The global waste heat recovery market size was valued at around USD 63 Billion in 2022 and is expected to reach USD 121 Billion by 2031, expanding at a CAGR of 8.7% during the forecast period, 2023–2031. The growth of the market is attributed to the implementation of strict regulations on carbon emissions and rising demand for onsite power generation, which are key factors driving the market in the coming years.
Waste heat refers to the energy generated through various industrial processes. Waste heat recovery is the process of procuring the wasted heat from existing industrial processes and using it for several applications. Waste heat recovery technologies help reduce the cost of operations of facilities by increasing their energy productivity and energy recovered during this process is extensively used in two crucial applications namely, preheating and steam & electricity generation. Heat produced in various industrial processes is known as industrial waste heat, which is usually not used and is usually wasted and emitted into the environment.
Waste heat recovery is known as an energy recovery heat exchanger. The process entails the transfers of heat from process outputs at high temperatures to another part of the process with high efficiency. In the waste heat recovery process, the energy generation from the heat is released through various sources, such as diesel generators and flue gases steam from cooling towers.
A waste heat recovery system is a cost-effective method to increase the efficiency of the plant and is commonly used in steam generation, air preheating, power generation, load preheating, water preheating, and space heating. A waste heat recovery system is mainly used in industries such as ceramic industries, food industries, chemical industries, cold storage, and petroleum refining.
COVID-19 Impact on Waste Heat Recovery Market
The covid-19 pandemic restrained the waste heat recovery market. It impeded the energy sector, by causing discrepancy in supply chains and distribution channels, as various governments around the globe implemented lockdowns and bans on logistics. Lockdowns were imposed by several nations around the world as a part of measures to prevent the spread of coronavirus. The ban on travel reduced the consumption of fuel worldwide.
Lockdown temporarily shut down many power plants to prevent the spread of the virus. These disruptions in the supply chain created several difficulties with the import and export trade activities across many countries. The pandemic halted the production of various products in numerous business units, and reduced the sale of new machines and equipment, which hindered the sale and use of waste heat recovery systems.
Waste Heat Recovery Market Dynamics
The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The waste heat recovery market report has up-to-date insights about the market dynamics, the market scenarios, and competitive landscape that can shape the overall market performance and output during the forecast period, 2023 to 2031.
Waste heat recovery systems help to cater to the growing energy demand, which in turn, is fueling the waste heat recovery market. The system can be used to procure the heat generated in the course of several industrial applications and uses it for electrical and mechanical work. Therefore, fulfilling the required energy by converting the waste heat into useful energy for use.
Climatic changes around the world are one of the greatest political, developmental, economic, and environmental challenges for countries across the globe. Thus, countries around the world are taking measures to reduce carbon emission to reduce environmental impact. This is a key trend witnessed in the market.
Electricity consumption is increasing due to rising population, industrialization, and urbanization. Various electricity generating companies are producing large quantities of energy to cater to this growing need, which in turn, is projected to boost the waste heat recovery market in the next few years.
Imposition of stringent regulations to decrease carbon emissions and control environmental conditions, and the need to optimize the available resources in the best possible ways, which are boosting a waste heat recovery system. Several companies have installed these systems for the purpose of energy generation and emission reduction.
Rapid growth of the energy sector and rising demand for energy-efficient, can generate onsite electricity and reduce overall operational costs, which are expected to boost the waste heat recovery market in the coming years. The energy-intensive industries such as chemical, heavy metal manufacturing, glass, cement, and petroleum refining are some of the main application areas with significant waste heat recovery potential.
The temperature restraints along with cost restrictions are estimated to impede the market. The emergence of waste heat recovery technologies and issues related to burning hay and other chemicals are projected to hamper the market during the forecast period.
Government regulations & incentives to save energy have promoted the usage of waste heat recovery technologies and technological advancements. This, in turn, is projected to offer significant opportunities to the market players and is expected to contribute to the revenue generation opportunities in the market.
Scope of Waste Heat Recovery Market Report
The report on the global waste heat recovery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Waste Heat Recovery Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2019–2020
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Forecast Period
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2023–2031
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Segmentation
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Application (Pre-heating, Power & Steam Generation, and Others), End-user (Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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TURBO ENERGY PRIVATE LIMITED, Tenneco Inc., Schaeffler AG, Schaeffer AG, Rovert Bosch GmbH, Others, Mitsubishi Electric Corporation, MAHLE GmbH, Katcon, IHI Corporation, Honeywell International Inc., Faurecia, Eberspacher, Denso Corporation, Delphi Technologies, Dana Limited, Cummins Inc., CDTi Advanced Materials Inc., BOSAL, and BorgWarner Inc.
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Waste Heat Recovery Market Segment Insights
Based on application, the global waste heat recovery market is divided into pre-heating, power & steam generation, and others. The power & steam generation segment is expected to expand at a robust growth rate in the next few years owing to its rising demand across the globe. Increasing prices of electricity and rising number of efforts to reduce carbon emissions boost the power and steam generation segment. Moreover, growing demand for onsite power generation and rising focus on improving a plant’s efficiency are factors driving the segment.
The pre-heating segment is anticipated to hold a key share of the market in the coming years owing to the extensive use for preheating of combustion air, boiler feed water, furnace loads, and space heating. The cascade system uses high-temperature for air pre-heating and a low-temperature stage for processing feed water heating, thereby reducing operational costs and enhancing efficiency.
On the basis of end-users, the market is segregated into petroleum refinery, power, cement, chemical, metal production, pulp & paper, and others. The petroleum refinery segment is projected to register a considerable CAGR during the forecast period owing to the rise drilling activities. Waste heat recovery systems are used for many applications, such as thermal cracking, refinement, and catalytic treatment.
The cement segment is anticipated to account for a major share of the market during the forecast period, due to the rapid expansion of the construction and infrastructure sectors. Rising number of cement plants in developing and under-developing countries, such as India, Japan, and China is anticipated to surge waste heat recovery system installations, thus boosting the cement segment.
In terms of region, the global waste heat recovery market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is expected to dominate the market during the projected period owing to the rising onsite power generation and economic stability. Firms in North America are spending heavily on the implementation of energy-efficient systems.
The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to industrialization, economic development, and ongoing innovations in the field of industrialization. Rising demand for electricity is underpinned by strict emission standards and increasing popularity of food processing units in conjunction with decreasing costs of low-temperature heat consumption are expected to boost the waste heat recovery market during the forecast period.
The market in Europe is expected to grow at a rapid pace, owing to government environmental concerns. The growth of the market is driven by the high use of energy-efficient technology in industries for various applications.
Segments
Application
- Pre-heating
- Steam & Electricity Generation
- Others
End-user
- Petroleum Refinery
- Power
- Cement
- Chemical
- Metal Production
- Pulp & Paper
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- TURBO ENERGY PRIVATE LIMITED
- Tenneco Inc.
- Schaeffer AG
- Schaeffler AG
- Rovert Bosch GmbH
- Mitsubishi Electric Corporation
- MAHLE GmbH
- Katcon
- IHI Corporation
- Honeywell International Inc.
- Faurecia
- Eberspacher
- Denso Corporation
- Delphi Technologies
- Dana Limited
- Cummins Inc.
- CDTi Advanced Materials Inc.
- BOSAL
- BorgWarner Inc
Competitive Landscape
Key players competing in the global waste heat recovery market are TURBO ENERGY PRIVATE LIMITED, Tenneco Inc., Schaeffler AG, Schaeffer AG, Rovert Bosch GmbH, Mitsubishi Electric Corporation, MAHLE GmbH, Katcon, IHI Corporation, Honeywell International Inc., Faurecia, Eberspacher, Denso Corporation, Delphi Technologies, Dana Limited, Cummins Inc., CDTi Advanced Materials Inc., BOSAL, and BorgWarner Inc. These players have adopted a series of business development strategies including merger and acquisition, partnerships, collaboration, and product launches to boost their market share.
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