Global Waste Heat Recovery System Market size is projected to be valued $91 Billion by 2024; with a CAGR of 8.7% from 2017 to 2025. Waste heat recovery system is the process of collection of heat generated as a by-product of the operation of a piece of equipment. It recovers heat from hot water or fluid streams with possible high energy content. Government initiatives to conserve energy and reduce energy costs are expected to further drive WHR system market. Major manufacturing companies are actively adopting WHR systems in order to reduce their reliance on conventional energy and produce in-house electricity to reduce operating costs.
Increased government initiatives and stringent regulations, increasing energy and electricity cost, technological advancements and increasing investment, and rapid industrialization are the major factors leading to growth of the waste heat recovery system market. Factors such as, high cost of installation and lack of awareness are restricting the market growth. Emerging economies are expected to provide high growth potential for the market in the coming years, due to increasing demand for re-using the heat energy.
The global waste heat recovery system market has been segmented into application, end-user, and geography. On the basis of application, market has been divided into steam and power generation, pre-heating, and other applications. On the basis of end-user, the market has been segmented as petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and other end-users.
Based on geography, global waste heat recovery system market is segmented 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 players operating in the market are Siemens AG, Mitsubishi Heavy Industries Ltd., Echogen Power Systems Inc., Econotherm Limited., General Electric Co., ABB (ASEA Brown Boveri), Amec Foster Wheeler Plc., Thermax Limited, Ormat Technologies Inc., and Cool Energy Inc., among others.
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Scope of the Global Waste Heat Recovery System Market