Global waste heat recovery system market is expected to exceed US $80 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Growing awareness regarding the ill-effects of emissions and strict regulations for emission control are the major factors inciting the adoption of waste heat recovery systems across the globe. The system enhances the energy efficiency of industrial operations while also being cost-effective. Rapid industrialization causing surge in energy demand, along with widespread inclination towards renewable energy resources will further propel the market growth.
The report cites that waste heat recovery system (WHRS) market in Asia Pacific region would exceed US $30 billion by the year 2025, owing to the government initiatives and directives for reduction of carbon footprint, together with the industrial expansion in the region. As the FDI inflows towards manufacturing industry are increasing, the government is focusing on achieving sustainable development, thereby driving the WHRS market growth, claims the study.
Considering the temperature-based systems, >650°C waste heat recovery system with SRC technology finds application in various industries such as heavy metal manufacturing, cement, and glass, owing to its ability to effectively and efficiently utilize exhaust heat. The system allows operational flexibility and cost reduction, hence fostering the segmental demand in the upcoming years.
Moreover, industries are aiming to achieve energy optimization by utilizing the low temperature heat from waste stream, while the medium scale manufacturing units are focusing on reducing operational costs and controlling emissions. These factors, in consort with surging demand for reliable energy and higher fuel prices will amplify the adoption of WHRS, cites the study.
The waste heat recovery system market has a wide application spectrum including petroleum refining, heavy metal manufacturing, pulp & paper industry, glass, chemical, and food & beverage industry. Expansion of these industries along with the decreasing cost of low temperature heat utilization will boost the market share.
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Speaking of the UK region, WHRS market is projected to witness 7% growth by the end of the forecast period, owing to the growing awareness regarding the benefits of sustainable development and decarbonization in the region. Favorable policies & initiatives promoting the adoption of energy efficient units will further amplify regional industry size.
The key players operating in the waste heat recovery system market comprise of Aura GmbH, Bosch Thermotechnology, Forbes Marshall, AC Boilers, Cochran, Walchandnagar, AMEC Foster Wheeler, Rentech Boiler Systems, Boustead International, Mitsubishi Hitachi Power Systems, Siemens, General Electric, and Thermax among others.