Global Waste Heat Recovery System Market To Worth USD 81.3 Billion by 2032 | CAGR of 10.4%.
Category: Chemicals & MaterialsGlobal Waste Heat Recovery System Market To Worth USD 81.3 Billion by 2032
According to a research report published by Spherical Insights & Consulting, the Global Waste Heat Recovery System Market Size To Grow from USD 58.2 Billion in 2022 to USD 81.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
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Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Waste Heat Recovery System Market Size, Share, and COVID-19 Impact By Application (Pre Heating, Steam & Power Generation), By End-use (Petroleum Refinery, Chemical, Cement), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/waste-heat-recovery-system-market
A Waste Heat Recovery System (WHRS) gathers and utilises waste heat generated during various industrial operations or energy generation in order to improve overall efficiency and reduce energy waste. Many industrial processes, such as the production of power, commodities, and chemicals, result in the production of a sizable amount of heat, which is frequently emitted into the environment. Systems for reclaiming waste heat are made to take this heat and transform it into useful energy, improving the process' overall energy efficiency. By enabling energy that would otherwise be lost to be collected and used again, systems for recovering waste heat from industrial processes significantly boost the processes' overall energy efficiency. Industries can gradually reduce their reliance on external energy sources and save money.
COVID 19 Impact
Lockdowns, travel restrictions, and quarantine measures taken in response to the pandemic may have had an impact on global supply chains, delaying the production and shipping of parts required for waste heat recovery systems. Project deadlines and installation plans might have been affected. Due to the pandemic's decreased industrial activity and unpredictable economic climate, projects requiring the deployment of waste heat recovery systems may have been postponed or terminated. Businesses may have put off capital investments to conserve money. The pandemic caused slowdowns or temporary shutdowns in several industries. This has a direct impact on waste heat generation because these systems often recover heat from industrial operations. Reduced industrial activity may have contributed to lower waste heat availability.
In response to the global movement towards sustainability and the reduction of carbon emissions, industries are implementing more energy-efficient practises. Systems for recovering waste heat from industrial operations are in accordance with sustainability goals because they allow industries to use waste heat that would otherwise be lost, reducing energy consumption and the impact of industrial processes on the environment. The adoption of technology that improves energy efficiency and reduces greenhouse gas emissions is being forced upon businesses by more onerous environmental regulations and emission standards in a number of industries. Waste heat recovery systems can help businesses meet these goals. As energy prices continue to rise, businesses are seeking for ways to optimise their energy use and save costs.
Implementing a waste heat recovery system may require a substantial upfront investment in hardware, software, and installation. Although the increased energy efficiency of these systems can lower expenses in the long term, some firms, particularly small and medium-sized ones, may find the initial capital expense to be prohibitive. Integrating waste heat recovery systems into present industrial processes can be difficult and may necessitate modifying already installed equipment and systems. Guaranteeing seamless integration without interfering with ongoing activities can be challenging. Depending on factors including production levels, weather, and equipment usage, waste heat availability and temperature may alter. Designing systems that efficiently capture and utilise variable waste heat sources can be challenging.
Application Insights
Power and steam generation segment is dominating the market over the forecast period
On the basis of application, the global waste heat recovery system market is segmented into Pre Heating, Steam & Power Generation. Among these, the power and steam generation segment is dominating the market with the largest market share over the forecast period. Industries can use thermal energy that would otherwise be wasted to produce electricity from waste heat. Because it eliminates the need for additional fuel consumption for power production, recovered waste heat can result in significant energy cost reductions. Waste heat recovery systems for steam generation can improve the efficiency of industrial processes that utilise steam, such as heating, drying, and other manufacturing processes. Traditional energy sources can be used in conjunction with or in place of the recovered heat. Less dependency on external power plants and energy suppliers is achieved by utilising the power and steam generated by waste heat recovery systems for on-site use.
End Use Insights
Petroleum refinery segment holds the highest market share over the forecast period
Based on the end use, the global waste heat recovery system market is segmented into Petroleum Refinery, Chemical, Cement. As refining processes generate a lot of waste heat and consume a lot of energy, the petroleum refinery category has the highest market share over the forecast period. Businesses like petroleum refineries consume a lot of energy for various activities like heating and distillation. Waste heat recovery systems can catch and reuse some of this heat, increasing energy efficiency and bringing down costs. In petroleum refineries, large amounts of steam are required for a variety of processes. The enormous demand for steam at the refinery can be met with the use of systems for recovering waste heat. Throughout the refining process, significant volumes of waste heat are generated, typically in the form of flue gases and hot process streams.
Regional Insights
North America is dominating the market over the forecast period
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North America holds the largest market share and is dominating the market over the forecast period. Due to growing awareness of energy efficiency and sustainability, industries in North America are looking at waste heat recovery systems as a way to reduce energy use and greenhouse gas emissions. Waste heat recovery is a trend that supports the use of renewable energy sources in industrial processes. When renewable energy sources are scarce, waste heat can be used to enhance their production and provide consistent energy. As new enterprises and industrial facilities are created or extended in North America, waste heat recovery technologies can be integrated, optimising energy efficiency from the outset.
Asia Pacific is witnessing the fastest market growth over the forecast period. In the Asia-Pacific region, which is seeing tremendous industrial growth, the manufacturing, power generation, and chemical industries are all expanding. Energy-efficient solutions, like waste heat recovery systems, are needed due to the significant amount of waste heat produced by this growth. Due to the increased energy demand in the Asia-Pacific region, focus has been put on maximising energy consumption. It is possible to improve energy efficiency and reduce energy costs by using systems for recovering waste heat. The growing urbanisation and population growth are what are driving the need for electricity and other energy sources. Systems for collecting waste heat offer a way to increase electricity production without relying solely on conventional energy sources.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Waste Heat Recovery System Market based on the below-mentioned segments:
Waste Heat Recovery System Market, Application Analysis
- Pre Heating
- Steam & Power Generation
Waste Heat Recovery System Market, End Use Analysis
- Petroleum Refinery
- Chemical
- Cement
Waste Heat Recovery System Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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