What is Global Waste Heat Recovery System Market?
The Global Waste Heat Recovery System Market is a vast and dynamic sector that deals with the collection and utilization of waste heat generated from various industrial processes. This waste heat, which would otherwise be lost to the environment, is captured and used for heating, cooling, power generation, and other energy-intensive processes. The market is driven by the increasing need for energy efficiency and the growing awareness of sustainable practices in industries worldwide. However, the implementation of these systems requires significant investment and technical expertise, which can be a barrier for some companies. Despite these challenges, the market is expected to grow due to the rising demand for energy and the increasing pressure to reduce greenhouse gas emissions. The market is also influenced by various regulatory policies and incentives that promote the use of waste heat recovery systems.
Steam Rankine Cycle, Organic Rankine Cycle in the Global Waste Heat Recovery System Market:
The Steam Rankine Cycle and Organic Rankine Cycle are two key technologies used in the Global Waste Heat Recovery System Market. The Steam Rankine Cycle is a thermodynamic process where heat is converted into work. This cycle is commonly used in power plants and industrial processes where large amounts of heat are generated. The Organic Rankine Cycle, on the other hand, uses an organic fluid instead of water to convert heat into work. This cycle is more efficient at lower temperatures and can be used in a wider range of applications. Both these cycles play a crucial role in the market as they help industries to reduce their energy consumption and carbon footprint.
Cement, Steel, Petroleum Refining, Chemical, Others in the Global Waste Heat Recovery System Market:
The Global Waste Heat Recovery System Market has a wide range of applications in various industries such as Cement, Steel, Petroleum Refining, Chemical, and others. In the Cement industry, these systems are used to capture the heat generated during the production process and use it for power generation. In the Steel industry, waste heat recovery systems are used to recover the heat from the blast furnace and use it for steam production. In the Petroleum Refining industry, these systems are used to recover the heat from the refining process and use it for heating or cooling purposes. In the Chemical industry, waste heat recovery systems are used to capture the heat from chemical reactions and use it for other processes. Other industries also use these systems to improve their energy efficiency and reduce their environmental impact.
Global Waste Heat Recovery System Market Outlook:
The Global Waste Heat Recovery System Market is a growing sector with a promising future. As of 2022, the market was valued at US$ 719.6 million and is expected to reach US$ 848.2 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 2.4% from 2023 to 2029. This growth is driven by the increasing demand for energy efficiency and the growing awareness of sustainable practices in industries worldwide. The market is dominated by the top 6 manufacturers who hold about 50% of the market share. In terms of product, the steam rankine cycle is the largest segment, accounting for over 80% of the market. This dominance is due to its wide range of applications and high efficiency.
| Report Metric | Details |
| Report Name | Waste Heat Recovery System Market |
| Accounted market size in 2023 | US$ 735.7 million |
| Forecasted market size in 2029 | US$ 848.2 million |
| CAGR | 2.4 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Kawasaki, Sinoma Energy Conservation, Kesen Kenen, Boustead International Heaters, CITIC Heavy Industries, Thermax, Lingda Group, Ormat, Turboden, Exergy International, Enertime, ElectraTherm, E-Rational |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
