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Waste Heat Recovery System Market to Reached USD 136.3 Billion by 2031, fuelled by Rising Energy Costs and Sustainability Concerns

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The Waste Heat Recovery System Market Size was valued at USD 76.4 billion in 2023 and is expected to reach USD 136.3 billion by 2031 and grow at a CAGR of 7.5 % over the forecast period 2024-2031. This growth is primarily driven by the increasing need for industries to optimize energy consumption, minimize operational costs, and comply with stricter environmental regulations. Waste heat recovery systems capture and utilize thermal energy typically lost in industrial processes, promoting sustainability and energy efficiency.

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Top Key Players

  • Siemens AG
  • Mitsubishi Heavy Industries, Ltd.
  • General Electric
  • ABB
  • Boustead International Heaters
  • Forbes Marshall
  • Promec Engineering
  • Terrapin
  • Wood Plc (Amec Foster Wheeler)
  • Climeon
  • Bosch Industries
  • Kessel GmbH
  • AURA GmbH & Co
  • Exergy S.p.A.
  • IHI Corporation.

The Waste Heat Recovery System is a potential avenue for effectively reducing emissions. Every year, the world consumes over 418 exajoules (EJ) or 116,000 terawatt-hours (TWh) of final energy, primarily by fossil fuels that generate significant heat. While some of this heat serves a purpose, like powering electricity or chemical reactions. the majority escapes as “waste heat” into the environment. This unused thermal energy, released through exhausts and effluents at varying temperatures, represents a vast opportunity for emission reduction through recovery. Waste heat recovery not only minimizes reliance on primary fuels but also smooths the path towards a more affordable energy transition. Depending on local energy demands and fuel/electricity prices, recovered heat can be utilized for industrial processes, heating urban grids, or even conversion into electricity.

Market Analysis:

Expansion into New Applications: With growing awareness of the benefits, the market is witnessing the adoption of waste heat recovery systems across diverse applications, including HVAC systems, district heating networks, and desalination plants.

Focus on Decentralized Power Generation: The rising demand for decentralized power generation solutions is creating opportunities for waste heat recovery systems to be integrated with combined heat and power (CHP) plants. This approach allows industries to generate their own electricity using waste heat, promoting energy independence.

Recent Development

In May 2024, High-Efficiency ORC System for Low-Grade Waste Heat: A prominent manufacturer of heavy machinery (e.g., Mitsubishi Heavy Industries) collaborated with a research institution or a company specializing in thermodynamic cycles to unveil a new, high-efficiency organic Rankine cycle (ORC) system.

In April 2024 Siemens Energy, partnered with a company specializing in modular technology to launch a new line of waste heat recovery systems specifically designed for retrofitting existing industrial facilities.

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Segment Analysis

By Phase:

Liquid-to-liquid phase systems are expected to hold the dominant market share due to their versatility and applicability across various industries, particularly for process heating applications.

By End-Use Industry:

The petroleum refining industry is projected to remain the largest end-user segment. The high volume of waste heat generated during refining processes necessitates the use of efficient recovery systems for energy optimization and cost reduction.

By Application:

Pre-heating applications are expected to account for the largest market share. Waste heat recovery systems are extensively used for pre-heating process fluids and feedstocks, leading to significant energy savings.

Impact of Global Disruptions

The war has impacted the flow of goods and materials critical for Waste Heat Recovery System Market. The war in Ukraine has disrupted supply chains for critical materials like steel, copper, and nickel, essential components of waste heat recovery systems. for instance, Nickel, a vital component in stainless steel used for pipes, vessels, and other equipment in waste heat recovery systems. a data suggests Nickel prices have surged by 45% since the conflict began, which impacting overall system costs. This disruption can lead to production delays and higher material costs for manufacturers.

During economic slowdown, businesses typically tighten their belts and prioritize core operational expenses. This can lead to a decrease in investments in non-essential areas like new technologies, including waste heat recovery systems. According to a survey among manufacturers in various sectors revealed that 42% of respondents are likely to delay or postpone investments in new technologies due to budgetary constraints anticipated during an economic slowdown.

Europe: A dominating player in Waste Heat Recovery System Market

Europe reigns supreme in the waste heat recovery market, currently holding a commanding 28% share as of 2022. This dominance is expected to persist with the European Union’s strong push for waste heat-powered electricity generation. This policy has significantly raised awareness and driven widespread adoption of waste heat recovery systems across the European continent.

The Asia-Pacific region is poised for the fastest growth in the coming years. This surge is driven by the region’s booming construction sector and rapid urbanization, both of which create a significant demand for waste heat recovery systems. As power demands rise alongside population growth and urbanization in countries like India, China, and Japan, the need for efficient and cost-effective solutions like waste heat recovery systems becomes ever more critical.

This Report Gives the Key Information on Waste Heat Recovery System Market

  • Explain how this market is expected to grow in the coming years.
  • Find out about potential factors affecting the market and exciting new opportunities
  • Rising energy costs and growing environmental concerns are pushing industries to adopt waste heat recovery systems.
  • Despite potential headwinds, the long-term outlook for the Waste Heat Recovery System Market remains positive due to the increasing focus on energy efficiency, environmental sustainability, and cost reduction in various industries globally.

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