Waste Heat Recovery Systems Market Growth Study by Worldwide Leading Players Mitsubishi Heavy Industries Ltd., Siemens AG, Cool Energy Inc., Sigma Thermal, Bosch Industriekessel GmbH and others
Instead of releasing the waste heat into the surrounding environment, it can be utilized for numerous other purposes may it be hot engine coolant to heat a vehicle or using waste heat from air conditioners for night time heating. The heat generated by power stations, oil refineries, fuel burning in automobiles among various industrial or commercial processes can be used for majority of heating applications. This trend of using waste heat for other efficient applications is anticipated to benefit the growth of the waste heat recovery systems market in upcoming years.
Market Size and Forecast
According to a recent study, the global market for Waste Heat Recovery Systems is expected to boom with moderate compound annual growth rate during the forecast period 2018-2027. Growing population and need for fuel efficient systems around the globe are anticipated to expand waste heat recovery systems market with significant market valuation in terms of revenue by the end of 2027.
Leading Key Players of Global Market:
Mitsubishi Heavy Industries Ltd., Siemens AG, Cool Energy Inc., Sigma Thermal, Bosch Industriekessel GmbH, Thermax Global, CiTech Energy Recovery Systems Ltd., Ecogen Power Systems, Maersk, BORSIG GmbH, Scope and Context
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In terms of regional segment, the waste heat recovery system market in Europe is the largest market that accounted for highest market share, narrowly trailed by North America. This can be attributed to stringent regulations by government and environmental organizations owing to rising concern for saving energy. Further the foreign investment in the regions is anticipated to impel the growth of the waste heat recovery system market in Europe and North America by the end of 2027. Followed by Europe and North America, the emerging economies in India and China are anticipated to drive the growth of Asia Pacific waste heat recovery system market with significant growth over the forecast period.
Based on application type, waste heat recovery systems market is segmented into pre-heating, complete closed loop management, steam generation, electricity generation and others. The steam and electricity generation segment is expected to dominate the overall waste heat recovery systems market during the forecast period.
Growth Drivers and Challenges:
The growth of the market is driven by growing population and industrialization across the globe. The large investments by major key players in the market in developing countries are estimated to drive the growth of the waste heat recovery systems market around the globe.
Further, the booming of cement industry in developing nations of the world owing to growing construction activities in various sectors such as education, commercial, healthcare and other industrial construction segments is estimated to supplement the expansion of waste heat recovery systems market with notable revenue by the end of forecast period 2018-2027.
However, the overall cost and low heat quality of waste heat recovery systems combined with tedious equipment maintenance are some of the restraining factors that might deter the growth of the waste heat recovery systems market in the near future.
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