The waste heat recovery system industry is a sector that designs, develops, and implements technology that captures and reuses waste heat generated by industrial processes. The goal of waste heat recovery systems is to improve energy efficiency, reduce emissions, and lower operating costs for industries such as manufacturing, power generation, and transportation.
Waste Heat Recovery System Market size is expected to grow from USD 72.5 billion in 2022 to USD 102.1 billion by 2027 at a compound annual growth rate (CAGR) of 7.1% during the forecast period. The demand for waste heat recovery systems has been growing steadily over the past few years due to increasing concerns about energy efficiency and sustainability. Governments and regulatory bodies around the world have implemented policies and regulations that incentivize or mandate the use of waste heat recovery systems to reduce energy consumption and greenhouse gas emissions. Additionally, rising energy costs and the need for cost savings have also driven the demand for waste heat recovery systems.
Waste Heat Recovery System Market Key Players
The major key players in the WHRS market are ABB Ltd. (Switzerland), Wood (John Wood Group Plc) (UK), Ormat Technologies Inc. (U.S.), General Electric Co. (US), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (US), Econotherm Ltd. (UK), Thermax Limited (India), Siemens AG (Germany), Cool Energy Inc. (Colorado) and others.
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Growing environmental concerns and surging need for energy efficient systems are a key to market growth
The growing environmental concerns and the surging need for energy-efficient systems have been key drivers for the growth of the waste heat recovery system market. The world is facing an increasing demand for energy and resources, which has led to a rise in industrial activities and energy consumption, resulting in environmental degradation and depletion of natural resources.
Waste heat recovery systems offer an effective solution to this problem by capturing and reusing waste heat generated by industrial processes, reducing the need for additional energy consumption and lowering greenhouse gas emissions. This has made waste heat recovery systems increasingly popular among industries seeking to reduce their environmental impact and increase their energy efficiency.
The waste heat recovery system market encompasses a range of technologies, including heat exchangers, thermoelectric generators, organic Rankine cycle systems, and more. The market is expected to continue to grow in the coming years as more industries recognize the benefits of waste heat recovery systems and as technology advances to make these systems more efficient and cost-effective.
Steam & electricity generation is expected to have highest CAGR in the forecast period
The WHRS are used in a variety of sectors to generate steam and electricity. Companies can considerably lower their energy expenditures by adopting these WHRS systems to generate steam or electricity.
Steam and electricity generation are two key areas of focus in the waste heat recovery system market. Waste heat recovery systems are designed to capture and utilize waste heat generated by industrial processes to produce steam and/or electricity, which can then be used to power various operations or sold back to the grid.
In steam generation, waste heat recovery systems use heat exchangers to transfer heat from exhaust gases to water, which then produces steam. The steam can be used for a variety of purposes, such as heating, cooling, or powering turbines to generate electricity.
In electricity generation, waste heat recovery systems use thermoelectric generators (TEGs) or organic Rankine cycle (ORC) systems to convert waste heat into electricity. TEGs use the Seebeck effect to generate electricity from a temperature difference between two surfaces, while ORC systems use a working fluid to absorb heat and drive a turbine to generate electricity.
The ability to generate steam and/or electricity from waste heat provides significant cost and energy savings for industries, reducing the need for additional energy sources and lowering greenhouse gas emissions. This has made waste heat recovery systems an attractive option for industries seeking to improve their energy efficiency and reduce their environmental impact.
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"The Europe to be the biggest market for Waste Heat Recovery System Market"
Europe is the biggest market for the waste heat recovery system market, as the region has been at the forefront of implementing policies and regulations that incentivize or mandate the use of waste heat recovery systems to reduce energy consumption and greenhouse gas emissions.
In recent years, the European Union has implemented policies such as the Energy Efficiency Directive and the Clean Energy for All Europeans Package, which promote the use of energy-efficient technologies, including waste heat recovery systems. Additionally, many European countries have set ambitious renewable energy targets, which further incentivizes the use of waste heat recovery systems as a clean and cost-effective energy source.
Moreover, Europe has a strong industrial base, with many energy-intensive industries such as steel, cement, and chemicals, which generate significant amounts of waste heat. This has led to a growing demand for waste heat recovery systems to improve energy efficiency and reduce operating costs.
