Waste Heat Recovery System Market Growth or Demand Increase for what contain:
A waste heat recovery system (WHRS) is an energy recovery heat exchanger that transfers heat from a hot process output to another part of the process, usually for efficiency purposes. WHRU is a tool related to cogeneration. Waste heat can be recovered from sources such as hot diesel generator flue gas, steam from cooling towers, or effluent from cooling processes such as steel cooling. Despite efforts by ORC companies, waste heat of low temperature (0-120 °C, or typically less than 100 °C) has traditionally not been used for electricity generation. primarily due to the low Carnot efficiency (maximum 18% for 90°C heating and 20°C cooling, minus losses, typically yielding 5-7% net electricity). Growth in concerns about greenhouse gas (GHG) emissions and stringent regulations to reduce carbon dioxide emissions are expected to be the key factors behind the growth of global waste heat recovery system market.
Waste Heat Recovery System Market CAGR Estimation:
Waste Heat Recovery System Market size was valued at USD 70.83 Bn. in 2023 and the total Waste Heat Recovery System revenue is expected to grow by 7% from 2024 to 2030, reaching nearly USD 113.8 Bn.
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Waste Heat Recovery System Market Segmentation:
by Technology
Steam Rankine Cycle Systems
Organic Rankine Cycle Systems
Kalina Cycle Systems
Thermoelectric Generators
Others
by Application
Preheating
Steam and Electricity Generation
Power Generation
Other
Power and steam generation was the waste heat recovery system market's most popular application category, owing to increased global demand. WHRS will be used more frequently for power and steam generation as a result of rising electricity costs and continued attempts to reduce greenhouse gas emissions. The segment is growing as a result of growing demand for on-site power generation and an emphasis on plant efficiency.
Between 2024 and 2030, preheating is anticipated to develop at the quickest rate of any application category. The main applications of waste heat recovery systems are space heating, boiler feed water, furnace loading, and combustion air preheating. The WHR cascade mechanism is driving up demand for the goods. In order to reduce operating costs and boost overall efficiency, the system uses a high-temperature stage for air pre-heating and a low-temperature stage for processing feedwater heating.
by End User
Petroleum Refining
Metal Manufacturing
Cement Industry
Chemical Industry
Oil & Gas Industry
Paper & Pulp
Textile
The waste heat recovery system market share that was largest in 2023 belonged to the petroleum refinery category. As drilling activities rise, it is anticipated to grow at the quickest compound annual growth rate (CAGR) during the projected period. This industry uses WHR systems for processes like catalytic treatment, thermal cracking, and refinement.
It is anticipated that numerous government programs targeted at reducing energy expenses and preserving energy will propel the industry even further. Waste heat recovery system market growth is anticipated to be further supported by rising demand for WHRS in sectors such petroleum refineries, pulp and paper, heavy metals, petrochemicals, and chemicals for pre-heating, electricity generation, and steam generation. Owing to the building industry's explosive expansion, the cement end-user market is anticipated to rise dramatically.
Waste Heat Recovery System Market Overview:
The Waste Heat Recovery System harnesses energy from sources like flue gases, diesel generators, and cooling tower steam. Widely recognized for its cost-effective approach in boosting overall plant efficiency, it finds application in combustion and load preheating, steam and power generation, space and water heating. Industrial processes, including glass furnaces, incinerators, and engines, generate waste heat. Anticipated advancements in R&D and heat recovery technologies are set to drive growth in the Waste Heat Recovery System market. Innovations amplify heat recovery, enhance user applications, and enhance economic viability. Environmental concerns surrounding carbon emissions and fossil fuel depletion fuel this market's growth.
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Waste Heat Recovery System Market Growth or Demand in which regions:
In North America, stringent environmental regulations coupled with rising awareness about energy conservation are driving the adoption of Waste Heat Recovery Systems. Industries in the United States and Canada are increasingly investing in advanced WHRS technologies to optimize energy usage and comply with emission norms. The region's focus on industrial efficiency and sustainability initiatives continues to propel market growth.
Waste Heat Recovery System Market Scope and Methodology:
The key focus of heat recovery technology remains reducing energy wastage across industries like ceramics, iron, and food and beverage. Leveraging advanced technology effectively curtails energy consumption. Key technologies encompass regenerators, waste heat boilers, and plate heat exchangers. Sales of heat pump systems significantly contribute to the Waste Heat Recovery market's revenue. Advanced technology's ability to convert heat into power drives the expansion of the Waste Heat Recovery System market. Increasing energy consumption across industries, coupled with global electricity demands, positively impacts this sector. The industry benefits financially by adopting heat recovery systems instead of constructing new power plants, stimulating market growth. Waste recovery technology stands as a highly effective means of augmenting power production, poised to fuel the Waste Heat Recovery System market's growth in the forecast period.
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Waste Heat Recovery System Market Key Players:
1. General Electric Company (US)
2. Cool Energy Inc.(US)
3. General Electric Co. (US)
4. Echogen Power Systems Inc. (US)
5. Promec Engineering (US)
6. Ormat Technologies (US)
Europe
1. Amec Foster Wheeler (UK) (Now part of Wood Plc)
2. Boustead International Heaters (UK)
3. Siemens AG (Germany)
4. ABB Ltd. (Switzerland)
Asia Pacific
1. Harbin Electric International Company Ltd (China)
2. Dongfang Electric Corporation (China)
3. China Energy Recovery (China)
4. Mitsubishi Hitachi Power Systems (Japan)
5. Mitsubishi Heavy Industries Ltd. (Japan)
6. Endotherm Ltd. (India)
7. Thermax Limited (India)
8. Forbes Marshall (India)
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Key questions answered in the Waste Heat Recovery System Market are:
• What is Waste Heat Recovery System Market ?
• What is the growth rate of the Waste Heat Recovery System Market?
• Which are the factors expected to drive the Waste Heat Recovery System market growth?
• What are the different segments of the Waste Heat Recovery System Market?
• What growth strategies are the players considering to increase their presence in Waste Heat Recovery System?
• What are the upcoming industry applications and trends for the Waste Heat Recovery System Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Waste Heat Recovery System Market?
• What major challenges could the Waste Heat Recovery System Market face in the future?
• What segments are covered in the Waste Heat Recovery System Market?
• Who are the leading companies and what are their portfolios in Waste Heat Recovery System Market?
• What segments are covered in the Waste Heat Recovery System Market?
• Who are the key players in the Waste Heat Recovery System market?
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