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.
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Insights on market segments
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.
Increasing energy and electricity cost is driving the growth of the waste heat recovery market
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. The crude oil prices are also volatile, which has created very high negative impact on the worldwide economies; thus, increasing the uncertainty. Hence, this has created an increased demand for efficient utilization of available energy. The efficient utilization of energy provides sustainable development and climate protection solutions. All the aforementioned factors are anticipated to drive the growth of the waste heat recovery market.
North American waste heat recovery market to reach $17.6 billion by 2022
North America is the second largest market in the waste heat recovery market. By 2022, the North American market for waste heat recovery is expected to reach $17.6 billion. The major reasons behind the growth of the market in the North American region are good economic return and fuel efficiency and investment for replacement of traditional systems for technological improvement. The distinct governments in North America are focusing towards the development of alternative energy sources, which are renewable and sustainable. 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.
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.
GLOBAL WASTE HEAT RECOVERY MARKET SEGMENTATION