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The waste heat recovery market share is expected to increase by USD 24.30 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.54%.
This waste heat recovery market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers waste heat recovery market segmentation by end-user (chemical, petroleum refining, paper, commercial and institutional, and others) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The waste heat recovery market report also offers information on several market vendors, including ABB Ltd., Alfa Laval Corporate AB, ALSTOM SA, Cannon Spa, Clean Energy Technologies Inc., Econotherm Ltd, Forbes Marshall Pvt. Ltd, GEA Group Aktiengesellschaft, General Electric Co, John Wood Group PLC, KNM Group Berhad, Mitsubishi Heavy Industries Ltd., Muhibbah Engineering (M) Bhd, Ormat Technologies Inc., Promec Engineering Ltd., Questor Technology Inc., Robert Bosch GmbH, Siemens AG, Thermax Ltd, and Transparent Energy Systems Pvt. Ltd. among others.
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The rise in industrialization in BRICS is notably driving the waste heat recovery market growth, although factors such as concerns related to fouling in waste heat recovery systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the waste heat recovery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Waste Heat Recovery Market Driver
The rise in industrialization in BRICS is one of the key drivers supporting the waste heat recovery market growth. The investors are targeting developing countries to increase their market share and treat these countries as their manufacturing hubs. BRICS and other developing countries are the new mining hubs because of the presence of abundant natural mineral resources. Easy availability of low-cost labor, cheaper raw materials, and favorable regulations are attracting mining companies to developing nations. China is one of the major countries, with the manufacturing sector accounting for a significant share. Such an increase in manufacturing plants is expected to fuel the demand for waste heat recovery systems.
Key Waste Heat Recovery Market Trend
The emergence of direct waste heat recovery using thermoelectric materials is one of the key waste heat recovery market trends contributing to the market growth. Effective waste heat recovery is one of the major challenges faced by the power engineering sector. This has resulted in a rise in the demand for alternative options, such as using thermoelectric materials for efficient waste heat recovery. Thermoelectric materials are materials that can convert heat energy into electrical energy based on the Seebeck and Peltier effects. They have high compression strength, and they will not break into pieces when put under pressure. Some of the thermoelectric materials used for waste heat recovery are skutterudite, clathrate, and silicides. Thus, the use of thermoelectric materials for direct waste heat recovery is likely to augment the growth of the market during the forecast period.
Key Waste Heat Recovery Market Challenge
Concerns related to fouling in waste heat recovery systems are one of the factors impeding the waste heat recovery market growth. Fouling is the deposition or accumulation of unwanted materials on the equipment surfaces. Moreover, moisture and solid contaminants can affect the performance and reliability of the system due to the buildup of solids on heat transfer surfaces and the plugging of gas passages. This, in turn, reduces heat transfer, and the system must be shut down for cleaning. The fouling of the heat exchanger also results in the deterioration of end-product quality because the process fluid cannot be heated up to the required temperature. This increases the production and operational costs of manufacturing companies. The costs related to fouling include additional energy consumption of equipment and lost productivity. Such issues related to fouling in waste heat recovery systems may reduce the overall profitability of end-users during the forecast period.
This waste heat recovery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global waste heat recovery market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the waste heat recovery market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the waste heat recovery market encompasses successful business strategies deployed by the key vendors. The waste heat recovery market is fragmented and the vendors are deploying growth strategies such as focusing on M&A to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The waste heat recovery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the waste heat recovery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market’s growth will originate from North America during the forecast period. The US is the key market for waste heat recovery market in North America. Market growth in this region will be slower than the growth of the market in Europe and South America.
The increasing measures toward energy conservation will facilitate the waste heat recovery market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The regional market witnessed certain challenges due to the outbreak of COVID-19 in 2020. However, with the lifting of lockdown owing to the initiation of vaccination drives in 2021, the energy demand increased with the resumption of the operations in these end-user industries, which increased the demand for waste heat recovery systems. Hence, with the rise in industrial operations and increasing preference for efficient use and conservation of energy, the market will grow during the forecast period.
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The waste heat recovery market share growth by the chemical segment will be significant during the forecast period. The chemical industry includes the production of polymer, petrochemicals, agrochemicals, pharmaceuticals, fertilizers, and dyes, which generally involve high-temperature processes that release a large amount of waste heat. The inorganic and organic chemical production processes are energy-intensive and consume huge thermal and electrical energy. Thus, there is an increased need for waste heat recovery systems that help save energy and cost.
This report provides an accurate prediction of the contribution of all the segments to the growth of the waste heat recovery market size and actionable market insights on the post-COVID-19 impact on each segment.
Waste Heat Recovery Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.54% |
Market growth 2022-2026 |
$ 24.30 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.72 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key consumer countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Alfa Laval Corporate AB, ALSTOM SA, Cannon Spa, Clean Energy Technologies Inc., Econotherm Ltd, Forbes Marshall Pvt. Ltd, GEA Group Aktiengesellschaft, General Electric Co, John Wood Group PLC, KNM Group Berhad, Mitsubishi Heavy Industries Ltd., Muhibbah Engineering (M) Bhd, Ormat Technologies Inc., Promec Engineering Ltd., Questor Technology Inc., Robert Bosch GmbH, Siemens AG, Thermax Ltd, and Transparent Energy Systems Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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