Waste Heat Recovery Systems Market Size | Share | Global Analysis 2022

The global waste heat recovery systems market size was valued at USD 66.3 billion in 2021 and is poised to grow at a significant CAGR of 6.3% during the forecast period 2022-28. Waste heat recovery systems are technologies that capture and reuse the heat generated by industrial processes or machinery that would otherwise be wasted. The market for waste heat recovery systems includes the development, manufacture, and sale of various types of systems that can recover waste heat and convert it into useful energy, such as electricity or steam. The use of waste heat recovery systems can help reduce energy costs and decrease greenhouse gas emissions by reducing the amount of energy required to operate industrial processes. The waste heat recovery systems market is growing due to increasing demand for sustainable energy solutions and the need for industries to improve their energy efficiency and reduce their carbon footprint. The market includes a wide range of products, including heat exchangers, boilers, turbines, and other energy recovery systems.

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Waste Heat Recovery Systems Market- Growth Factors
One of the main factors driving the acceptance of waste heat recovery systems across various industries is their increasing utilization in preheating applications. Additionally, the growing emphasis on environmental protection and the need to limit industrial energy emissions and greenhouse gas emissions are also favorably impacting the market for waste heat recovery systems.

Furthermore, the increasing urbanization of the population and government support for upgrading industrialization are creating a demand for energy-efficient equipment, leading to the expansion of the market and higher revenue generation.
Governments in both developed and emerging nations are increasingly prioritizing both economic development and environmental preservation, leading to a greater demand for renewable sources of electricity and the maintenance of industrial energy efficiency. As a result, the deployment of waste heat recovery systems is being driven forward.

The global waste heat recovery systems market segmentation:
1) By Application Analysis: Pre- Heating, Electricity & Steam Generatio and Others
2) By Temperature Analysis: 650 0C
3) By End User: Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverage ,Glass and Others

Waste Heat Recovery Systems Market Regional Analysis:
The global waste heat recovery system market is being led by the Asia-Pacific region, which has the largest market share. This is due to the concentration of energy-intensive industries in the region and its population, which accounts for around 61% of the world's population. The manufacturing and other industrial sectors in countries such as Bangladesh, India, China, Vietnam, Thailand, Indonesia, and Malaysia are growing rapidly, while developed countries like Japan, South Korea, and Taiwan also have large chemical and pharmaceutical industries that are major energy users. Consequently, the Asia-Pacific region has the highest demand for waste heat recovery systems.

Steel production is one of the major end-users of waste heat recovery systems. China, Japan, India, and South Korea are among the largest steel producers globally. Additionally, India and China have large populations and are significant consumers of oil and gas.

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Key players profiles in the waste heat recovery systems market report are Sigma Thermal, Echogen Power Ststems Inc., Thermax Limited, General Electric Co., Siemens Energy, Mitsubishi Heavy Industries LTD, Kemco Stystems, Endotherm Ltd, Ormat Technolgies, ABB Ltd.

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