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Pulished Date January, 2022
ID: 12617
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Waste Heat Recovery System Market by Process (Steam System, Organic Rankine Cycle System, Kalina Cycle System), By Application ( Pre Heating, Steam & Electricity Generation, Space Heating and Chilling) and by End-user (Petroleum Refining, Metal Production, Cement, Chemical, Paper and Pulp, District Cooling and others)– Demand Analysis and Opportunity Outlook 2027

Pulished: January, 2022
ID: 12617
Pages: 175

Waste Heat Recovery System Market Size & Growth 2021-2026:

Waste Heat Recovery System Market was worth US$ 56.9 billion in 2022, and it is estimated to reach a valuation of US$ 101.2 billion by the end of 2027, expanding at an annual growth rate of 8.8% between 2022 and 2027. Waste Heat Recovery is a process of Heat Integration. It simply means reusing the heat energy that is otherwise to be disposed of into the air. Waste heat recovery methods include capturing and transferring the waste heat from gas and liquid to the system as energy. Waste heat recovery System helps in using waste heat, thus saving fuel and power consumption. Additionally, it helps reduce supercritical carbon dioxide (CO2) and other toxic gases emission and helps minimize air pollution.

The waste heat recovery systems are highly energy-efficient. They can produce on-site electricity and reduce overall operating costs by saving energy. Due to these factors, Waste Heat Recovery System Market is expected to have significant growth between 2020 and 2027. Rankine cycle system and combined energy cycle system is the dominant segment of the growth of the Global Waste Heat Recovery System Market. The waste heat recovery system is highly applicable for Petroleum Refining, Cement, Chemical, Paper and Pulp, District Cooling, and others (food & beverages, metal refining, and glass) industries. Europe will emerge as the largest Global Waste Heat Recovery System Market between 2022 and 2027. However, Asia-Pacific will also emerge as the fastest-growing Global Waste Heat Recovery System market.

Market Drivers:

The driving force of the Waste Heat Recovery System Market is energy conservation and reduction of operational costs. In addition, the growing focus of industries to reuse the heat on other processes increases the demand for waste heat recovery technologies. The petrol refinery plays a vital role in the growth of the Waste Heat Recovery System Market because of growing drilling activities. In the petroleum refinery sector, Waste Heat Recovery Systems are used for refinement, catalytic treatment, and thermal cracking.

The rising focus of government on energy conservation and reduction of air pollution will drive the future growth of the Global Waste Heat Recovery Systems Market. The cement industry will also play a vital role in the growth of the Global Waste Heat Recovery Systems market. Many energy-intensive processes in the cement industry require a waste heat recovery system to reuse heat and save energy. The Rankine cycle is the key driver of the Global Waste Heat Recovery Systems. It has the ability to reuse low-grade heat efficiently. Thus, the increasing demand for Waste Heat Recovery Systems to save energy, reduce cost, and environmental pollution drives the growth of the Global Waste Heat Recovery Systems market between 2022 and 2027. 

 Restraints:

The major restraint of Global Waste Heat Recovery Systems Market growth is the lack of efficient waste recovery systems. In addition, the initial cost for Waste Heat Recovery Systems is huge. Thus companies are not ready to adopt it.

Recent Developments:

In November 2021, Mitsubishi Heavy Industries Environmental & Chemical Engineering Co., Ltd. (MHIEC) has received an order from Sendai city to renovate its Matsumori Waste-to-Energy Plant (plant for burning municipal solid waste). The refurbishment of Matsumori Waste-to-Energy Plant is to extend its service life, save energy, and reduce carbon dioxide emission by 8% annually.

The Renovation of stoker-type and related equipment will increase heat recovery, combustion and operation stability, and power generation ability. 

Siemens Energy and TC Energy Corporation reached an agreement in February 2021 to construct an innovative waste heat-to-power pilot facility in Alberta, Canada. This innovative heat recovery is designed by Siemens and patented under Echogen Intellectual Property. This innovation helps capture waste heat from a gas turbine at pipeline compression and converts it into emission-free power. Heat recovery is based on an advanced Rankine Cycle and uses supercritical carbon dioxide (CO2) as the working fluid to convert waste heat into power.

Market Segmentation:

Waste Heat Recovery System Market By Process:

  • Steam System
  • Organic Rankine Cycle System 
  • Kalina Cycle System
  • Combined (Gas and thermal) Cycle System                             

Based on Type, the Global Waste Heat Recovery System Market is segmented into Steam System, Organic Rankine Cycle System, Kalina Cycle System. The Rankine Cycle System is the dominant segment of the Waste Heat Recovery System because it converts thermal energy to mechanical work, commonly found in thermal energy power plants. Recently the rising focus of using the Rankine Cycle System to recover lower grade waste heat drives the growth of the Global Waste Heat Recovery System Market in the forecasted period between 2022 and 2027.

Waste Heat Recovery System Market By Application:

  • Pre Heating
  • Steam & Electricity Generation
  • Others
  • Space Heating
  • Chilling

Based on Application, Global Waste Heat Recovery System Market is segmented into Preheating, Steam & Electricity, and others like space heating and chilling. Steam & Electricity Generation is a dominant segment in Global Waste Heat Recovery System Market growth because of its growing global demand. 

The Pre Heating generators are likely to have the fastest growth between 2022 and 2027 because waste heat recovery systems are majorly used for preheating combustion air, furnace loads, boiler feed water, furnace loads, and space heating.                                                                       

Waste Heat Recovery System Market By End-users:

Petroleum refining

  • Metal production
  • Cement
  • Chemical
  • Paper & pulp
  • Others

Based on the End users, the Waste Heat Recovery System is used in applications like Petroleum Refining, Metal Production, Cement, Chemical, Paper and Pulp, District Cooling and others like Food & Beverage, Glass, Primary metal refining. Petroleum refinery is the dominant segment of the Global Waste Heat Recovery System Market, and it is anticipated that Petroleum refinery will further expand the growth of the Global Waste Heat Recovery System Market because of rising drilling activities.

The cement End User segment is expected to play a significant role in Global Waste Heat Recovery System Market growth because of construction expansion. In addition, the increasing number of Plants fuels the growth of the Global Waste Heat Recovery System Market in the forecasted period between 2022 and 2027.

Regional Analysis:

  •  North America
  • Europe
  • Asia-Pacific
  • Latin America 
  • Middle East and Africa 

North America region holds the largest market share of the Global Waste Heat Recovery System Market. The United States will become the critical market for waste heat recovery solutions due to increasing investment in technical improvements to replace conventional systems. Additionally, the growing focus of the end-user industry on fuel efficiency and good economic return will drive future growth with CAGR 32% in Global Waste Heat Recovery System Market in the period between 2022 and 2027.

Europe is expected to hold the second-largest market share of the Global Waste Heat Recovery System. The increasing government initiatives to save energy and fuel by using waste heat recovery systems. Germany will become the largest contributor to this region because reducing the toxic gas emission drives the growth of the Global Waste Heat Recovery System Market between 2022 and 2027.

Asia - Pacific is expected to become the fastest-growing Global Waste Heat Recovery System market with a CAGR of 10.2% because of the expansion of construction. In addition, India and China have started investing in construction, increasing the demand for waste heat recovery systems in the cement industry. Therefore, the cement industry will boost the growth future of the Global Waste Heat Recovery System Market in this region.

Covid-19 Impact on Global Waste Heat Recovery Market: 

COVID-19 outbreak has a significant impact on Global Waste Heat Recovery Market. In 2020, the Economy slowed down because of lockdown and restrictions. During the COVID-19 pandemic, industrial activities have decreased, which led to a decline in the demand for Waste heat recovery system companies. In addition, new projects have stalled because of huge investments. In 2021, the World Bank economy is recovering because industrial activities have started again, which will increase the demand for waste heat recovery systems in the forecast period between 2022 and 2027.

Key Players:

Some of the leading companies operating in the Global Waste Heat Recovery System Market are

  • 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

Leading Company:

Mitsubishi Heavy Industries holds the largest share of the world’s Waste Heat Recovery System Market in terms of sales revenue in 2019.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Waste Heat Recovery System Market, By Process                    

                                6.1.1 Steam System       

                                6.1.2 Organic Rankine Cycle System        

                                6.1.3 Kalina Cycle System             

                                6.1.4 Market Size Estimations & Forecasts (2022-2027)   

                                6.1.5 Y-o-Y Growth Rate Analysis             

                                6.1.6 Market Attractiveness Index          

                6.2 Waste Heat Recovery System Market, By Application                             

                                6.2.1 Pre Heating             

                                6.2.2 Steam & Electricity Generation      

                                6.2.3 Space Heating        

                                6.2.4 Chilling      

                                6.2.5 Market Size Estimations & Forecasts (2022-2027)   

                                6.2.6 Y-o-Y Growth Rate Analysis             

                                6.2.7 Market Attractiveness Index          

                6.3 Waste Heat Recovery System Market, By End-user                  

                                6.3.1 Petroleum Refining             

                                6.3.2 Metal Production 

                                6.3.3 Cement    

                                6.3.4 Chemical  

                                6.3.5 Paper and Pulp      

                                6.3.6 District Cooling      

                                6.3.7 others       

                                6.3.8 Market Size Estimations & Forecasts (2022-2027)   

                                6.3.9 Y-o-Y Growth Rate Analysis             

                                6.3.10 Market Attractiveness Index        

7. Geographical Landscape                                         

                7.1 Global Waste Heat Recovery System Market, by Region                        

                7.2 North America - Market Analysis (2022-2027)                              

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Process               

                                7.2.3 By Application        

                                7.2.4 By End-user            

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Process               

                                7.3.3 By Application        

                                7.3.4 By End-user            

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Process               

                                7.4.3 By Application        

                                7.4.4 By End-user            

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Process               

                                7.5.3 By Application        

                                7.5.4 By End-user            

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Process               

                                7.6.3 By Application        

                                7.6.4 By End-user            

8. Key Player Analysis                                    

                8.1 General Electric                        

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 ABB                

                8.3 Boustead International Heaters                        

                8.4 Forbes Marshall                        

                8.5 Promec Engineering               

                8.6 Terrapin                       

                8.7 Wood Plc                     

                8.8 Climeon                       

                8.9 BoschIndustriekessel GmbH                               

                8.10 AURA GmbH & Co.                

                8.11 Exergy S.p.A.                           

                8.12 IHI Corporation                       

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and also identifying the regions that are still untapped
  • The segment-level analysis in terms of By Process, By Application, End-users along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis, and analyst overview to study and sustain the market environment
  • Competitive landscape analysis lists out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies, and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Waste Heat Recovery System Market By Process, From 2022-2027 ( USD Billion )
  2. Global Steam System Market By Region, From 2022-2027 ( USD Billion )
  3. Global Organic Rankine Cycle System Market By Region, From 2022-2027 ( USD Billion )
  4. Global Kalina Cycle System Market By Region, From 2022-2027 ( USD Billion )
  5. Global Waste Heat Recovery System Market By Application, From 2022-2027 ( USD Billion )
  6. Global Pre Heating Market By Region, From 2022-2027 ( USD Billion )
  7. Global Steam & Electricity Generation Market By Region, From 2022-2027 ( USD Billion )
  8. Global Space Heating Market By Region, From 2022-2027 ( USD Billion )
  9. Global Chilling Market By Region, From 2022-2027 ( USD Billion )
  10. Global Waste Heat Recovery System Market By End-user, From 2022-2027 ( USD Billion )
  11. Global Petroleum Refining Market By Region, From 2022-2027 ( USD Billion )
  12. Global Metal Production Market By Region, From 2022-2027 ( USD Billion )
  13. Global Cement Market By Region, From 2022-2027 ( USD Billion )
  14. Global Chemical Market By Region, From 2022-2027 ( USD Billion )
  15. Global Paper and Pulp Market By Region, From 2022-2027 ( USD Billion )
  16. Global District Cooling  Market By Region, From 2022-2027 ( USD Billion )
  17. Global others Market By Region, From 2022-2027 ( USD Billion )

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