Market Research Future (MRFR) presumes the global waste heat recovery market size to reach $92.94 billion at a CAGR of 7.9% from 2020 to 2027 (forecast period).
Major corporations are investing in R&D operations in order to acquire a competitive advantage over their competitors. Other business tactics used by market participants include mergers and acquisitions, overseas business expansion, and strategic collaborations.
Alstom SA (France), ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), China Energy Recovery Inc. (China), and Cool Energy Inc. (U.S.).
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Multiple Factors to Augment Market Growth
Rising energy use, economic development, and rising electricity prices are all important factors in the Waste Heat Recovery industry. The use of energy in many sectors to manufacture products is steadily growing. The need for energy has increased in industrialized regions as industrialization has occurred. Companies are developing numerous strategies to transform waste heat into energy as the demand for energy grows. As a result, it is fuelling the growth of the Waste Heat Recovery market. The primary energy usage was 93 quadrillion Btu, according to data from the United States Energy Information Administration.
Aside from economic development, the Waste Heat Recovery industry has been driven by technological advancements. The government has taken various initiatives and enacted rules to save energy, which has promoted the usage of Waste Heat Recovery technologies. Due to environmental concerns, the government is taking steps to save energy; as a result, the Waste Heat Recovery sector is booming. Energy-efficient technology has become critical for industries looking to save money. All of these factors are having a significant impact on the Waste Heat Recovery market trends.
The Global Market to Regain Stability Post COVID-19 Pandemic
The outbreak of coronavirus in Wuhan City triggered a global pandemic, affecting a variety of businesses. As a result, demand for the Waste Heat Recovery industry has decreased. The adoption of different limitations and lockdowns to prevent the spread of the virus has hampered the growth of the Waste Heat Recovery market. Covid-19 has halted the production of several products, which has greatly affected the Waste Heat Recovery business. The pandemic has had a negative influence on the sale of machines and equipment, as well as the Waste Heat Recovery sector. The pandemic has hit major countries with large manufacturing divisions, including the United Kingdom, Germany, the United States, and China. Aside from that, the lockdown has harmed the companies’ financial status, causing them to refrain from investing in machinery and equipment. The leading players are contributing to the stability of the Waste Heat Recovery market trends, and the market is projected to return to normal after the COVID-19 situation.
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The global waste heat recovery market has been segmented into application and end-user.
By application, the global waste heat recovery market has been segmented into steam and power generation and pre-heating.
By end-user, the global waste heat recovery market has been segmented into petroleum refining, chemical, cement, metal production and casting, paper and pulp, others.
North America to Dominate the Global Market
North America dominates the market and will have the biggest market share in 2020, accounting for 33% of the total. Rising onsite power generation and excellent economic stability have boosted demand for the Waste Heat Recovery industry in this region. Aside from that, firms in North America are heavily spending on the implementation of energy-efficient systems; as a result, North America’s contribution will aid in the ruse.
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APAC to Witness Fastest Growth
Due to industrialization and economic development, the Asia Pacific region is also experiencing rapid expansion in the Waste Heat Recovery market. The European region will also have a large place for the Waste Heat Recovery industry due to government environmental concerns. Demand for the Waste Heat Recovery market is being driven by the use of energy-efficient technology.