Waste Heat Recovery System Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032

Waste Heat Recovery System Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032

The global waste heat recovery system market size is expected treach USD 144.57 billion by 2032, according ta new study by Polaris Market Research. The report “Waste Heat Recovery Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

The increasing adoption of cogeneration systems, which generate electricity and heat simultaneously, drives demand for waste heat recovery solutions as these systems produce significant amounts of waste heat that can be recovered and utilized. As awareness of the benefits of waste heat recovery grows, more businesses are likely tadopt these technologies. According ta South Korean environmental Research institute, up t73.5 percent of the heat produced during the burning process may be recycled in trash incinerators facilities equipped with waste heat recovery systems. These WHR systems in trash incineration facilities in South Korea transfer the steam they produce ta local district heating system. Additionally, electricity is produced by turning small turbines using high-pressure gas.

Businesses are becoming increasingly aware of the need treduce their carbon footprint and adopt sustainable practices, and waste heat recovery is seen tachieve this. With the rise of energy prices and the growing focus on sustainability, there is increasing interest in improving energy efficiency in industrial processes, positively influencing the waste heat recovery market. For instance, in August 2022, at its cement facility in Fujairah, Lafarge Emirates Cement stated that it intends tbuild an organic Rankine cycle (ORC) waste heat recovery (WHR) plant.

Waste Heat Recovery System Market Report Highlights

Steam & Electricity generation segment held the dominant position in global market in 2022 owing trising prices of electricity worldwide.

Cement Industry segment is anticipated texhibit fastest CAGR during the forecast period. In order treduce production costs, cement manufacturing facilities are using waste heat recovery systems for power generation.

Asia-Pacific is expected tregister the highest CAGR over the study period. Increasing construction activities in this region is leading thigh demand for cement which is augmenting the demand for waste heat recovery solutions in this region.

The global players include ABB, Amec Foster Wheeler, Cool Energy, Boustead International, Forbes Marshall, John Wood Group, Echogen Power Systems, and others

Polaris Market Research has segmented the Waste Heat Recovery System Market report based on application, end-use and region:

Waste Heat Recovery System Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Steam & Electricity Generation

Preheating

Waste Heat Recovery System Market, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

Petroleum Refining

Metal Production

Chemical

Cement

Paper & Pulp

Others

Waste Heat Recovery System Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa