Waste Heat Recovery Market Research Report by Component (Air Preheaters, Direct Electrical Conversion Devices, and Economisers), Temperature, Application, End-Use, Region - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Global Forecast 2023-2030
The Global Waste Heat Recovery Market size was estimated at USD 26.54 billion in 2022 and expected to reach USD 28.99 billion in 2023, projecting growth at a CAGR of 10.66% to reach USD 59.69 billion by 2030.
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The COVID-19 pandemic has had a significant impact on the waste heat recovery market. The global shutdowns caused by the virus are estimated to reduce energy demand. This decrease in demand, combined with reduced production from many industries, has resulted in decreased waste heat recovery systems utilization and less revenue for companies operating in this market.
Cumulative Impact of Russia-Ukraine Conflict:
The ongoing conflict between Russia and Ukraine has also impacted the waste heat recovery market. The conflict has caused many companies operating within these countries to relocate their operations, requiring fewer waste heat recovery systems than these facilities. This disruption has resulted in decreased investment into new projects and reduced utilization rates from existing systems due to a lack of demand.
Cumulative Impact of High Inflation:
High inflation impacts the waste heat recovery market due to its effect on the energy cost of goods produced using energy resources such as natural gas or oil. Higher energy prices come with higher costs for businesses operating within this sector which can result in decreased investment in new projects. Additionally, high inflation can lead to increased demand for alternative sources of energy, such as solar power, which could further reduce demand for traditional sources, such as natural gas and oil, used by many companies utilizing these types of systems.
The market dynamics represent the ever-shifting landscape of the Global Waste Heat Recovery Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Growing electricity consumption and rising use of waste heat recovery system in power generation
- Favorable government initiatives for waste heat recovery technologies
- Emerging adoption of waste heat recovery in chemical, metal production, and food industries
- High cost of implementing the waste heat recovery process for small-scale operations
- Surging research and development activities for optimizing existing heat recovery technologies
- Rising investments in system development and new product innovations for waste heat recovery technologies
- Concerns related to temperature restrictions and transportation
Market Segmentation & Coverage:
- Based on Component, the market is studied across Air Preheaters, Direct Electrical Conversion Devices, Economisers, Heat Pipe Systems, Heat Pumps, Heat Recovery Steam Generator, Plate Heat Exchanger, Regenerative & Recuperative Burners, and Waste Heat Boilers.
- Based on Temperature, the market is studied across High Temperature (More than 1,200°F), Low Temperature (Less than 450°F), and Medium Temperature (450°F – 1,200°F).
- Based on Application, the market is studied across Pre Heating and Steam & Electricity Generation.
- Based on End-Use, the market is studied across Ceramic Manufacturing, Chemical Processing, Construction Material Manufacturing, Food Processing, and Metal Production.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global Waste Heat Recovery Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Waste Heat Recovery Market, including ABB Ltd., Alfa Laval AB, Alstom SA, AURA GmbH & Co. KG, Bosch Industriekessel GmbH, Boustead International Heaters Limited, China Energy Recovery Inc., Echogen Power Systems, Econotherm Limited, Exergy International Srl, Exodraft A/S, Forbes Marshall, General Electric Company, Gulf Coast Green Energy, IHI Corporation, John Wood Group PLC, Matthews Environmental Solutions, Mitsubishi Heavy Industries, Ltd., Munters Corporation, Ormat Technologies, Inc., Promec Engineering, Siemens AG, Sigma Thermal Inc., Terrapin Geothermics, and Thermax Limited.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global Waste Heat Recovery Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global Waste Heat Recovery Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global Waste Heat Recovery Market?
- What is the competitive strategic window for opportunities in the Global Waste Heat Recovery Market?
- What are the technology trends and regulatory frameworks in the Global Waste Heat Recovery Market?
- What is the market share of the leading vendors in the Global Waste Heat Recovery Market?
- What modes and strategic moves are considered suitable for entering the Global Waste Heat Recovery Market?