Waste Heat Recovery System Market - Forecast(2024 - 2030)

Waste Heat Recovery System Market Size is forecast to reach $97.5 billion by 2030, at a CAGR of 8.6% during forecast period 2024-2030. The Waste Heat Recovery System Market is experiencing robust growth driven by increasing awareness of energy efficiency, stringent environmental regulations, and the rising demand for sustainable solutions across various industries. Waste heat recovery systems are designed to capture and reuse the excess heat generated during industrial processes, thereby improving overall energy efficiency and reducing carbon emissions. 

One major trend in the Waste Heat Recovery System Market is the growing adoption of organic Rankine cycle (ORC) technology. ORC systems utilize organic fluids with lower boiling points compared to water, allowing them to efficiently recover heat at lower temperatures. This trend is particularly prominent in industries with low-temperature waste heat sources, such as biomass, cement, and glass manufacturing. Another significant development is the integration of waste heat recovery systems with combined heat and power (CHP) systems. CHP systems generate both electricity and thermal energy from a single fuel source, and by incorporating waste heat recovery technology, they can further enhance overall energy efficiency and reduce operational costs for industrial facilities. 

Furthermore, advancements in heat exchanger technology, such as improved materials and designs, are driving the efficiency and reliability of waste heat recovery systems. This enables industries to maximize the capture and utilization of waste heat across a wide range of operating conditions. Moreover, the increasing focus on sustainable practices and corporate social responsibility is driving the demand for waste heat recovery systems globally. Industries are actively seeking solutions to reduce their carbon footprint and mitigate the impact of their operations on the environment, making waste heat recovery systems an attractive investment. Overall, the Waste Heat Recovery System Market is witnessing significant growth fueled by technological advancements, increasing environmental consciousness, and the pursuit of energy efficiency across industries. As the demand for sustainable solutions continues to rise, waste heat recovery systems are expected to play a crucial role in optimizing energy utilization and reducing greenhouse gas emissions in the years to come.

The report: “Waste Heat Recovery System Market Report– Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Waste Heat Recovery System market

By Temperature: Ultra Low (<250˚F), Low (250˚F-600˚F), Medium (600˚F – 1200˚F), High (1200˚F-1600˚F) and Ultra High (>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

By Industry: Cement, Metal Production, Coatings, Petroleum and Chemical Refining, Food manufacturing, Pulp and paper, Marine

By Application: Steam Generation, Electricity Generation, Preheating, Refrigeration

By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe); APAC (China, Japan, South Korea, India, Australia, Rest of APAC); South America (Brazil, Argentina, Chile, Colombia, and Rest of South America); RoW (Middle East & Africa)

Ultra Low (<100˚C) dominated the Waste Heat Recovery System Market with a value share of approximately 48% in 2023, WHR systems are commonly used in pulp and paper, food manufacturing, chemical, and other medium-sized businesses. These systems allow plant operators to lower operating costs, increase energy efficiency, and reduce CO2 emissions in the industrial sector. Industry growth will be aided by the ongoing expansion of co-generation units for sustainable waste heat use. The waste heat recovery system market dominating for preheating applications and it is expected to rise at a steady rate over the forecast period. Reduced greenhouse gas emissions, application versatility, and high energy efficiency are only a few of the main features that will drive product adoption in the coming years.

Petroleum and Chemical Refining industry dominated the Waste Heat Recovery System Market with a value share of approximately 31% in 2023. WHR systems are used in this industry for procedures like refinement, thermal cracking, and catalytic treatment. Heating process fluid is needed in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units in the upstream oil and gas market. This is accomplished by capturing waste heat from exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor to drive (PGC). The WHRS deployment for electricity and steam generation will be guided by ongoing efforts to reduce GHG emissions as well as rising electricity prices. Some of the underlying factors that will drive the market growth are an increasing emphasis on plant productivity and a growing demand for onsite power generation. The demand for WHR systems will be fueled by increased investment in sustainable waste heat utilization across industries.

North America dominated the Waste Heat Recovery System Market with a value share of approximately 33% in 2023, Because of the demand for onsite power generation and increased investment in the implementation of energy efficient technologies, North America's market share will rise. Stringent emission requirements, combined with falling technology costs, have resulted in the expansion and retrofitting of existing manufacturing facilities, boosting product demand even further. The system employs a high-temperature stage for air pre-heating and a low-temperature stage for processing feedwater heating, lowering operating costs and improving overall performance.

The market size will be boosted by the growing importance of energy conservation combined with strict pollution standards around the world. Petroleum refining, cement, glass, heavy metal processing, and chemical manufacturing are only a few of the energy-intensive industries with major waste heat recovery potential. WHR systems are expected to grow in importance in the coming years as a result of their ability to minimize operating costs and produce onsite electricity and heat. The WHRS sector will expand as a result of government policies aimed at lowering carbon emissions while improving energy efficiency. Continuous technical advancements have greatly increased productivity and reduced device costs, simulating business growth. Furthermore, rising market understanding of environmental conservation and efficient waste heat use would improve the industry's prospects.

Plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat are all users of waste heat recovery systems. Waste heat is often of low temperature efficiency. It can be difficult to make the most of the heat available. In these situations, ORC technology may provide an added advantage by increasing overall plant performance. The ORC device transforms this otherwise unused energy into electricity. Heating process fluid is needed in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units in the upstream oil and gas market. This is accomplished by capturing waste heat from exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor to drive (PGC). Another trend in the world's rising energy demand is decentralized power supply. Despite the fact that many regions lack access to centralized resources, local infrastructure still needs electricity. Any usable fuels, such as biomass, household waste, or waste heat from an industrial process, are used to generate independent electricity.

COVID-19 has negatively impacted the waste heat recovery system market in 2020 with the halt in the production across various countries. The global lockdowns to curb the virus have led to the decrease in manufacturing sectors including automotive, consumer electronics, chemicals and so on, which significantly resulted in the decline of market. Adding to this, the development of new COVID strains in countries such as US, UK, Nigeria and so on during end of 2020 to the beginning of 2021 is further resulting in the lockdown and impacting the manufacturing sector thereby constraining the market growth rate.

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Waste Heat Recovery System market. Waste Heat Recovery System biggest Companies are Wood Group, Siemens, Bosch Thermotechnology, GE, IHI Corp, TMEIC and others. Wood Group through its broad range of production capacity and demand of its product from end users, has been successful in catering to a variety of customers. Monitoring its future business involvements, IndustryARC analysts expect Wood Group to maintain its position in the market.

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