Global Industrial Waste Heat Recovery System Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
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A07060
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Sep 2020 |
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COVID-19
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Global Industrial Waste Heat Recovery System Market: Global Opportunity Analysis and Industry Forecast, 2020–2027
Request Now !Industrial waste heat is the energy that is generated from the industries and the other such commercial bodies and thrown into the environment instead of re-utilizing it. The multiple companies are implementing heat recovery systems so as to reduce the energy losses and to utilize it in an effective way. Various waste heat recovery methods such as Kalina Cycle are being used in-order to reduce the significant amount of energy losses in the production process. Other techniques used in recovering the waste heat includes waste heat boilers and heat exchangers. Industries are now focusing on setting up various waste heat recovery technologies and saving of energies by setting up waste heat recovery systems in the food and ceramic industries.
Market scope and structure analysis:
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Report Metric |
Details |
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Market size available for years |
2020–2027 |
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Base year considered |
2019 |
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Forecast period |
2020–2027 |
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Forecast units |
Value ($) |
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Segments covered |
Type, Application, Temperature, and Region |
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Companies covered |
Major players analyzed include ABB Ltd, Mitsubishi Heavy Industries ltd, Siemens AG, General Electric, Bosch Industriekessel gmbh, Foster Wheeler AG, Thermax Global, Ormat, Echogen Power Systems and CiTech Energy Recovery systems. |
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Geographies covered |
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North America |
Europe |
Asia-Pacific |
LAMEA |
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U.S., Canada and Mexico |
Germany, UK, France, Spain and the Rest of Europe |
China, Japan, India, and the Rest of Asia-Pacific |
Latin America and The Middle East and Africa |
COVID-19 scenario analysis:
- The demand for the waste heat recovery machine is expected to decrease in the year 2020 due to lockdown imposed by the government and low demand from ceramic industries.
- COVID-19 pandemic has shut-down the production of various products in the waste heat recovery machine industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of waste heat recovery machine market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The government regulations regarding the energy savings, incentives provided by the government and increase in the requirement of energy becoming the major growth drivers for waste heat recovery systems. Further, Europe being the largest market in the industrial WHR systems while North America region coming in the second position supplying of WHR systems. With the high amount of energy required by the industries due to increase in the production rate per capita waste heat recovery system gets in high demand. However, the high initial investment and due to lack of area for putting the grid structure hinder the market growth. Contrarily, requirement for controlling temperature in waste heat recovery systems, trend of cost effective and eco-friendly waste heat recovery systems present new opportunities in the industry.
The global waste heat recovery market trends are as follows:
New product launches to flourish the market
The launch of new products to the market can boost the growth of the market. For example ABB ltd has recently proposed two types of waste recovery systems basically for marine diesel engines that could effectively utilize the waste heat generated from the Engine exhaust. Secondly, Mitsubishi has also launched a product named as 12K98 ME-C heat recovery system that could retrieve the waste energy in the form of electricity. Applications like Orc system has been recently used in the marine systems whose basic purpose is to convert the low temperature heat into the effective energy (power).
Moreover, these waste heat recovery systems offer cost and energy saving benefits.
Based on the industrial applications:-
Now a days manufacturers are producing new products on the basis of interests of the consumers. Growing demand for the ceramic and cement industries are increasing day by day which pushes the usage of WHR systems in this industries. For example in cement industries nearly 30% heat is lost which can be gathered by implementing WHR systems. In addition, it is also used for reducing the raw materials usage by using WHR systems. Also the construction industries are also encouraging the growth for this market. Further, in the petroleum refining WHR systems are being used with a method of Organic Ranking Cycle. Setting up this devices in this respective industries would definitely help in the production process and the usage of energy efficiently.
Key segments covered:
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Segments |
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Techniques |
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Industry Vertical |
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Key benefits of the report:
- This study presents the analytical depiction of the global waste heat recovery industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global waste heat recovery market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global waste heat recovery market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global waste heat recovery analysis based on competitive intensity and how the competition will take shape in coming years.
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