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The waste heat recovery market size is forecast to increase by USD 22.56 billion at a CAGR of 7.1% between 2023 and 2028.
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The chemical industry, which encompasses the production of polymers, petrochemicals, agrochemicals, pharmaceuticals, fertilizers, and dyes, is characterized by energy-intensive processes that generate substantial waste heat. These high-temperature processes, including inorganic and organic chemical production, consume vast quantities of thermal and electrical energy. Consequently, there is a growing demand to enhance energy efficiency and reduce costs. In the chemical sector, recovered waste heat can be utilized to preheat mill water and chlorine dioxide in chemical pulp mills. The chemical industry is experiencing notable expansion in key markets such as the US and China, driven by increasing demands for petrochemicals, pesticides and fertilizers, synthetic rubber, and other chemical products. Energy transition, climate change mitigation, and energy conservation are top priorities for industries worldwide, necessitating the adoption of clean technologies and energy-efficient solutions.
Furthermore, these play a crucial role in this regard, offering significant potential for carbon emission reduction and contributing to climate action plans. These systems can be implemented through various methods, including liquid-liquid phase systems and liquid-gas phase systems, and employ advanced technologies such as heat exchangers, sensors, digital controls, real-time monitoring, and the Organic Rankine Cycle. Despite the challenges associated with installation and maintenance, the benefits far outweigh the costs, particularly in energy-intensive industries. By harnessing waste heat, industries can reduce their reliance on fossil fuels, lower greenhouse gas emissions, and optimize the usage, contributing to on-site power generation and overall energy efficiency.
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The chemical segment was valued at USD 13.28 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market dominates the market due to substantial investments in modernizing industrial processes for enhanced economic returns and fuel efficiency. With industrial consumption accounting for approximately 25% of the total usage and 25% of greenhouse gas emissions In the US, there is a pressing need to address CO2 emissions. Strict regulations such as the Clean Air Act aim to reduce hazardous air pollutants, including CO2, mercury, and particulate matter. Industrial sectors in North America, including petroleum refining, metal production, and chemical, contribute significantly to CO2 emissions. To comply with emission standards and minimize energy costs, industries are adopting energy-efficient solutions.
Furthermore, these systems, which include sensors, digital controls, real-time monitoring, and heat source temperature optimization, enable on-site power generation and energy conservation. Technologies such as Organic Rankine Cycle, Liquid-Liquid Phase System, and Liquid-Gas Phase System are being employed to recover and convert it into usable energy. The construction sector, particularly in preheating applications, also benefits. The transition, climate change mitigation, and climate action plans further focus on the importance of reducing carbon emissions and increasing energy efficiency. Advanced control systems and IoT sensors play a crucial role in optimizing performance and minimizing corrosion.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in industrialization in BRICS is the key driver of the market.
The emergence of direct waste heat recovery using thermoelectric materials is the upcoming market trend.
Concerns related to fouling in waste heat recovery systems are a key challenge affecting the industry's growth.
The market forecasting report includes the adoption lifecycle of the market, market growth and forecasting, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry. The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The industrial sector is a significant contributor to global greenhouse gas emissions, with a substantial portion of these emissions stemming from the waste heat generated during various processes. Financial institutions and governments worldwide are increasingly focusing on the implementation of clean technologies to reduce carbon footprints and mitigate the impact of climate change. One such area of focus offers numerous benefits in terms of energy conservation and cost savings. Waste heat, which is the heat generated as a byproduct of industrial processes, can be harnessed and utilized for various applications such as space heating, steam generation, and power generation. This not only reduces the demand for primary sources but also leads to a significant reduction in carbon emissions. Thermal energy can be recovered using various methods, including liquid-liquid phase systems and liquid-gas phase systems. These systems utilize the temperature difference between the waste heat source and the desired application.
Furthermore, the Organic Rankine Cycle (ORC) is a popular method for generating electricity from waste heat, while preheating applications in industries like cement and metal production can benefit from the use of waste heat for process requirements. The integration of sensors, digital controls, and real-time monitoring systems plays a crucial role in optimizing the processes. These technologies enable precise control of the source temperature, combustion air, furnace loads, and boiler feed water, ensuring maximum efficiency and minimal heat loss. The cascade system is another effective method for utilizing low-temperature heat, where the waste heat from one process is used as the source for another process with a lower temperature requirement. This not only reduces costs but also minimizes the carbon emissions from industrial processes. Despite the numerous benefits, there are challenges associated with its implementation. Corrosion and the high capital costs of installing these are some of the key challenges.
However, the adoption of advanced control systems, IoT sensors, and smart technologies is helping to mitigate these challenges and make them a viable and cost-effective solution for industries. The energy transition towards renewable energy sources and the increasing focus on efficiency and carbon emission reduction are driving the demand. Industries, particularly those that are energy-intensive, are under pressure to reduce their carbon footprint and meet climate goals. On-site power generation and the use of waste heat for heating and cooling applications are becoming increasingly popular as industries seek to become more energy-independent and reduce their reliance on primary sources. In summary, it is an essential component of the energy transition and a critical step towards reducing industrial carbon emissions. The use of thermal energy from waste heat sources for various applications, such as space heating, steam generation, and power generation, offers numerous benefits in terms of conservation, cost savings, and carbon emission reduction. The challenges such as corrosion in heat exchangers and high capital costs, are being addressed through the adoption of advanced technologies and smart systems. The future looks promising, with increasing demand from industries seeking to reduce their carbon footprint and become more energy efficient.
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Waste Heat Recovery Market Scope |
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Report Coverage |
Details |
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Page number |
160 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.1% |
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Market growth 2024-2028 |
USD 22.56 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.5 |
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Key countries |
US, China, Japan, Germany, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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