South Korea Waste Heat Recovery System Market Insights Forecasts to 2032

• The South Korea Waste Heat Recovery System Market Size was valued at USD 1.9 Million in 2022.
• The Market Size is Growing at a CAGR of 8.5% from 2022 to 2032.
• The South Korea Waste Heat Recovery System Market Size is Expected to Reach USD 4.3 Million by 2032.

The South Korea Waste Heat Recovery System Market Size is Expected to Reach USD 4.3 Million by 2032, at a CAGR of 8.5% during the forecast period 2022 to 2032.

Market Overview

Waste heat from commercial and industrial sectors has gone to waste. However, as people become more aware of the importance of energy conservation and sustainability, many businesses are putting in place effective methods for capturing and utilizing this wasted heat. Heat recovery systems are increasingly being used by these businesses to reduce energy waste and make better use of available resources. To recycle and repurpose this excess heat, various heat recovery methods are being used, resulting in a growing market demand for waste heat recovery technology. This trend reflects an effort to reduce energy consumption and environmental impact.

Report Coverage

This research report categorizes the market for South Korea’s waste heat recovery system market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea waste heat recovery system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea waste heat recovery System market.

Driving Factors

Industries are adopting more energy-efficient practices as a result of the push for sustainability and a decrease of carbon emissions. Systems for recovering waste heat from industrial processes are consistent with sustainability goals because they allow industries to use waste heat that would otherwise be lost, lowering energy consumption and the environmental impact of industrial processes. More stringent environmental rules and emission requirements in a variety of industries are pressuring businesses to adopt technology that improves energy efficiency and reduces greenhouse gas emissions. Waste heat recovery systems can help reduce costs by reusing waste heat to generate more power or provide heating. Waste heat recovery systems may be incorporated during the design phase as industries expand and new industrial facilities are built. Companies can meet these standards by utilizing waste heat recovery technologies. As energy prices continue to rise, industries are looking for ways to optimize their energy use and reduce expenses. This strategy may result in more efficient energy use right away. Systems for recovering waste heat can be found in a variety of industries, including chemical manufacturing, manufacturing, and power generation. This broad application expands the potential market size and growth opportunities.

Restraining Factors

Waste heat recovery system implementation sometimes necessitates a substantial upfront investment in hardware, software, and installation. Although these systems can save money in the long run by improving energy efficiency, some businesses, particularly small and medium-sized ones, may find the initial capital outlay prohibitive. Integrating waste heat recovery systems into existing industrial processes can be difficult and may necessitate changes to existing machinery and systems. It can be difficult to ensure seamless integration without disrupting ongoing operations.

Market Segment

• In 2022, the preheating segment accounted for the largest revenue share over the forecast period.

Based on applications, the South Korea waste heat recovery system market is segmented into steam generation, electricity generation, preheating, and refrigeration. Among these, the preheating segment has the largest revenue share over the forecast period. Preheating is the process of raising the temperature of petroleum liquids and natural gas using a preheating device before they are fed into other processes. The widespread use of preheating crude oil in the petroleum industry is one of the most energy-intensive points of processing. The direct immersion in crude oil allows for faster heating with less energy waste. These speeds up your process and lowers operational costs while also allowing for greater accuracy and care.

• In 2022, the marine segment accounted for the largest revenue share over the forecast period.

Based on industry, the South Korea waste heat recovery system market is segmented into cement, metal production, coatings, petroleum and chemical refining, food manufacturing, pulp and paper, and marine. Among these, the marine segment has the largest revenue share over the forecast period. Once installed, the units will recover waste heat and use it to generate hot water, which will then be used to generate electricity. As a result, various companies' growing developments in the marine industry are expected to contribute to its segmental growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea waste heat recovery system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Wood Group
• Siemens
• Ormat Technologies
• Mitsubishi Heavy Industries
• Bosch Thermotechnology
• GE
• IHI Corp
• Thermax Technology
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In November 2022, Siemens Energy has been awarded contracts by global energy company Uniper to provide rotating grid stabilization technology at two sites in South Korea.

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea Waste Heat Recovery System market based on the below-mentioned segments:

South Korea Waste Heat Recovery System Market, By Application

• Steam Generation
• Electricity Generation
• Preheating
• Refrigeration

South Korea Waste Heat Recovery System Market, By Industry

• Cement
• Metal Production
• Coatings
• Petroleum and Chemical Refining
• Food manufacturing
• Pulp and paper
• Marine