Global Waste Heat Recovery System Market by End User (Metal Production, Power, Petroleum Refinery), by Application (Power & Steam Generation, Preheating) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global waste heat recovery system market was valued at USD 54.3 million in 2019. It is projected to grow at an 8.8% compound annual growth rate (CAGR), between 2020 and 2027. The key drivers for growth in the global waste heat recycling system (WHRS), market are expected to be growing concerns over Greenhouse Gas (GHG), emissions, and strict regulations to reduce carbon footprint.

These systems are extremely energy-efficient and can produce onsite electricity as well as lower overall operational costs. These factors will likely increase their demand during the forecast period. The key areas that have significant waste heat recovery potential are heavy metal manufacturing, chemical, cement, and petroleum refining.

Due to global energy efficiency regulations becoming more severe, domestic demand for WHR systems is growing strongly in North America. The United States is the largest contributor to North America's market revenues due to its increased use of WHR systems for optimizing exhaust gas in coal power stations and providing emission-free electricity.

These systems allow for the reuse of flue gasses for pre-drying or co-generation in thermal power stations, increasing the system's thermal efficiency and thereby boosting product demand. The market will continue to grow due to the presence of large industry players such as General Electric or Terrapin.

Investments in a variety of industries will help to accelerate the industry's future evolution, including paper & pulp and refineries. Major manufacturing companies are adopting WHRS to reduce their dependence on traditional energy and to produce in-house power to lower operating costs. Market growth will be further stimulated by continuous technological innovations such as WHR and organic rankine cycles.

Exhaust manufacturing plants produce a lot of heat, which can increase the carbon footprint and have serious environmental consequences. The use of waste heat recovery systems is a great alternative to improve the overall efficiency of industrial manufacturing processes. This also increases their demand.

Application Insights

Due to rising global demand, steam generation and power were the most dominant applications in the market. The WHRS will be deployed for steam generation and power as a result of rising electricity prices. The key drivers of segment growth are the rising demand for onsite power generation as well as the focus on improving plant efficiency.

Preheating is expected to be the fastest growing application segment between 2020 and 2027. The majority of waste heat recovery systems are used to preheat combustion air, furnace loads and boiler feed water. The Cascade system for WHR is increasing product demand. This system has a high temperature stage for air preheating and a low-temperature phase for processing feedwater heating. It reduces operational costs and increases overall efficiency.

The U.S. Department of Energy states that combustion air preheat can improve furnace efficiency up to 50%. Preheating combustion exhaust gases may also reduce the need for space heating equipment. This can help to lower capital and overhead costs. These trends offer potential growth opportunities for the waste heat recycling system market.

End-User Information

In 2019, the largest market share was held by the petroleum refinery segment. Due to an increase in drilling activities, it is expected to grow at a faster CAGR during the forecast period. The WHR systems are used in this sector for processes such as refinement and thermal cracking.

The market will be driven further by various government initiatives to conserve energy, and lower energy costs. The market is expected to grow further due to rising demand for WHRS from industries such as petroleum refineries and pulp & papers, heavy metals and chemicals for pre-heating and electricity generation.

Due to the rapid growth of the construction industry, the cement end-user segment will experience significant growth over the forecast period. The segment will also see an increase in WHRS installations due to the growing number of cement plants in emerging countries like India and China.

Regional Insights

North America is expected to be the largest region market during the forecast period. This is due to increasing demand for onsite electricity generation and growing efforts to deploy energy-efficient technology. Due to stringent regulations on toxic gas emissions, retrofitting existing industrial facilities has been required. This will increase product demand.

Europe is expected to become the second largest regional market in the near future. The market has seen significant growth due to increased awareness about WHR systems and EU initiatives to make energy from waste.

Germany is the biggest contributor to the Europe WHRS market due to its strict emission standards and lower GHG emissions. In the next few years, product demand will be driven by technological innovations, decreasing costs, and a supportive policy environment.

Asia Pacific is expected to grow at 10.3% CAGR over the forecast period. According to UNCTAD 2018, Asia Pacific was ranked as the biggest recipient of FDI in the manufacturing sector. This region is expected to see rapid industrialization and a growing awareness of the importance of sustainable energy in emerging countries like India and China.

Market Share Insights & Key Companies

To gain an advantage over their competitors, major companies invest in R&D. Market participants also employ other business strategies such as mergers and acquisitions, overseas expansion, strategic collaborations, and strategizing. The market leaders in waste heat recovery systems include:

• Siemens AG

• Mitsubishi Heavy Industries, Ltd.

• General Electric

• ABB

• Boustead International Heaters

• Forbes Marshall

• Promec Engineering

• Terrapin

• Wood Plc (Amec Foster Wheeler).

• Climeon; BoschIndustriekessel GmbH

• AURA GmbH & Co.

• Exergy S.p.A.

• IHI Corporation

Up Market Research published a new report titled “Waste Heat Recovery System Market research report which is segmented by End User (Metal Production, Power, Petroleum Refinery), by Application (Power & Steam Generation, Preheating), By Players/Companies Terrapin, Promec Engineering, Siemens AG, AURA GmbH & Co, Mitsubishi Heavy Industries Ltd, IHI Corporation, ABB, Forbes Marshall, Climeon; BoschIndustriekessel GmbH, Boustead International Heaters, Wood Plc (Amec Foster Wheeler), General Electric, Exergy SpA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Waste Heat Recovery System Market Report Segments:

The market is segmented by End User (Metal Production, Power, Petroleum Refinery), by Application (Power & Steam Generation, Preheating).

Waste Heat Recovery System Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Waste Heat Recovery System Market

Overview of the regional outlook of the Waste Heat Recovery System Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Waste Heat Recovery System Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Waste Heat Recovery System Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Metal Production

                2. Power

                3. Petroleum Refinery

                1. Power & Steam Generation

                2. Preheating

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Waste Heat Recovery System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Waste Heat Recovery System Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.