Market Overview:
The global waste heat recovery system market is expected to grow at a CAGR of 6.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for energy-efficient systems across various industries and the growing awareness about the benefits of waste heat recovery systems. The global waste heat recovery system market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into steam system, organic rankine cycle (ORC) system, Kalina cycle system, and other types.
Product Definition:
A waste heat recovery system (WHRS) is a device or equipment that captures and recycles heat energy that would otherwise be wasted. The recovered thermal energy can then be used to produce useful work, such as heating water or generating electricity. Waste heat recovery systems are important because they help reduce the amount of energy that is wasted, which can save businesses and organizations money on their energy bills.
Steam System:
A steam system is a closed-loop process, which uses the condensation produced from waste heat to generate electricity. The steam systems are majorly used in co-generation applications as they provide an efficient and cost-effective method of generating electricity. Waste heat recovery methods convert the exhaust heat into useful energy by using it to drive a turbine or power plant that produces additional energy for use in various processes such as heating, cooling, evaporation etc.
Organic Rankine Cycle System:
The organic rankine cycle system is a thermodynamic process that converts waste heat into useful energy. Organic rankine cycle systems are used in the thermal power plants for generating electricity by using the temperature difference between exhaust gases and water. The main components of ORC includeorganic Rankine Cycle (ORC) turbines, feed materials, control equipment, and steam generation equipment.
Application Insights:
The cement industry was the largest application segment for waste heat recovery systems in 2017, accounting for over 30% of the total market. The growth can be attributed to increasing use of energy-efficient technologies and products in order to meet growing demand for sustainable development.
Petroleum refining is estimated to be one of the fastest-growing segments over the forecast period owing to rising need for energy security and environmental protection at same time. Petroleum refiners are increasingly using such systems as they provide additional income opportunities along with reducing greenhouse gas emissions significantly. Waste heat from power plants is used in petroleum refining process as it reduces fuel consumption by 40%. Such trends are expected to drive demand further during next eight years or so.
Regional Analysis:
North America was the dominant regional market in 2017 owing to the presence of a large number of industry participants and well-established end-use industries. The U.S., being one of the most developed nations, has been witnessing high demand for energy recovery since past few years. Moreover, growing focus on reducing greenhouse emissions coupled with increasing need for waste heat recovery systems in industrial applications is expected to drive regional growth over the forecast period.
Asia Pacific is estimated to be fastest-growing region from 2018 to 2030 due to rapid industrialization and economic development taking place across various countries including China, India, Indonesia among others are anticipated boost product demand across end use industries such as chemical and petrochemical which resulted into higher revenue share in 2017.
Growth Factors:
- Increasing demand for energy efficient systems: The global market for waste heat recovery systems is expected to grow at a CAGR of more than 7% from 2016 to 2024. This growth can be attributed to the increasing demand for energy efficient systems across the world.
- Rising concerns over climate change: There is an increasing awareness among people about the effects of climate change and its impact on the environment. As a result, there is an increase in demand for waste heat recovery systems that help reduce greenhouse gas emissions.
- Technological advancements: The development of new and innovative technologies has led to increased efficiency in waste heat recovery systems, which is driving their adoption globally. For instance, recent technological advancements have made it possible to recover thermal energy from low-temperature sources such as exhaust gases and flue gases emitted from industrial processes and power plants respectively . 4) Stringent environmental regulations: Stringent environmental regulations are encouraging companies worldwide to adopt waste heat recovery systems as they help reduce greenhouse gas emissions significantly . 5) Growing investments in renewable energy sources: The growing investments in renewable energy sources such as solar and wind power are also contributing towards the growth of the global market for waste heat recovery systems
Scope Of The Report
Report Attributes
Report Details
Report Title
Waste Heat Recovery System Market Research Report
By Type
Steam System, Organic Rankine Cycle System, Kalina Cycle System, Other
By Application
Petroleum Refining, Heavy Metal Production, Cement, Chemical, Other
By Companies
ABB, MHI, Siemens, GE, Kawasaki, Ormat, Foster Wheeler, Bosch, Echogen Power Systems, EST (Wasabi), Thermax
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
233
Number of Tables & Figures
164
Customization Available
Yes, the report can be customized as per your need.
Global Waste Heat Recovery System Market Report Segments:
The global Waste Heat Recovery System market is segmented on the basis of:
Types
Steam System, Organic Rankine Cycle System, Kalina Cycle System, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Petroleum Refining, Heavy Metal Production, Cement, Chemical, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- ABB
- MHI
- Siemens
- GE
- Kawasaki
- Ormat
- Foster Wheeler
- Bosch
- Echogen Power Systems
- EST (Wasabi)
- Thermax
Highlights of The Waste Heat Recovery System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Steam System
- Organic Rankine Cycle System
- Kalina Cycle System
- Other
- By Application:
- Petroleum Refining
- Heavy Metal Production
- Cement
- Chemical
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Waste Heat Recovery System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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- Consumer Insights
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A waste heat recovery system (WHRS) is a type of energy recovery system that captures and uses the thermal energy from industrial processes to generate electricity. The recovered heat can be used to produce steam, hot water, or chilled water for use in other industrial processes.
Some of the major players in the waste heat recovery system market are ABB, MHI, Siemens, GE, Kawasaki, Ormat, Foster Wheeler, Bosch, Echogen Power Systems, EST (Wasabi), Thermax.
The waste heat recovery system market is expected to register a CAGR of 6.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Waste Heat Recovery System Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Waste Heat Recovery System Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Waste Heat Recovery System Market - Supply Chain
4.5. Global Waste Heat Recovery System Market Forecast
4.5.1. Waste Heat Recovery System Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Waste Heat Recovery System Market Size (000 Units) and Y-o-Y Growth
4.5.3. Waste Heat Recovery System Market Absolute $ Opportunity
5. Global Waste Heat Recovery System Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Waste Heat Recovery System Market Size and Volume Forecast by Type
5.3.1. Steam System
5.3.2. Organic Rankine Cycle System
5.3.3. Kalina Cycle System
5.3.4. Other
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Waste Heat Recovery System Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Waste Heat Recovery System Market Size and Volume Forecast by Application
6.3.1. Petroleum Refining
6.3.2. Heavy Metal Production
6.3.3. Cement
6.3.4. Chemical
6.3.5. Other
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Waste Heat Recovery System Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Waste Heat Recovery System Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Waste Heat Recovery System Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Waste Heat Recovery System Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Waste Heat Recovery System Demand Share Forecast, 2019-2026
9. North America Waste Heat Recovery System Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Waste Heat Recovery System Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Waste Heat Recovery System Market Size and Volume Forecast by Application
9.4.1. Petroleum Refining
9.4.2. Heavy Metal Production
9.4.3. Cement
9.4.4. Chemical
9.4.5. Other
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Waste Heat Recovery System Market Size and Volume Forecast by Type
9.7.1. Steam System
9.7.2. Organic Rankine Cycle System
9.7.3. Kalina Cycle System
9.7.4. Other
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Waste Heat Recovery System Demand Share Forecast, 2019-2026
10. Latin America Waste Heat Recovery System Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Waste Heat Recovery System Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Waste Heat Recovery System Market Size and Volume Forecast by Application
10.4.1. Petroleum Refining
10.4.2. Heavy Metal Production
10.4.3. Cement
10.4.4. Chemical
10.4.5. Other
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Waste Heat Recovery System Market Size and Volume Forecast by Type
10.7.1. Steam System
10.7.2. Organic Rankine Cycle System
10.7.3. Kalina Cycle System
10.7.4. Other
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Waste Heat Recovery System Demand Share Forecast, 2019-2026
11. Europe Waste Heat Recovery System Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Waste Heat Recovery System Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Waste Heat Recovery System Market Size and Volume Forecast by Application
11.4.1. Petroleum Refining
11.4.2. Heavy Metal Production
11.4.3. Cement
11.4.4. Chemical
11.4.5. Other
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Waste Heat Recovery System Market Size and Volume Forecast by Type
11.7.1. Steam System
11.7.2. rganic Rankine Cycle System
11.7.3. Kalina Cycle System
11.7.4. Other
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Waste Heat Recovery System Demand Share, 2019-2026
12. Asia Pacific Waste Heat Recovery System Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Waste Heat Recovery System Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Waste Heat Recovery System Market Size and Volume Forecast by Application
12.4.1. Petroleum Refining
12.4.2. Heavy Metal Production
12.4.3. Cement
12.4.4. Chemical
12.4.5. Other
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Waste Heat Recovery System Market Size and Volume Forecast by Type
12.7.1. Steam System
12.7.2. Organic Rankine Cycle System
12.7.3. Kalina Cycle System
12.7.4. Other
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Waste Heat Recovery System Demand Share, 2019-2026
13. Middle East & Africa Waste Heat Recovery System Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Waste Heat Recovery System Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Waste Heat Recovery System Market Size and Volume Forecast by Application
13.4.1. Petroleum Refining
13.4.2. Heavy Metal Production
13.4.3. Cement
13.4.4. Chemical
13.4.5. Other
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Waste Heat Recovery System Market Size and Volume Forecast by Type
13.7.1. Steam System
13.7.2. Organic Rankine Cycle System
13.7.3. Kalina Cycle System
13.7.4. Other
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Waste Heat Recovery System Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Waste Heat Recovery System Market: Market Share Analysis
14.2. Waste Heat Recovery System Distributors and Customers
14.3. Waste Heat Recovery System Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. ABB
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. MHI
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Siemens
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. GE
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Kawasaki
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Ormat
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Foster Wheeler
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Bosch
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Echogen Power Systems
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. EST (Wasabi)
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Thermax
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
