Global Waste Heat Recovery System Market is Estimated to Reach $91.3 Billion by 2024
Global waste heat recovery system market report published by Accurize Market Research forecast that the global market is expected to reach $91.3 billion by 2024; growing at a CAGR of 8.8% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Improved government initiatives and strict regulations, increasing energy and electricity rate, technological developments and increasing investment and rapid industrialization across the globe to drive the growth of the market
Improved government initiatives and strict regulations, increasing energy and electricity rates, technological developments and increasing investment and rapid industrialization fuel the demand for the global waste heat recovery system market. Moreover, the high price of installation and shortage of awareness also boosts the growth of the market.
Market Segmentation
The global waste heat recovery system market has been bifurcated on the basis of application, enduser, and geography. On the basis of application, market has been divided into steam and power generation, pre-heating, and other applications. On the basis of end-user, the market has been segmented as petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and other end-users.
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By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe segment consist of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia- Pacific, while RoW is bifurcated into South America, the Middle East, and Africa.
“Steam
and
power
generation
accounted
for
the
largest
market
share
in
the
applicationsegment ", says Accurize
By application segment, steam and power generation accounted for the major market share in 2017, and is expected to continue its dominance throughout the forecast period 2017 – 2025, owing to rising demand for energy in both developing and developed economies due to high use of steam and power generator from several end-use industries. “Europe dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Europe dominated the global waste heat recovery system marketwith largest market share of 39.3% and is expected to continue the trend during the forecasted period 2017-2015, owing to stringent energy efficiency rules about the use of waste heat recovery systems in numerous manufacturing-oriented industries.
Top players in the market
The key market players include Echogen Power Systems Inc., Econotherm Limited., General Electric Co., ABB (ASEA Brown Boveri), Amec Foster Wheeler Plc., Siemens AG, Mitsubishi Heavy Industries Ltd., Thermax Limited, Ormat Technologies Inc., and Cool Energy Inc., among others.
