Waste Heat Recovery System Market Size, Outlook, Share, Forecast by 2025 | Leading Players are Climeon AB, Aura GmbH, IHI Corporation, Cochran

According to a Global Market Insights, Inc., report, global waste heat recovery system market size is projected to surpass US$80 billion by 2025.

A waste heat recovery system (WHRS) is largely deployed across industries for capturing and transferring the waste heat from process outputs at different temperatures to another part of the process as an extra energy source. The energy source can further be utilized to generate mechanical and electrical power in industries.

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There have been increasing applications of waste heat recovery (WHR) systems in industries like food, ceramic, steel and iron manufacturing, and others. The deployment of these systems helps in reducing energy costs and improving the efficiency of various industrial processes.

Owing to these benefits, along with strict government regulations in order to reduce carbon emission into the environment, there could be a steadily growing demand for WHRS worldwide.

These systems are integrated with various waste heat recovery technologies that help in rendering valuable energy sources, optimizing energy, and minimizing overall energy consumption. The wide range of WHR technology systems for transferring heat from medium-hot spaces to lower ones includes a run-around coil (RAC), heat pumps, thermal wheel or rotary heat exchanger, heat pipe exchanger, regenerators, recuperators, and economizers such as waste heat boilers.

On the other hand, furnace regenerators, passive air preheaters, and plate heat exchangers are some other technology systems commonly used for waste heat recoveries. All these systems work on the same principle to capture, recover, and transfer heat from one process to another. The introduction of recent technologies that convert direct heat to power such as piezoelectric, thermoelectric, thermo photo voltaic (TPV), and thermionic power generation techniques are expected to bring lucrative growth to the industry.

Reduced thermal and air pollution, equipment sizes, and auxiliary energy consumption such as fans, filters, and pumps are some of the major advantages of waste heat recovery solutions. Based on temperature, the industry is bifurcated into medium (120-650 °C) and high (>650 °C) temperature waste heat recovery systems.

The medium to high WHR systems use different heat capturing processes to generate electricity. Apart from handling low pressures and temperatures, these systems only require the installation of an absorption cooler and waste heat recovery boiler. High energy efficiency and easy configuration are the key benefits of these systems.

North America waste heat recovery system industry is predicted to witness considerable growth, owing to the presence of an advanced industrial sector in the region. Rising government expenditures and policies to uplift the regional industrial infrastructure is likely to create growth opportunities for the industry. The recent proposal of US$3 trillion package by the U.S. government to boost the economy and to improve manufacturing and high-technology industries is predicted to complement the regional market trends in the forthcoming years.

The growing necessity for utilizing power sources efficiently and continuous and sustainable power supply is predicted to fuel the demand for waste heat recovery systems in the coming years. Stringent government measures to curb rising levels of thermal and air pollution produced by manufacturers are likely to increase the adoption of these systems.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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