The global waste heat recovery market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio
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The global waste heat recovery market is expected to post a CAGR of over 6% during the period 2019-2023 (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing focus on reducing emissions and carbon footprint. Currently, the increasing emission of greenhouse gases from the exhaust of manufacturing facilities is giving rise to the emission of greenhouse gases and negative environmental conditions. However, the heat generated from the exhaust of these industries can be put to use by waste heat recovery systems as this system help in converting large amounts of heat into electricity and in reducing CO2 emissions. Nevertheless, stringent regulations are being implemented for industrial gas emissions in various countries. There are also various initiatives that are being put into action to control factors such as greenhouse gas emission and industrial energy emissions. Many countries have implemented e-emission trading systems as well. With such initiatives, the demand for waste heat recovery systems is likely to increase during the forecast period.
As per Technavio, the advent of technologies for waste heat recovery will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global waste heat recovery marketresearch report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global waste heat recovery market: Advent of technologies for waste heat recovery
Currently, several new technologies are emerging for improving the performance of the existing systems or advancing waste heat recovery. The advanced heat transfer enhancement is one such technology that is developed to improve the transfer of heat, which affects the energy use in blowers and compressors. The thermochemical recuperation of fuel gas is a technology which utilizes waste heat to promote an exothermic natural gas reforming reaction. This reaction results in the production of carbon monoxide and hydrogen and increases the overall heating value of natural gas.
Moreover, the ongoing improvements in the efficiency and design of heat exchangers and heat pumps have led to new applications and improved paybacks as well. Furthermore, there are advances in heat pump technology that operates at a lower speed, allowing for large vapor volumes over pressure ratios, and have lower capital costs compared with centrifugal compressors. Therefore, the emergence of such technologies is expected to improve the demand for waste heat recovery during the forecast period.
"Apart from the advent of technologies for waste heat recovery, the rise in industrialization in BRICS, the increase in energy cost, the rise in the use of waste heat recovery systems in combustion engine, and the emergence of direct waste heat recovery using thermoelectric materials are some other major factors that are expected to contribute largely towards the growth of the global waste heat recovery market," says a senior analyst at Technavio.
Global waste heat recovery market: Segmentation analysis
This market research report segments the global waste heat recovery market by end-user (chemical, petroleum refining, paper, commercial and institutional, food and beverages, metals, and others) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to witness the fastest growth rate due to the increasing focus on the deployment of waste heat recovery systems in production facilities.
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Five Forces Analysis
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