The global waste heat recovery system market size is expected to reach USD 107.0 billion by 2027 registering a CAGR of 8.8%, according to a new report by Grand View Research, Inc. rising energy costs and stringent regulations concerning energy efficiency are expected to drive the global market.
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Growing demand from major end-use industries, such as cement and metal production, is projected to drive the waste heat recovery system (WHRS) market. Furthermore, rising investments in emerging economies coupled with rapid developments in the construction sector are boosting the growth of this market.
Asia Pacific is expected to progress at the highest CAGR during the forecast period due to ongoing innovations in the field of industrialization. Recent years have witnessed rising demand for consistent and continuous electricity across the globe underpinned by strict emission standards, thereby encouraging product penetration. In addition, rising popularity of food processing units in conjunction with decreasing costs of low-temperature heat consumption is expected to offer a growth prospect.
Key suggestions from the report:
- The market revenue was valued at USD 54.33 billion in 2019 and is estimated to register a CARG of 8.8% over the projected period
- APAC is projected to register the fastest CAGR over the forecast period. China is expected to account for the maximum share in the regional market
- North America is projected to be the largest regional market with U.S. accounting for the major share
- Some of the key companies in the market include General Electric (GE); Siemens AG; Mitsubishi Hitachi Power Systems; Ormat Technologies; ABB Ltd.; Amec Foster Wheeler; Baker Hughes (a GE company); M.E. ENERGY Pvt. Ltd.; and Thermax Ltd.
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Grand View Research has segmented the global waste heat recovery system market on the basis of application, end user, and region:
WHRS Application Outlook (Revenue, USD Billion, 2016 – 2027)
- Power & Steam Generation
WHRS End-User Outlook (Revenue, USD Billion, 2016 – 2027)
- Petroleum Refinery
- Paper & Pulp
- Metal Production
WHRS Regional Outlook (Revenue, USD Billion, 2016 – 2027)
- North America
- Asia Pacific
- Central & South America
- Saudi Arabia
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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