The worldwide market for waste heat recovery system is expected to grow at a CAGR of roughly 4.7 per cent over the next five years, reaching $2.94 billion in 2024, from $2.23 billion in 2019, according to a new WMR study.
Waste heat recovery system is an economic method to increase the overall efficiency of the plant and, thus, to lower fuel demand. The largest sources of waste heat for most industries are exhaust and flue gases and heated air from heating systems such as high-temperature gases from burners in process heating; lower temperature gases from heat treating furnaces, dryers, and heaters; and heat from heat exchangers, cooling liquids, and gases.
In the last several years, the growth rate of global waste heat recovery system market is very as high as 8.64 per cent, due to the fast development of cement industry. In 2016, the global Waste Heat Recovery System production may be 334 units, growth 7.05 per cent year-on-year.
In the next several years, the development of global waste heat recovery system production may be still fast without extraordinary circumstances. The global Waste Heat Recovery System production is expected to be 454 units in 2021.
In the global production market of waste heat recovery system, Europe is the largest supplier with nearly one third of the total production market. Following Europe, Japan occupies production market share of 28.53 per cent.
In the consumption market, Asia is the largest consumption market due to the developed real estate industry. Among these Asian countries, China is the largest consumption market, especially the government introducing supportive policies continually.
Some of the major manufacturers of this market are: ABB, MHI, Siemens, GE, Kawasaki, Ormat, Foster Wheeler, Bosch, Echogen Power Systems, EST (Wasabi), Thermax.
On the basis of several factors the market segments can be divided by type and applications. Market type covers: steam system; organic Rankine cycle system; Kalina cycle system; while market segment by applications, can be divided into: petroleum refining; heavy metal production; cement; chemical; and others.
