Waste Heat Recovery Market Outlook - 2027
Waste heat recovery is the process of energy generation from the heat released from various sources such as flue gases, diesel generator, steam from cooling towers, and others. Waste heat recovery systems are one of the most cost-effective ways to increase the overall efficiency of the plant. It is commonly used in combustion air preheating, load preheating, steam generation, space heating, power generation, and water preheating. Waste heat is generated from various industrial processes such as exhausts from glass melting furnaces, fume incinerator, cooling water from furnaces, and combustion engines. R&D activities and developing new heat recovery technologies are expected to boost the market over the forecast period. Moreover, developments in present technologies can further enhance heat recovery, expand application by end user, and improve economic feasibility. The rise in environmental concerns about increased carbon emission and the depletion of fossil fuels are some of the key factors that are expected to propel the waste heat recovery market over the forecast period.
COVID-19 scenario analysis
The coronavirus pandemic has adversely affected many industries. The energy sector is also facing many difficulties due to the spread of the virus. In addition, oil prices have reduced drastically, and the global travel ban has reduced the consumption of fuel across the globe. Therefore, this has significantly reduced the demand for energy. Moreover, the lockdown has forced to shut down many power plants to reduce the further spread of the virus. Furthermore, supply chain disruptions have also created many difficulties with the import and export activities across many countries.
Market scenario analysis
The recovery of waste heat has been gaining popularity globally, owing to its ability to reduce the overall operation cost across several industries. The growing population has led to a rise in the consumption of electricity, which boosts the electricity production market. The installation of waste heat recovery systems in existing power plants is cost-effective compared to building new power plants, which, increases the efficiency of the plant. The waste heat recovery system is expected to be the main method to increase power production in the future. The rise in technological advancements has increased the competition in the market. Moreover, reduced greenhouse gas emissions, flexibility, and the product’s ability to provide high energy efficiency are some of the key features predicted to boost the market in coming years. However, rise in prices for energy materials, such as coal, oil, and gas, is expected to hamper the market growth to a certain extent. Therefore, this has created the demand for efficient utilization of available energy, which drives the waste heat recovery systems market over the forecast period.
Market drivers and trends
Some of the major factors that drive the market are favorable government policies, technological advancements, and stringent regulations of carbon emission. Rise in need to improve plant efficiency and increase in demand for onsite power generation are also some of the factors that are expected to drive the market growth over the forecast period. Moreover, rise in investments toward waste heat utilization across industries is predicted to further fuel the demand for waste heat recovery systems. Additionally, increase in electricity consumption across the globe is also a major factor that driving the market growth.
One of the recent trends in the market is technological advancements in heat exchangers and heat pumps in terms of efficiency and design .Advancements in heat pump have resulted in the development of turbo-blower compressors with lower capital cost. Moreover, the marine industry is also planning the adoption of waste heat recovery systems, which aims to develop sustainable solution to improve fuel mileage as well as reduce the energy consumed. The cement industry is one of the major end users of waste heat recovery systems. However, rise in coal prices has made major cement manufacturing companies shift to waste heat recovery systems.
Regional insights
The waste heat recovery market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to become the market leader for the global waste heat recovery market over the forecast period. Increased investments to replace traditional systems for technological improvement and various end-users are the major factors that drive the waste heat recovery market growth in this region. Asia-Pacific is also expected to grow at the highest CAGR during the forecast period. Rise in industrialization and increase in demand for sustainable energy in developing countries, such as China and India, are expected to drive the Asia-Pacific market growth over the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the waste heat recovery market 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 waste heat recovery market share.
- The current market is quantitatively analyzed to highlight the 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 analysis based on competitive intensity and how the competition will take shape in coming years.
Waste Heat Recovery Market Report Highlights
| Aspects | Details |
 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Thermax Ltd, ABB Ltd., Mitsubishi Heavy Industries Ltd, Clean Energy Technologies Inc., Robert Bosch GmbH, GEA Group Aktiengesellschaft, General Electric Co., Siemens AG, Alfa Laval AB, John Wood Group Plc |
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