Waste Heat Recovery System Market to Worth USD 127.2 Billion by 2030

Waste heat recovery system market is segmented based on the application and end-user. Based on application, the waste heat recovery system market is segmented into pre-heating, steam & electricity generation, and others. Based on end-user, the waste heat recovery system market is segmented into petroleum refinery, power, cement, chemical, metal production, pulp & paper, and others- Industry Forecast 2023-2030

Westford, USA, July 09, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the growing concerns surrounding greenhouse gas (GHG) emissions and the increasing focus on reducing carbon footprints are expected to be key driving factors for the global waste heat recovery system market in the forecast period. Stringent regulations to curb emissions and promote sustainability drive industries to adopt more environmentally friendly practices.

Browse in-depth TOC on the "Waste Heat Recovery System Market"

Pages - 242

Tables - 67

Figures – 75

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The waste heat recovery system market is expected to experience significant growth due to technological advancements in heat recovery systems and favorable government measures aimed at harnessing waste heat for energy generation. Waste heat is generated as a byproduct of various industrial processes, power generation activities, and even vehicle exhaust emissions.

Report Scope & Segmentation:

Attributes

Details

Market Size in 2022

USD 68.6 Billion

2030 Value Projection

USD 127.2 Billion

CAGR

9.2%

Forecast Period

2023-2030

Segments Covered

Application

End-User

Regions Covered

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

Prominent Players in the Waste Heat Recovery System Market

ABB

Alfa Laval AB

Amec Foster Wheeler plc

Bosch Industrial Boilers

Clean Energy Technologies Inc.

Cochran Ltd

Danfoss A/S

Echogen Power Systems Inc.

Econotherm Ltd

General Electric Company

Mitsubishi Heavy Industries Ltd.

Ormat Technologies Inc.

Regenerate Power

Siemens AG

Sigma Thermal Inc.

Thermax Ltd

Viessmann Werke GmbH & Co. KG

Walchandnagar Industries Limited

Waste Heat Recovery Systems International LLC

ZEG Power AS

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Electricity Generation and Steam Generation Segment is Expected to Grow in the Market Due to Increasing Demand for Electricity

The application of activated carbon in electricity generation and steam generation has been the dominant segment in the waste heat recovery system market, primarily driven by the increasing global demand for electricity. Factors such as rising electricity prices and the ongoing efforts to reduce greenhouse gas emissions have led to adoption of waste heat recovery systems for electricity and steam generation.

The markets in North America are anticipated to emerge as the largest regional waste heat recovery system market. This growth can be attributed to the increasing demand for on-site power generation and the implementation of energy-efficient technologies in various industries. The region is witnessing a rise in initiatives promoting sustainable and clean energy solutions, leading to higher waste heat recovery systems adoption.

Preheating Segment is Expected to Dominate the Market Due to Utilized for Preheating Combustion Air

The preheating application segment has exhibited the fastest CAGR of 6.9% from 2023 to 2030 in the waste heat recovery system market. Waste heat recovery systems play a crucial role in this segment, primarily utilized for preheating combustion air, furnace loads, boiler feed water, and space heating applications.

Regional markets in Europe are poised to become the second-largest regional market. The waste heat recovery system market growth is fueled by several factors, including the increasing awareness and adoption of WHR systems and the European Union's waste-to-energy initiative. As European countries focus on sustainability and resource efficiency, using waste heat to generate power aligns with their environmental goals.

A comprehensive analysis of the major players in the waste heat recovery system market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

Key Developments in the Waste Heat Recovery System Market

Transitional Energy and ElectraTherm recently joined forces through a partnership to convert oil and gas waste heat into power. This collaboration was established following a successful demonstration of generating geothermal energy from an oil field. The partnership aims to utilize ElectraTherm's innovative technology to create clean and sustainable power by harnessing the waste heat produced during oil and gas operations.

SAI Tech recently made an exciting announcement regarding introducing two new liquid-cooling Bitcoin mining containers. These containers, named Tankbox and Rackbox, were specifically designed to offer flexibility in overclocking capabilities. Particularly, these mining containers also feature a waste heat recovery system, adding another layer of efficiency to the mining process.

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Key Questions Answered in Waste Heat Recovery System Market Report

What specific growth drivers are projected to impact the market during the forecast period?

List the top companies in the market and explain how they have achieved their positions of influence.

In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?

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