According to the latest report published by Variant Market Research, the global waste heat recovery system market size is projected to reach $91.3 billion by 2024 from $46.6 billion in 2016. In this report, waste heat recovery system market forecast says that the global market is growing at 8.8% CAGR from 2016 to 2024.

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Growing energy and electricity cost to fuel the global market

The global waste heat recovery system market trend comprises growing energy and electricity cost, increased government initiatives and stringent regulations, rapid industrialization, and technological advancements & increasing investment. However, high installation cost might limit the waste heat recovery system market growth. Furthermore, emerging economies with high demand of waste heat recovery systems could offer an opportunity for players of market.

Market Segmentations

The global waste heat recovery system market is classified into application, end-user, and geography. Application segment includes steam and power generation, pre-heating, and other applications. Further, the market is classified on basis of end-user into natural gas compression, paper and pulp, petroleum refining, cement, metal production and casting, chemical, and other end-users. North America (U.S., Mexico, and Canada), Europe (France, Italy, Germany, UK, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.

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Steam and power generation, by application dominated the global market in 2016

In 2016, steam and power generation in the application segment dominated the global waste heat recovery system market with maximum market share and expected to continue its dominance over the forecast period, 2016– 2024. The growth of this segment is driven by increasing demand for energy in both developing as well as developed economies due to high usage of steam and power generator from numerous end-use industries.

Europe dominated the global market in 2016

Europe held major market share of 39.3% in 2016 and anticipated to continue its dominance over the forecast period, 2016– 2024, due to strict energy efficiency rules about the use of waste heat recovery systems in several manufacturing-oriented industries.

Competitive Landscape

Key players are offering innovative products and services to increase their waste heat recovery system market share. Major players of the market are Ormat Technologies Inc., Amec Foster Wheeler Plc., Echogen Power Systems Inc., Mitsubishi Heavy Industries Ltd., General Electric Co., ABB (ASEA Brown Boveri), Thermax Limited, Siemens AG, Econotherm Limited., and Cool Energy Inc., among others.

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Scope of the Global Waste Heat Recovery System Market

Application Segments

• Steam and Power Generation
• Pre-Heating
• Other Applications

End-User Segments

• Petroleum Refining
• Chemical
• Cement
• Metal Production and Casting
• Natural Gas Compression
• Paper and Pulp
• Other End-Users

Geographical Segments

• North America
o U.S.
o Canada
o Mexico

• Europe
o UK
o Germany
o France
o Italy
o Rest of Europe

• Asia-Pacific
o India
o China
o Japan
o South Korea
o Rest of Asia-Pacific

• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfil clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise is data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

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