According to a new report published by Reports Monitor titled, “Waste Heat Recovery System Market by Type, Technology, Range, Application and End-User: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Waste Heat Recovery System Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America region is anticipated to lead the market and keep growing continuously throughout the forecast period.
Waste heat recovery system is technique of grabbing and reusing heat liberated in the form of exhaust gas, streams of high energy content produced in refining processes of industrial sectors. Ascribing to exalted cost of fossil fuel and their harsh ramification on atmosphere does not allow precious commodity like heat energy to be wasted. Feasibility of the waste heat recovery system is totally dependent on temperature of the waste heat. Different industrial sectors such as petroleum, chemical and automotive liberate enough waste heat that can be conserved and used for generating electrical energy. Expanding Industrialization and heat being produced on larger scale leads to capture and reuse of waste heat of utmost important.
Growing need for energy efficient and cost-effective production in industrial sector including chemical, petroleum and automotive that requires high energy input demands for waste heat recovery system influences the market growth at far larger extent. Furthermore, strict regulations followed by government, emerging environmental safety threat, decaling levels of fossil fuel, various business attempts for low consumption of energy, need to reduce the operational cost all favours the growth of the market in near time. Nevertheless, soaring implementation cost of the system and temperature fluctuation are risk factors that might possess obstacle to the market. Advancement and innovation in the technology of waste heat recovery system and approach & adoption in developing countries are offering substantial opportunities to penetrate the market.
Key Question Answered:
Major key players profiled in the market include: ABB Ltd., AMEC Foster Wheeler, Cool Energy, Inc., Echogen Power Systems Inc., Econotherm Ltd, General Electric Co., Mitsubishi Heavy Industries Ltd., Ormat Technologies Inc. and Siemens AG
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