Waste Heat Recovery System Market by Type (Services, Solutions), Component (Air Preheaters, Economisers, Heat Pipe Systems), Temperature, Application, End-Use - Global Forecast 2024-2030

Waste Heat Recovery System Market by Type (Services, Solutions), Component (Air Preheaters, Economisers, Heat Pipe Systems), Temperature, Application, End-Use - Global Forecast 2024-2030

The Waste Heat Recovery System Market size was estimated at USD 82.89 billion in 2023 and expected to reach USD 89.68 billion in 2024, at a CAGR 8.44% to reach USD 146.23 billion by 2030.

Global Waste Heat Recovery System MarketA waste heat recovery system uses thermal energy to reduce the quantity of heat lost in this manner by reusing it in the same or a different process. As the industrial sector continues improving its energy efficiency, retrieving waste heat losses delivers an attractive opportunity for an emission-free and less costly energy resource. The rising electricity consumption, favorable government initiatives, and emerging adoption from end-user industries are driving the need for waste heat recovery systems. However, associated high implementation costs and concerns related to temperature restrictions and transportation may hinder the market development. Nevertheless, the ongoing research and development activities for advanced heat recovery technologies and potential investment for novel products create lucrative opportunities for market growth in the forecast period.

Regional Insights

Increasing concerns about the cost of energy and energy security and general environmental and sustainability concerns, there is now rising global interest in the development and application of WHR systems. The European region covers a significant spectrum of the market owing to government regulatory requirements on emissions reduction targets. Moreover, the DryFiciency project aims to lead energy-intensive sectors of European manufacturing to high energy efficiency and reduce fossil carbon emissions through waste heat recovery system to foster competitiveness, improve energy supply security, and ensure sustainable European production. The waste heat recovery system market is also advancing its growth in the American region owing to favorable government initiatives and the introduction of novel technologies. The Asia–Pacific region has been experiencing the highest growth rate in the last few years, at about 10% per annum, with China and India accounting for the highest number of installations of heat recovery units.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Waste Heat Recovery System Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Waste Heat Recovery System Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Waste Heat Recovery System Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Air Squared, Inc., Alfa Laval AB, Alstom SA, Anguil Environmental Systems, Inc., Astec Industries, Inc., AURA GmbH & Co. KG, Borsig GmbH, Bosch Industriekessel GmbH, Boustead International Heaters Limited, Cain Industries Inc., Cannon Bono Energia, Catalytic Products International, China Energy Recovery Inc., Clayton Industries, Cummins Inc., Echogen Power Systems, Econotherm Limited, Enerquip Thermal Solutions, Epcon Industrial Systems, Inc., Exergy International Srl, Exodraft A/S, Forbes Marshall, GEA Group AG, General Electric Company, Gulf Coast Green Energy, HeatMatrix Group B.V., IHI Corporation, Industrial Boilers America, James Resources, LLC, John Wood Group PLC, Kawasaki Heavy Industries, Ltd., KNM Group, Larsen & Toubro Limited, Matthews Environmental Solutions, Mitsubishi Heavy Industries, Ltd., Muhibbah Engineering (M) Bhd., Munters Corporation, Nacah Tech LLC, Ormat Technologies, Inc., Penn Separator Corp., Procedyne Corp., Promec Engineering, Siemens AG, Sigma Thermal Inc., Somas Instrument AB, Terrapin Geothermics, Thermal Fluid Systems, Inc., Thermax Limited, and W. Baelz & Sohn GmbH & Co..

Market Segmentation & Coverage

This research report categorizes the Waste Heat Recovery System Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Services
Solutions
Component
Air Preheaters
Economisers
Heat Pipe Systems
Heat Pumps
Heat Recovery Steam Generator
Regenerative & Recuperative Burners
Waste Heat Boilers
Temperature
High Temperature (More than 1,200°F)
Low Temperature (Less than 450°F)
Medium Temperature (450°F – 1,200°F)
Application
Pre Heating
Steam & Power Generation
End-Use
Ceramic Manufacturing
Chemical Processing
Construction Material Manufacturing
Energy & Utility
Food Processing
Metal Production
Petroleum Refining
Region
Americas
Argentina

Brazil

Canada

Mexico

United States
California

Florida

Illinois

New York

Ohio

Pennsylvania

Texas
Asia-Pacific
Australia

China

India

Indonesia

Japan

Malaysia

Philippines

Singapore

South Korea

Taiwan

Thailand

Vietnam
Europe, Middle East & Africa
Denmark

Egypt

Finland

France

Germany

Israel

Italy

Netherlands

Nigeria

Norway

Poland

Qatar

Russia

Saudi Arabia

South Africa

Spain

Sweden

Switzerland

Turkey

United Arab Emirates

United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Waste Heat Recovery System Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Waste Heat Recovery System Market?
3. What are the technology trends and regulatory frameworks in the Waste Heat Recovery System Market?
4. What is the market share of the leading vendors in the Waste Heat Recovery System Market?
5. Which modes and strategic moves are suitable for entering the Waste Heat Recovery System Market?

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