Press release
Waste Heat Recovery System Market Set to Surge with 7% Revenue Growth to USD 113.8 Billion by 2030
Waste Heat Recovery System Market
Waste Heat Recovery System Market Overview:
In the ever-evolving landscape of energy efficiency, Waste Heat Recovery Systems (WHRS) are emerging as champions in the quest for sustainability. With a global push towards reducing carbon footprints and optimizing energy usage, the Waste Heat Recovery System Market is set for substantial growth, projecting a bright future ahead.
Harnessing energy from diverse sources like flue gases, diesel generators, and cooling tower steam, Waste Heat Recovery Systems are revolutionizing industries by turning waste into power. With a market size valued at USD 70.83 billion in 2023, the Waste Heat Recovery System Market is poised for a remarkable journey ahead, with revenue expected to soar to nearly USD 113.8 billion by 2030.
The key to this growth lies in the remarkable advancements in Research and Development (R&D) and heat recovery technologies. Companies like Exergy are leading the charge with groundbreaking initiatives. In 2023 alone, Exergy showcased remarkable progress, from securing pivotal contracts in China to successfully commissioning Organic Rankine Cycle (ORC) systems in India's cement plants. These endeavors not only harness waste heat efficiently but also underline the potential of WHRS in optimizing industrial energy usage.
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Waste Heat Recovery System Market Scope and Methodology:
This report aims to deliver a thorough understanding of the Waste Heat Recovery System market, emphasizing market-centric strategies. It identifies key trends, growth drivers, challenges, and potential opportunities. Data is collected through both primary and secondary research methods. Primary data is gathered from interviews and surveys with key industry stakeholders such as manufacturers, suppliers, distributors, customers, and experts. Secondary data is sourced from industry reports, market analyses, corporate websites, annual reports, trade journals, government publications, and databases.
The report offers a detailed analysis of the business strategies of top companies, including partnerships, mergers, acquisitions, and collaborations. A SWOT analysis evaluates the market position of these companies, highlighting strengths, weaknesses, opportunities, and threats. The Waste Heat Recovery System market is examined using feasibility studies, investment return analyses, and Porter's Five Forces framework. Global and regional Waste Heat Recovery System market sizes are calculated using a bottom-up approach.
Waste Heat Recovery System Market Regional Insights:
The Regional Analysis section offers an overview of the current state of the Waste Heat Recovery System market in each participating country. Local perspectives are vital due to the complex nature of the Waste Heat Recovery System industry. The market is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Each region's market size, growth rate, import and export details, and other specifics are examined in detail.
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Market Segmentation:
Discover how the Waste Heat Recovery System market is segmented and gain insights into each segment's performance and growth potential.
by Technology
Steam Rankine Cycle Systems
Organic Rankine Cycle Systems
Kalina Cycle Systems
Thermoelectric Generators
Others
by Application
Preheating
Steam and Electricity Generation
Power Generation
Other
by End User
Petroleum Refining
Metal Manufacturing
Cement Industry
Chemical Industry
Oil & Gas Industry
Paper & Pulp
Textile
In terms of end-users, the petroleum refinery segment had the greatest waste heat recovery system market share in 2023. It is predicted to expand at the quickest CAGR during the projection period due to increased drilling activity. WHR systems are employed in this industry for processes like refining, thermal cracking, and catalytic treatment.
Market Key Players:
Identify the leading companies and their portfolios in the Waste Heat Recovery System market.
North America
1. General Electric Company (US)
2. Cool Energy Inc.(US)
3. General Electric Co. (US)
4. Echogen Power Systems Inc. (US)
5. Promec Engineering (US)
Europe
1. Amec Foster Wheeler (UK) (Now part of Wood Plc)
2. Boustead International Heaters (UK)
3. Siemens AG (Germany)
4. ABB Ltd. (Switzerland)
Asia Pacific
1. Harbin Electric International Company Ltd (China)
2. Dongfang Electric Corporation (China)
3. China Energy Recovery (China)
4. Mitsubishi Hitachi Power Systems (Japan)
5. Mitsubishi Heavy Industries Ltd. (Japan)
Africa
1. Terrapin (South Africa)
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Key questions answered in the Waste Heat Recovery System Market include:
• Who are the leading companies and what are their portfolios in the Waste Heat Recovery System Market?
• What segments are covered in the Waste Heat Recovery System Market?
• Who are the key players in the Waste Heat Recovery System market?
• Which application holds the highest potential in the Waste Heat Recovery System market?
• What are the key challenges and opportunities in the Waste Heat Recovery System market?
• What is Waste Heat Recovery System?
• What was the Waste Heat Recovery System market size in 2023?
• What will be the CAGR at which the Waste Heat Recovery System market will grow?
• What is the growth rate of the Waste Heat Recovery System Market?
• Which factors are expected to drive the Waste Heat Recovery System market growth?
• What are the different segments of the Waste Heat Recovery System Market?
• What growth strategies are players considering to increase their presence in Waste Heat Recovery System?
• What are the upcoming industry applications and trends for the Waste Heat Recovery System Market?
• What recent industry trends can be implemented to generate additional revenue streams for the Waste Heat Recovery System Market?
Key Offerings:
• Historical Market Size and Competitive Landscape (2018 to 2022)
• Historical Pricing and Price Trends by Region (2018 to 2022)
• Market Size, Share, and Forecast by Different Segments (2024-2030)
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - Detailed Analysis by Segment and Sub-Segment by Region
• Competitive Landscape - Profiles of Key Players by Region from a Strategic Perspective
• Competitive Landscape - Market Leaders, Market Followers, Regional Players
• Competitive Benchmarking of Key Players by Region
• PESTLE Analysis
• PORTER's Analysis
• Value Chain and Supply Chain Analysis
• Legal Aspects of Business by Region
• Lucrative Business Opportunities with SWOT Analysis
• Recommendations
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