New York, July 12, 2021 (GLOBE NEWSWIRE) -- Exhaust Heat Recovery System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Exhaust Heat Recovery System Market Research Report, Component, Technology, Vehicle and Region - Forecast till 2027” the market is projected to be worth USD 94.8 Billion by 2027, registering a CAGR of 10.64% during the forecast period (2021 - 2027), The market was valued at USD 40.3 billion in 2020.
The exhaust heat recovery system market is growing continuously over the past few years. Rising uses of these systems in cooling and heating of batteries in electric and hybrid vehicles boost the exhaust heat recovery system market size. Besides, the growing demand for customized exhaust heat recovery system technology for cooling and heating applications in automobiles substantiates the market growth. With the global focus rapidly shifting to the automobile industry, particularly for electric and hybrid cars, the exhaust heat recovery system market value is expected to grow exponentially.
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Competitive Analysis
List of the Key Companies Profiled in the Exhaust Heat Recovery System Market Research Report are
- Mahle (Germany)
- Faurecia (France)
- Continental (Germany)
- Valeo (France)
- Denso (Japan)
- Dana (US)
- Delphi Technologies (UK)
- Calsonic Kansei (Japan)
- Mitsubishi Electric (Japan)
- Bosal (Belgium)
- Hitachi Ltd. (Japan)
- Tenneco Inc. (US)
- Borgwarner Inc. (US)
The exhaust heat recovery system market is experiencing several strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product launches. Market players make substantial strategic investments in research and development activities and fostering their expansion plans. Industry players back up their technology with a global network of technical support.
For instance, recently, in December 2020, a group of European scientists announced the development of a unique engine technology that could capture and use waste heat from the exhaust pipes of millions of heavy-duty vehicles. Auxiliary engine allows trucks to convert their waste heat into power and save vehicles hundreds of liters of fuel and reduce CO2 emissions by 10 %.
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New Heating Applications in Electric Cars in Cold Climates Substantiate the Exhaust Heat Recovery System Market Share
Additionally, rising automation in automobile manufacturing companies integrating solid-state heat pumps using a heat exchanger to dissipate heat in accordance creates substantial market demand. Therefore, these systems find wide-ranging applications in the automobile sector, showing an excellent coefficient of performance (COP).
Rising demand for unique exhaust heat recovery systems for specific automotive applications impacts the market growth positively. Exhaust heat recovery systems are also suitable for heating batteries in electric cars to improve the performance of batteries in cold weather conditions.
Other specific automotive applications of exhaust heat recovery systems and technology include cooling laser diodes in head-up displays in automobiles, cooling batteries of electric & hybrid cars, cool cup holders in car cabins, cooling laser devices in lidar technology in autonomous vehicles, and cooling laser diodes in laser headlights.
Furthermore, favorable government policies for the use of efficient and eco-friendly technologies promote the widespread adoption of exhaust heat recovery systems. These systems are also extensively used in HVAC systems to achieve monthly targets of lowering energy consumption and operating costs, greater sustainability, and productive environments in building structures. Increasing uses of exhaust heat recovery systems in HVAC equipment would support the market growth throughout the assessment period.
Volatility in Raw Material Prices & Demand-Supply Gap Pose Challenges
High prices and concerns about proper insulation are major factors acting as headwinds for the exhaust heat recovery system market. Also, volatility in price and the demand-supply gap in raw materials required for production are key factors impeding the market growth.
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COVID-19 Impact
The COVID-19 outbreak severely hit the exhaust heat recovery system industry, delaying new installations and causing huge revenue losses. Strict lockdown mandates forced manufacturers to cut their production output, bringing the production facilities to a halt.
The brake on the component and device production further spiked product prices and lowered the market demand. However, the exhaust heat recovery system market is rapidly returning to normalcy, witnessing the steadily increasing demand. The market demand would pick up following the uplift of the lockdown in many countries.
Segmentation
The market is segmented into components, technologies, vehicles, and regions. The component segment is sub-segmented into EGR valve & cooler, turbine, compressor, evaporator, condenser, TEG module, and others. Of these, the EGR valve & cooler segment accounts for the largest market share, whereas turbine is the fastest-growing segment.
The technology segment is sub-segmented into EGR, turbocharger, ORC, TEG, and others. Similarly, the vehicle segment is sub-segmented into PC, light commercial vehicle (LCV), truck, bus, hybrid, and overhead valve engine (OHV). The region segment is sub-segmented into North America, Europe, Asia Pacific, and the-rest-of-the-world.
Regional Analysis
North America dominates the global exhaust heat recovery system market. The region is witnessing rapid growth in the rapidly growing automotive industry. Besides, the largest market share attributes to strict regulations implemented by the government and various environmental organizations to save energy drive the region's exhaust heat recovery system market growth. The US, backed by the well-developed economy and rapid industrialization in the country, leads the regional market.
Segmentation of Market covered in the research:
Information by Component (EGR Valve & Cooler, Turbine, Compressor, Evaporator, Condenser, TEG Module, Others), Technology (EGR, Turbocharger, ORC, TEG, Others), Vehicle (PC, LCV, Truck, Bus, Hybrid, OHV) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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