The global waste heat recovery system market is projected to rise with a CAGR of 4.25 % during 2021-2026. The demand for the waste heat recovery systems are being driven by the rising fuel and energy costs, as well as the benefits it provides such as the reduction in air pollution.
The technology is expected to be used all around the world, while the markets that are expected to dominate are China, India, United States, Russia, Germany and few other countries. The above mentioned countries are known for being the largest producers of cement, metals and petroleum.
What are Waste Heat Recovery System?
Waste heat recovery systems are systems that are used to recover heat from processing/manufacturing activities. The heat generated can be used as a substitute for electricity as well as fuel. In order to make a waste recovery system work, there needs to be a source of waste heat, technology which can recover the generated heat and a use for the heat.
What are the applications of Waste Heat Recovery System?
Waste heat recovery systems can differ based on various categories such as by temperature {(Ultra Low (1600˚F)}, by source (Blast Furnace, Gas Turbine, Piston Engine, Steam Vents, Cement Kilns, Emission Control Devices and others), by technology (Recuperators, Burners, Regenerators, Boilers, Economizers, Thermoelectric Generators). They can also be segmented by industry (Cement, Metal Production, Coatings, Petroleum and Chemical Refining, Food manufacturing, Pulp and paper, Marine) and application (Steam Generation, Electricity Generation, Preheating, Refrigeration).
Who are the key players in the Waste Heat Recovery System market?
The key players in the Waste Heat Recovery System market are ABB Ltd., Amec Foster Wheeler, Ormat Technologies, Orcan Energy AG, General Electric Co., Echogen Power Systems, Mitsubishi Heavy Industries Ltd., Siemens AG, Cool Energy Inc., Bharat Heavy Electricals Ltd., TMEIC, Thermax Limited and various other companies.
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2021-2026.
The technology is expected to be used all around the world, while the markets that are expected to dominate are China, India, United States, Russia, Germany and few other countries. The above mentioned countries are known for being the largest producers of cement, metals and petroleum.
What are Waste Heat Recovery System?
Waste heat recovery systems are systems that are used to recover heat from processing/manufacturing activities. The heat generated can be used as a substitute for electricity as well as fuel. In order to make a waste recovery system work, there needs to be a source of waste heat, technology which can recover the generated heat and a use for the heat.
What are the applications of Waste Heat Recovery System?
Waste heat recovery systems can differ based on various categories such as by temperature {(Ultra Low (1600˚F)}, by source (Blast Furnace, Gas Turbine, Piston Engine, Steam Vents, Cement Kilns, Emission Control Devices and others), by technology (Recuperators, Burners, Regenerators, Boilers, Economizers, Thermoelectric Generators). They can also be segmented by industry (Cement, Metal Production, Coatings, Petroleum and Chemical Refining, Food manufacturing, Pulp and paper, Marine) and application (Steam Generation, Electricity Generation, Preheating, Refrigeration).
Market Research and Market Trends:
- The Cement industry is one of the key end users of waste heat recovery systems. Ssangyong Cement, a Chinese cement manufacturer demonstrated great confidence in the potential by investing near 900 million to now own the largest waste heat recovery unit in the world. Rising coal prices may be attributed as to why these firms are moving towards waste heat recovery systems.
- The marine industry are also planning in incorporating waste heat recovery systems, as fuel costs are rising. There is a new project being developed by Energy Technologies Institute and AVID Technology, which are aiming to develop a robust solution that will help improve fuel mileage as well as reduce the energy consumed. The technology is already available but AVID’s electronics and density generators are expected to improve the efficiency of the system.
- Governments across the world are restructuring the energy consumption laws and hence, the companies are restructuring their usage of energy and that’s where waste heat recovery systems are necessary. The EU has set a target to improve energy savings by 20% at the end of 2020.
Who are the key players in the Waste Heat Recovery System market?
The key players in the Waste Heat Recovery System market are ABB Ltd., Amec Foster Wheeler, Ormat Technologies, Orcan Energy AG, General Electric Co., Echogen Power Systems, Mitsubishi Heavy Industries Ltd., Siemens AG, Cool Energy Inc., Bharat Heavy Electricals Ltd., TMEIC, Thermax Limited and various other companies.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2021-2026.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy - M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.
Methodology
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