Waste Heat Recovery System Market is predicted to grow at 5.7% CAGR during 2019 to 2023, according to “Global Waste Heat Recovery System Market Research Report” published by Market Research Future. Report comprises depth analysis of Waste Heat Recovery System Market by application, end-user, key players and region. Ascending Energy Demands to Drive Global Waste Heat Recovery System Market.
Some prominent players in the global waste heat recovery system market include Alstom SA (France), ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), China Energy Recovery Inc. (China), and Cool Energy Inc. (U.S.).
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Global Waste Heat Recovery System Market Overview
Waste heat recovery systems are one of the most cost-effective ways to increase the overall efficiency of the plant while diminishing the demand for fuel. It is extensively used in various industries. Waste heat refers to heat that is produced by fuel combustion or chemical reaction and is then thrown to the environment even though it can be reused. It is observed that the around 20 to 50% of this energy is mislaid in various industrial operations as heat losses from radiation, hot exhaust gases, and within the cooling water. It is very vital to increase energy efficiency in the chemical process industries (CPI).
A heat exchanger refers to a crucial component in waste heat recovery system. The effectiveness of investment in waste heat recovery depends highly on the efficiency of heat exchangers and their associated life-cycle costs. There is also a lucrative growth of opportunity in the research and development activities which include optimization of present recovery technologies and the development of new heat recovery technologies. Present technologies can be developed further to maximize recovery, expand application constraints, and to improve the economic feasibility.
The waste heat recovery systems market is likely to ascend at a lucrative rate over the forecast period, as per the recently launched report by MRFR. The waste heat recovery system market is projected to exhibit a CAGR of 5.7% by the end of the forecast period. Increasing electricity consumption all over the world is one of the most primary factors fostering growth for the global waste heat recovery systems market. Further, growing population worldwide has led to a rise in the demand for electricity which is driving the production of electricity. Hence, the installation of waste heat recovery systems in current power plants is cost effective as compared to building new power plants, which is enabling market growth. These waste heat recovery techniques are expected to remain the main method of higher energy production over the review period.
Market Segmentation:
The global waste heat recovery systems market is analyzed and segmented by application, end-user, and region. Based on application, the waste heat recovery system market is segmented into pre-heating and steam and power generation. By end-user, the global waste heat recovery system market is segmented into chemical, petroleum refining, cement, paper and pulp, metal, and production and casting.
Detailed Regional Analysis:
Regional segments for the global waste heat recovery system market include Asia Pacific, Europe, North America, as well as, the Rest of the World. Europe is expected to dominate the global waste heat recovery system market in the base year. Upscaling awareness towards waste heat recovery systems, coupled with supportive initiatives by the European Union are expected to drive the regional waste heat recovery system market. The UK, Germany, and France are expected to be the prominent country-specific markets for waste heat recovery systems within Europe.
North America is projected to appear as a significant growth pocket for waste heat recovery system during the assessment period. Stringent government regulations and various environmental organizations on energy saving and energy efficiency are expected to set the regional waste heat recovery system market on a remarkable growth trajectory. The US is expected to be a major contributor in the North American market.
Asia Pacific is assessed to expand at the highest CAGR during the review period. Speedy industrialization and ascending significance set on substantial energy in emerging economies is expected to drive the APAC market.
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Key Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued…
List of Tables:
Table 1 Global Waste Heat Recovery System Market: By Region, 2018-2023
Table 2 North America Waste Heat Recovery System Market: By Country, 2018-2023
Table 3 Europe Waste Heat Recovery System Market: By Country, 2018-2023
Table 4 Asia-Pacific Waste Heat Recovery System Market: By Country, 2018-2023
Table 5 Middle East & Africa Waste Heat Recovery System Market: By Country, 2018-2023
Table 6 Middle East & Africa Waste Heat Recovery System Market: By Country, 2018-2023
Table 7 South America Waste Heat Recovery System Market: By Country, 2018-2023
Continued…
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