LONDON--(BUSINESS WIRE)--The global waste heat recovery market is expected to grow by USD 11.31 billion as per Technavio. Steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
Read the 120-page report with TOC on "Waste Heat Recovery Market Analysis Report by End-user (Chemical, Petroleum refining, Paper, Commercial and institutional, Food and beverages, Metal, and Other end-users) and Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing focus on reducing emissions and carbon footprint. In addition, the emergence of advanced technologies for waste heat recovery is anticipated to boost the growth of the waste heat recovery market.
Greenhouse gas emissions from manufacturing facilities, power stations, and oil refineries have been creating a serious environmental impact. Hence, governments across the world are undertaking various initiatives to control greenhouse gas emissions and industrial energy emissions. For instance, the European Union Trading Scheme (EU TDS) focuses on combating climate change by reducing greenhouse gas emissions. Under this initiative, companies have implemented heat recovery systems whereby they can sell the unused emission permits under a cap and trade system. Such initiatives will boost the adoption of waste heat recovery systems during the forecast period.
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Major Five Waste Heat Recovery Companies:
ABB Ltd. operates its business through segments such as electrification products, robotics and motion, industrial automation, and power grids. ABB Waste Heat Recovery System (WHRS) is the key offering of the company.
Clean Energy Technologies, Inc.
Clean Energy Technologies, Inc. operates its business through segments such as Clean Energy HRS and Electronics Assembly. Clean Cycle II Organic Rankine Cycle is the key offering of the company.
John Wood Group PLC
John Wood Group PLC operates its business through segments such as Asset Solutions Americas, Asset Solutions Europe, Africa, Asia & Australia, Specialist Technical Solutions, Environment & Infrastructure Solutions, and Investment Services. The company offers waste recovery solutions from its subsidiary Amec Foster Wheeler.
MITSUBISHI HEAVY INDUSTRIES, LTD.
MITSUBISHI HEAVY INDUSTRIES, LTD. operates its business through segments such as power systems; industry and infrastructure; and aircraft, defense, and space. Eco - TG System and STG System are the key offerings of the company.
Siemens AG operates its business through segments such as power and gas, energy management, building technologies, mobility, digital factory, process industries and drives, financial services, Siemens Healthineers, and Siemens Gamesa Renewable Energy. Siemens Organic Rankine Cycle is the key offering of the company.
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Waste Heat Recovery Market End-user Outlook (Revenue, USD billion, 2020-2024)
- Petroleum refining
- Commercial and institutional
- Food and beverages
- Other end-users
Waste Heat Recovery Market Geography Outlook (Revenue, USD billion, 2020-2024)
- North America
- South America
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