Waste Heat Recovery System Market Size Forecast to Reach $72.7 Billion by 2026

 Breaking News
  • No posts were found

Waste Heat Recovery System Market Size Forecast to Reach $72.7 Billion by 2026

September 23
21:58 2021
Waste Heat Recovery System Market Size Forecast to Reach $72.7 Billion by 2026
Waste Heat Recovery System Market
Rising Focus on Reducing Carbon Footprint Driving the Growth of Waste Heat Recovery System Market.

Waste Heat Recovery System Market Size is forecast to reach $72.7 billion by 2026, at a CAGR of 7.6% during forecast period 2021-2026. Systems that recover heat from processing/manufacturing activities are known as waste heat recovery systems. The heat produced can be used to replace both electricity and fuel. There must be a source of waste heat, technology to recover the produced heat, and a need for the heat for a waste recovery system to function. Waste heat recovery systems are a viable option for the overall energy efficiency of industrial manufacturing operations, thus increasing demand. The rising cost of fuel and electricity, as well as the benefits it offers, such as reduced air pollution, are driving demand for waste heat recovery systems. The technology is supposed to be used all over the world, with China, India, the United States, Russia, Germany, and a few other countries dominating the markets. The countries listed above are known for producing the most cement, metals, and petroleum. The latest epidemic of COVID-19, however, has had a significant impact on the global manufacturing sector. Across globe, the production activities have slowed down with the intention of restricting the spread of coronavirus, which is expected to further affect the demand for waste heat recovery systems market.

Waste Heat Recovery System Market Segment Analysis – By Temperature

Ultra Low (<100˚C) dominated the Waste Heat Recovery System Market with a value share of approximately 48% in 2020, WHR systems are commonly used in pulp and paper, food manufacturing, chemical, and other medium-sized businesses. These systems allow plant operators to lower operating costs, increase energy efficiency, and reduce CO2 emissions in the industrial sector. Industry growth will be aided by the ongoing expansion of co-generation units for sustainable waste heat use. The waste heat recovery system market dominating for preheating applications and it is expected to rise at a steady rate over the forecast period. Reduced greenhouse gas emissions, application versatility, and high energy efficiency are only a few of the main features that will drive product adoption in the coming years.

Waste Heat Recovery System Market Segment Analysis – By Industry

Petroleum and Chemical Refining industry dominated the Waste Heat Recovery System Market with a value share of approximately 31% in 2020. WHR systems are used in this industry for procedures like refinement, thermal cracking, and catalytic treatment. Heating process fluid is needed in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units in the upstream oil and gas market. This is accomplished by capturing waste heat from exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor to drive (PGC). The WHRS deployment for electricity and steam generation will be guided by ongoing efforts to reduce GHG emissions as well as rising electricity prices. Some of the underlying factors that will drive the market growth are an increasing emphasis on plant productivity and a growing demand for onsite power generation. The demand for WHR systems will be fueled by increased investment in sustainable waste heat utilization across industries.

Request for Sample Report  @ https://www.industryarc.com/pdfdownload.php?id=16487

Report Price: $ 4500 (Single User License)

Waste Heat Recovery System Market Segment Analysis – By Geography 

North America dominated the Waste Heat Recovery System Market with a value share of approximately 33% in 2020, Because of the demand for onsite power generation and increased investment in the implementation of energy efficient technologies, North America’s market share will rise. Stringent emission requirements, combined with falling technology costs, have resulted in the expansion and retrofitting of existing manufacturing facilities, boosting product demand even further. The system employs a high-temperature stage for air pre-heating and a low-temperature stage for processing feedwater heating, lowering operating costs and improving overall performance.

Waste Heat Recovery System Market Drivers 

Rising Focus on Reducing Carbon Footprint

The market size will be boosted by the growing importance of energy conservation combined with strict pollution standards around the world. Petroleum refining, cement, glass, heavy metal processing, and chemical manufacturing are only a few of the energy-intensive industries with major waste heat recovery potential. WHR systems are expected to grow in importance in the coming years as a result of their ability to minimize operating costs and produce onsite electricity and heat. The WHRS sector will expand as a result of government policies aimed at lowering carbon emissions while improving energy efficiency. Continuous technical advancements have greatly increased productivity and reduced device costs, simulating business growth. Furthermore, rising market understanding of environmental conservation and efficient waste heat use would improve the industry’s prospects.

Robust Demand from Industrial Sector

Plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat are all users of waste heat recovery systems. Waste heat is often of low temperature efficiency. It can be difficult to make the most of the heat available. In these situations, ORC technology may provide an added advantage by increasing overall plant performance. The ORC device transforms this otherwise unused energy into electricity. Heating process fluid is needed in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units in the upstream oil and gas market. This is accomplished by capturing waste heat from exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor to drive (PGC). Another trend in the world’s rising energy demand is decentralized power supply. Despite the fact that many regions lack access to centralized resources, local infrastructure still needs electricity. Any usable fuels, such as biomass, household waste, or waste heat from an industrial process, are used to generate independent electricity.

Waste Heat Recovery System Market Challenges

Impact of Covid-19

COVID-19 has negatively impacted the waste heat recovery system market in 2020 with the halt in the production across various countries. The global lockdowns to curb the virus have led to the decrease in manufacturing sectors including automotive, consumer electronics, chemicals and so on, which significantly resulted in the decline of market. Adding to this, the development of new COVID strains in countries such as US, UK, Nigeria and so on during end of 2020 to the beginning of 2021 is further resulting in the lockdown and impacting the manufacturing sector thereby constraining the market growth rate.

Waste Heat Recovery System Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Waste Heat Recovery System market. Waste Heat Recovery System biggest Companies are Wood Group, Siemens, Bosch Thermotechnology, GE, IHI Corp, TMEIC and others. Wood Group through its broad range of production capacity and demand of its product from end users, has been successful in catering to a variety of customers. Monitoring its future business involvements, IndustryARC analysts expect Wood Group to maintain its position in the market.

Acquisitions/Product Launches

In February 2021, Echogen Power System, the world leader in the development of supercritical carbon dioxide based power and energy storage system, has reached a milestone. Simens Energy which as license Ecogen’s patented technology, announced the signing of an agreement to commission the world’s first SCO2 power plant, which will convert waste heat from a gas turbine into emission free-power.

In November, 2019 German companies, E.ON and Orcan Energy, are now joining forces. The companies are now offering innovative second-generation ORC solutions (efficiency PACKs) as an all-round package. Specifically, this means that E.ON can deliver carbon-free and cost-effective electricity to its customers obtained from the customer’s waste heat, through solutions by Orcan Energy.

Key Takeaways

Growing concerns about greenhouse gas (GHG) emissions, as well as strict regulations aimed at reducing carbon footprint, are expected to propel the global waste heat recovery system (WHRS) market forward. 

Investments in many sectors, including refineries, heavy metals, paper & pulp, petrochemicals, and chemicals, would amplify the industry’s future evolution. Major manufacturing companies are aggressively implementing WHRS to reduce their reliance on traditional energy and generate in-house power to save money. Continuous technical advancements, such as the WHR with organic rankine cycle, would also help to drive market growth.

Preheating of combustion air, furnace loads, boiler feed water, and space heating are all popular uses for waste heat recovery systems. WHR’s cascade method is boosting product demand.

Related Reports:

A. Heating, Ventilation and Air Conditioning (HVAC) Market

https://www.industryarc.com/Report/19566/heating-ventilation-and-air-conditioning-market.html

B. Automated Storage & Retrieval Systems Market –

https://www.industryarc.com/Report/10611/automated-storage-retrieval-systems-market.html

For more Automation and Instrumentation Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/