Visiongain has published a new report entitled Waste Heat Recovery Market Report 2024-2034: Forecasts by Temperature Range (High-temperature (>400°C), Medium-temperature (100-400°C), Low-temperature (<100°C)), by Application (Preheating, Power Generation, Steam Generation, Other), by End-use Industry (Cement Industry, Iron and steel Industry, Chemical Industry, Glass Industry, Other), by Technology (Heat Exchangers, Turbo-expanders, Organic Rankine Cycles (ORCs), Heat Pumps, Kalina Cycles, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global waste heat recovery market was valued at US$77.1 billion in 2023 and is projected to grow at a CAGR of 9.2% during the forecast period 2024-2034.
Rising Energy Prices and Volatile Fuel Costs
The volatility of fuel costs and the increasing prices of conventional energy sources drive industries to explore alternative methods for energy generation and conservation, including waste heat recovery. Fluctuating fuel prices, coupled with the unpredictable geopolitical landscape, pose financial risks to industries reliant on fossil fuels for energy generation. Waste heat recovery systems offer a cost-effective solution by utilizing free or low-cost heat sources to supplement energy needs and offset reliance on expensive primary energy sources. As energy prices continue to rise, the economic viability of waste heat recovery becomes increasingly attractive to industries seeking to reduce operating expenses and improve competitiveness.
Focus on Energy Efficiency and Resource Conservation
The growing emphasis on energy efficiency and resource conservation motivates industries to invest in waste heat recovery solutions as part of their sustainability and corporate social responsibility initiatives. Waste heat recovery not only reduces energy consumption and greenhouse gas emissions but also conserves valuable resources by maximizing the utilization of available heat sources. Industries recognize the importance of minimizing waste and optimizing energy usage to enhance operational efficiency and reduce environmental impact, making waste heat recovery an integral component of their sustainability strategies.
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How has COVID-19 had a significant negative impact on the Waste Heat Recovery Market?
The global waste heat recovery market, like many other industries, has experienced the far-reaching impacts of the COVID-19 pandemic. The pandemic-induced disruptions have significantly influenced the market dynamics, presenting a blend of challenges and opportunities for industry stakeholders. One of the notable consequences of the pandemic has been the disruption of supply chains, leading to delays in manufacturing and project implementations. The restrictions on movement and workforce shortages have impeded the timely delivery of components and equipment necessary for waste heat recovery systems.
Moreover, the economic downturn triggered by the pandemic has compelled industries to reassess their capital expenditure plans, potentially delaying or scaling back investments in energy efficiency projects, including waste heat recovery initiatives. The uncertainty surrounding global economic recovery has created cautiousness among businesses, affecting decision-making processes related to long-term sustainability projects.
How will this Report Benefit you?
Visiongain’s 368-page report provides 116 tables and 172 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global waste heat recovery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Waste Heat Recovery. Get financial analysis of the overall market and different segments including temperature range, application, end-use industry, and technology and capture higher market share. We believe that there are strong opportunities in this fast-growing waste heat recovery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Expansion of Industrial Infrastructure and Manufacturing Facilities
The expansion of industrial infrastructure and manufacturing facilities worldwide results in higher waste heat generation, driving the demand for waste heat recovery solutions. Industries such as oil and gas, chemicals, cement, and pulp and paper invest in new production capacities and modernize existing facilities to meet growing demand and stay competitive in the market. Waste heat recovery becomes essential in optimizing energy usage and reducing operating costs in large-scale industrial complexes. By capturing and utilizing waste heat from various processes, industries can improve overall energy efficiency, enhance productivity, and reduce environmental impact.
Shift towards Decentralized Energy Systems and Microgrids
The shift towards decentralized energy systems and microgrids creates opportunities for waste heat recovery to play a significant role in distributed energy generation and district heating applications. Decentralized energy systems enable localized generation, distribution, and utilization of energy, reducing transmission losses and enhancing energy resilience. Waste heat recovery complements decentralized energy systems by providing on-site generation capabilities, allowing industries to meet their energy needs independently and efficiently. Microgrids integrate waste heat recovery systems with renewable energy sources and energy storage technologies to create resilient and sustainable energy networks capable of meeting local demand reliably.
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Where are the Market Opportunities?
Urbanization and Industrialization in Emerging Economies
Rapid urbanization and industrialization in emerging economies contribute to increased waste heat generation, driving the demand for waste heat recovery solutions. As developing countries experience economic growth and infrastructure expansion, industries expand their operations, leading to higher energy consumption and waste heat emissions. Waste heat recovery presents an opportunity for emerging economies to improve energy efficiency, reduce dependence on imported fuels, and enhance industrial competitiveness. Governments in emerging markets support the adoption of waste heat recovery technologies through incentives, subsidies, and favourable policies to promote sustainable industrial development.
Growing Awareness of Climate Change and Carbon Footprint
Growing awareness of climate change and the need to reduce carbon footprint prompts industries to adopt waste heat recovery systems as part of their climate mitigation efforts. Businesses face increasing pressure from stakeholders, including investors, customers, and regulatory bodies, to minimize environmental impact and demonstrate commitment to sustainability. Waste heat recovery helps industries achieve carbon emission reductions by harnessing waste heat for power generation, heating, and cooling applications, thereby lowering reliance on fossil fuels and mitigating greenhouse gas emissions. Companies that integrate waste heat recovery into their operations can enhance their environmental credentials and strengthen their competitive position in the market.
Competitive Landscape
The major players operating in the waste heat recovery market are ABB Limited, Clyde Bergemann Power Group, Cool Energy Inc, Echogen Power Systems, Econotherm Ltd, General Electric Company, John Wood Group plc, JP Steel Plantech Co, Mitsubishi Heavy Industries, Ltd, Ormat Technologies, Inc., PENTA Engineering Corporation, Siemens AG, Sigma Thermal, Inc, Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Transparent Energy Systems Private Ltd. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 24 Sept 2023, ABB has acquired majority stake in Finnish waste heat to power specialist Adven. ABB aims to strengthen its position in the growing waste heat recovery market and accelerate its decarbonization agenda.
- 19 Aug 2023, John Wood Group partners with Ormat Technologies to develop geothermal power projects in East Africa. This collaboration could leverage John Wood's waste heat recovery expertise in geothermal applications.
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To find more Visiongain research reports on the energy sector, click on the following links:
- Waste to Energy (WtE) Market Report 2024-2034
- Nuclear Waste Management Market Report 2024-2034
- E-waste Management Market Report 2020-2030
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