovery System Market report offers a comprehensive analysis of the market for Waste Heat Recovery System. It provides a detailed examination of the Waste Heat Recovery System Market, considering factors such as region, segment, and competitive landscape. The report highlights the global factors influencing the Waste Heat Recovery System Market, including drivers, challenges, restraints, and opportunities. By covering current and future trends, the report assists investors in identifying potential opportunities in the Waste Heat Recovery System Market. Moreover, the analysis aids new entrants in understanding the growth prospects and future business outlook of the Market. Additionally, the report includes insights into various government schemes and policies that contribute to the Waste Heat Recovery System Market’s attractiveness and growth opportunities.
Waste Heat Recovery System Market Segmentation
by End User Industry
Petroleum Refining
Metal Production
Cement
Chemical
Paper & Pulp
Textile
Based on the End-User, In 2022, the petroleum refinery segment held the largest waste heat recovery system market share. It is expected to grow at the fastest CAGR over the forecast period due to an increase in drilling activities. WHR systems are used in this industry for procedures such as refinement, thermal cracking, and catalytic treatment.
Various government initiatives aimed at conserving energy and lowering energy costs are expected to drive the market even further. Rising demand for WHRS in industries such as petroleum refineries, pulp and paper, heavy metals, petrochemicals, and chemicals for pre-heating, electricity generation, and steam generation is expected to support waste heat recovery system market growth further. Due to the rapid growth of the construction sector, the cement end-user segment is expected to grow significantly during the forecast period. Moreover, the increasing number of cement plants in developing countries such as India and China will result in an increase in WHRS installations, boosting segment growth.
by Application
Preheating
Steam & Electricity Generation
Based on the Application, Due to rising global demand, power and steam generation was the waste heat recovery system market’s dominant application segment. Rising electricity prices, combined with ongoing efforts to reduce GHG emissions, will encourage the use of WHRS for power and steam generation. Rising demand for onsite power generation, as well as a focus on plant efficiency, are driving the segment growth.
Preheating is expected to be the fastest-growing application segment between 2020 and 2027. Waste heat recovery systems are primarily used for preheating combustion air, furnace loads, boiler feed water, and space heating. The WHR cascade system is increasing product demand. The system employs a high-temperature stage for air pre-heating and a low-temperature stage for processing feedwater heating, lowering operational costs and increasing overall efficiency.
by Temperature
<230 °C
230-650 °C
>650 °C
by Technology
Complete Closed Loop Systems
Combustion Air Preheat Systems
High Particulate Systems
by Type
Gas and Diesel Cogeneration Systems
Boiler Exhaust Stack Economizer Systems
Fume Incineration Systems
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Key Players
1. Amec Foster Wheeler (UK)
2. Wood Plc (Amec Foster Wheeler) (UK)
3. Boustead International Heaters (UK)
4. Promec Engineering (UK)
5. Siemens AG (Germany)
6. ABB Ltd. (Switzerland)
7. General Electric Company (US)
8. Cool Energy Inc. (US)
9. General Electric Co. (US)
10.Echogen Power Systems Inc. (US)
11.Ormat Technologies (US)
12.Harbin Electric International Company Ltd (China)
13.Dongfang Electric Corporation (China)
14.China Energy Recovery (China)
15.Mitsubishi Hitachi Power Systems (Japan)
16.Mitsubishi Heavy Industries Ltd. (Japan)
17.Endotherm Ltd. (India)
18.Thermax Limited (India)
19.Forbes Marshall (India)
20.Terrapin (South Africa)
Regional Analysis
The Waste Heat Recovery System Report offers a comprehensive analysis, providing deep insights and knowledge of the latest trends, dynamics, and key issues in the Waste Heat Recovery System market. It covers significant developments that impact the industry, enabling readers to stay updated with the latest information. The report assists in understanding the competitive landscape of major firms, the dynamics of the Waste Heat Recovery System market, and other factors crucial for determining current marketing strategies. The report also encompasses a regional analysis, covering Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America, providing valuable insights into the market across different geographical areas.
Key Questions answered in the Waste Heat Recovery System Market Report are:
Key offerings:
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