Global waste heat recovery market size is expected to reach a value of $70.5 billion by 2022, demonstrating a CAGR of 6.8% during 2016-2022. The untapped market for waste heat recovery, increasing demand for reduction of greenhouse gases, and depletion of fossil fuels are some of the major factors driving the growth of the global waste heat recovery market.
Increasing electricity and energy cost is driving the waste heat recovery market
Major factors determining the operational cost of an industry are its energy and electricity requirements, and all nations require it at reasonable prices in order for industrial growth. However, input energy materials such as coal, oil and gas, electricity prices have been at a rise, while economies worldwide are struggling to recover from the economic slowdown. Hence, this is likely to restrain the market growth to a certain extent. Thus, this has created a demand for efficient utilization of available energy which can provide climate protection solutions and sustainable development.
Insights on market segments
By end user industry, the market is categorized into natural gas compression, chemical, cement, metal production, paper and pulp, petroleum refining, and casting, and others. The cement segment is likely to demonstrate the fastest growth, growing at a CAGR of 9.3% during the forecast period.
North American waste heat recovery market is expected to reach a value of $17.6 billion by 2022
Geographically, North America is the second largest market in the global waste heat recovery market. It is expected to reach a value of $17.6 billion by 2022. Fuel efficiency and investments aimed at replacement of traditional systems for technological improvements along with good economic return are some of the major factors behind the growth of the market in the region. Moreover, increasing compliance for environmental sustainability in the region, along with focus of governments for development of renewable and sustainable alternative energy sources are expected to provide a boost. By Country, the U.S. held the largest size in the North American waste heat recovery industry.
Some of the leading players in the waste heat recovery market include ABB Group, China Energy Recovery, and Ormat Technologies, Harbin Electric International Company Ltd., Mitsubishi Hitachi Power Systems, Dongfang Electric Corporation, Siemens AG, General Electric Company, Amec Foster Wheeler PLC,.
GLOBAL WASTE HEAT RECOVERY MARKET SEGMENTATION