Global Waste Heat Recovery System Market Report, published by Variant Market Research, forecast that the global market is expected to reach$91.3 billion by 2024 from $46.6 billion in 2016; growing at a CAGR of 8.8% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 10.9% and 9.2%, respectively, during the forecast period.
"Waste Heat Recovery System Market (By Application: Steam and Power Generation, Pre-Heating, and Other Applications; By End-User: Petroleum Refining, Chemical, Cement, Metal Production and Casting, Natural Gas Compression, Paper and Pulp, and Other End-Users; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
A waste heat recovery system includes a process that recovers heat from fluid streams or hot water with probable high energy content, with hot flue gases from a diesel generator or steam from cooling towers or even water or waste fluid from different cooling procedures such as in steel cooling. This technique is amongst the most cost-effective or economical way to increase the overall effectiveness of various plants, while decreasing the fuel demand.
Technological advancements & increasing investmentto drive the growth oftheglobal waste heat recovery system market
The factors supporting growth of the waste heat recovery system marketare increasing energy and electricity cost, increased government initiatives and stringent regulations, rapid industrialization, and technological advancements & increasing investment. However, high installation cost may act as a restraint for the growth of the market. Moreover, emerging economies with high demand of waste heat recovery systems would provide several growth opportunities for the market in the future.
Application, end-user, and geography are the major segments of the global waste heat recovery system market. By application, market is bifurcated into pre-heating, steam and power generation, and other applications. The market is categorized by end-user into natural gas compression, petroleum refining, chemical, cement, metal production and casting, paper and pulp, and other end-users. Geographically, the global waste heat recovery system market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Steam and power generationaccounted for the largest market share in the applicationsegment
Global Waste Heat Recovery System Market, By Application
By application, steam and power generation accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016 – 2024, owing to rising demand for energy in both developing and developed economies due to high usage of steam and power generator from numerous end-use industries.
Europedominated the global market with highest market share over the forecast period
GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET SHARE BY GEOGRAPHY, 2016 (%)
Europe dominated the global waste heat recovery system marketwith largest market share of 39.3% in 2016, and expected to continue the trend during the forecasted period, owing to strict energy efficiency rules about the use of waste heat recovery systems in several manufacturing-oriented industries.
The major key players in the market are Echogen Power Systems Inc., General Electric Co., ABB (ASEA Brown Boveri), Amec Foster Wheeler Plc., Thermax Limited, Mitsubishi Heavy Industries Ltd., Ormat Technologies Inc., Siemens AG, Econotherm Limited., and Cool Energy Inc., among others.