Waste Heat Recovery System Market

Global Waste Heat Recovery System Market Size (2023 to 2028)

The global waste heat recovery system market is expected to be worth 61.91 billion USD in 2023. It is expected to grow at a CAGR of 8.8% during the forecast period and reach a value of 94.38 billion USD by 2028.

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. A 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 gas emissions and helps minimize air pollution.

Global Waste Heat Recovery System Market Drivers:

he 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, the Waste Heat Recovery System Market is expected to have significant growth during the forecast period. 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.

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 heat in 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 will drive the growth of the Global Waste Heat Recovery Systems market between 2022 and 2027. 

Global Waste Heat Recovery System Market Restraints:

The major restraint of the 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.

Impact of COVID-19 on the global waste heat recovery system market:

The COVID-19 outbreak has had a significant impact on the 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.

REPORT COVERAGE:

This research report on the global waste heat recovery system market has been segmented and sub-segmented into the following categories.

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 Systems, Organic Rankine Cycle Systems, and Kalina Cycle Systems. 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 on 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, the Global Waste Heat Recovery System Market is segmented into Preheating, Steam, electricity, and others like space heating and chilling. Steam and electricity Generation is a dominant segment in the 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 and beverage, Glass, and 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 the 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.

Waste Heat Recovery System Market - By Region:

• 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 a CAGR of 32% in the 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 toxic gas emissions 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.

KEY MARKET 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.

RECENT HAPPENINGS IN THE MARKET:

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