Press release
North American Waste Heat Recovery Market to Reach $17.6 Billion by 2022
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The U.S. is the major revenue contributor to the North American waste heat recovery industry. The increasing compliance for environmental sustainability in the region is supporting the growth of the North American waste heat recovery industry.
Global waste heat recovery market size is projected to achieve a value of $70.5 billion by 2022, growing at a CAGR of 6.8% during 2016-2022.The market is growing mainly due to the massive unexplored market for waste heat recovery across the globe, and high rate of depletion of fossil fuels and increasing demand for reduction of greenhouse gases.
In terms of the end-user, the waste heat recovery market is broadly segmented into petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and others. The cement segment is expected to be the fastest growing segment in the worldwide market for waste heat recovery, growing at a CAGR of 9.3% during the forecast period.
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The economic development of any country across the world is vastly dependent on its industrial growth. Energy and electricity are the crucial factors in determining the operational cost of an industry; therefore, all industries require energy and electricity at reasonable prices. However, a trend of increasing prices of input energy (such as coal, electricity, oil and gas) has been witnessed across the globe. The distinct countries across the globe are still struggling to recover from worldwide economic slowdown. Moreover, the economic conditions across the globe are still uncertain and the uncertainty is expected to remain throughout the forecast period.
Some of the key companies operating in the waste heat recovery market include Siemens AG, General Electric Company, Amec Foster Wheeler PLC, Harbin Electric International Company Ltd., Dongfang Electric Corporation, Mitsubishi Hitachi Power Systems, ABB Group, China Energy Recovery, and Ormat Technologies.
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