Waste Heat Recovery System Market - Forecast(2021 - 2026)

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Waste Heat Recovery System Market Overview

Waste Heat Recovery System Market Size is forecast to reach $72.7 billion by 2026, at a CAGR of 7.6% during forecast period 2021-2026. Systems that recover heat from processing/manufacturing activities are known as waste heat recovery systems. The heat produced can be used to replace both electricity and fuel. There must be a source of waste heat, technology to recover the produced heat, and a need for the heat for a waste recovery system to function. Waste heat recovery systems are a viable option for the overall energy efficiency of industrial manufacturing operations, thus increasing demand. The rising cost of fuel and electricity, as well as the benefits it offers, such as reduced air pollution, are driving demand for waste heat recovery systems. The technology is supposed to be used all over the world, with China, India, the United States, Russia, Germany, and a few other countries dominating the markets. The countries listed above are known for producing the most cement, metals, and petroleum. The latest epidemic of COVID-19, however, has had a significant impact on the global manufacturing sector. Across globe, the production activities have slowed down with the intention of restricting the spread of coronavirus, which is expected to further affect the demand for waste heat recovery systems market.

Report Coverage

The report: “Waste Heat Recovery System Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Waste Heat Recovery System market
By Temperature: Ultra Low (<250˚F), Low (250˚F-600˚F), Medium (600˚F – 1200˚F), High (1200˚F-1600˚F) and Ultra High (>1600˚F) 
By Source : Blast Furnace, Gas Turbine, Piston Engine, Steam Vents, Cement Kilns, Emission Control Devices and others 
By Technology: Recuperators, Burners, Regenerators, Boilers, Economizers, Thermoelectric Generators
By Industry: Cement, Metal Production, Coatings, Petroleum and Chemical Refining, Food manufacturing, Pulp and paper, Marine
By Application: Steam Generation, Electricity Generation, Preheating, Refrigeration
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, Australia and Others), and RoW (Middle East and Africa, South America)

Key Takeaways

  • Growing concerns about greenhouse gas (GHG) emissions, as well as strict regulations aimed at reducing carbon footprint, are expected to propel the global waste heat recovery system (WHRS) market forward. 
  • Investments in many sectors, including refineries, heavy metals, paper & pulp, petrochemicals, and chemicals, would amplify the industry's future evolution. Major manufacturing companies are aggressively implementing WHRS to reduce their reliance on traditional energy and generate in-house power to save money. Continuous technical advancements, such as the WHR with organic rankine cycle, would also help to drive market growth.
  • Preheating of combustion air, furnace loads, boiler feed water, and space heating are all popular uses for waste heat recovery systems. WHR's cascade method is boosting product demand.

Global Waste Heat Recovery System Market, By Region, 2020

Waste Heat Recovery System Market

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Waste Heat Recovery System Market Segment Analysis - By Temperature

Ultra Low (<100˚C) dominated the Waste Heat Recovery System Market with a value share of approximately 48% in 2020, WHR systems are commonly used in pulp and paper, food manufacturing, chemical, and other medium-sized businesses. These systems allow plant operators to lower operating costs, increase energy efficiency, and reduce CO2 emissions in the industrial sector. Industry growth will be aided by the ongoing expansion of co-generation units for sustainable waste heat use. The waste heat recovery system market dominating for preheating applications and it is expected to rise at a steady rate over the forecast period. Reduced greenhouse gas emissions, application versatility, and high energy efficiency are only a few of the main features that will drive product adoption in the coming years.

Waste Heat Recovery System Market Segment Analysis - By Industry

Petroleum and Chemical Refining industry dominated the Waste Heat Recovery System Market with a value share of approximately 31% in 2020. WHR systems are used in this industry for procedures like refinement, thermal cracking, and catalytic treatment. Heating process fluid is needed in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units in the upstream oil and gas market. This is accomplished by capturing waste heat from exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor to drive (PGC). The WHRS deployment for electricity and steam generation will be guided by ongoing efforts to reduce GHG emissions as well as rising electricity prices. Some of the underlying factors that will drive the market growth are an increasing emphasis on plant productivity and a growing demand for onsite power generation. The demand for WHR systems will be fueled by increased investment in sustainable waste heat utilization across industries.

Waste Heat Recovery System Market Segment Analysis - By Geography 

North America dominated the Waste Heat Recovery System Market with a value share of approximately 33% in 2020, Because of the demand for onsite power generation and increased investment in the implementation of energy efficient technologies, North America's market share will rise. Stringent emission requirements, combined with falling technology costs, have resulted in the expansion and retrofitting of existing manufacturing facilities, boosting product demand even further. The system employs a high-temperature stage for air pre-heating and a low-temperature stage for processing feedwater heating, lowering operating costs and improving overall performance.

Waste Heat Recovery System Market Drivers 

Rising Focus on Reducing Carbon Footprint

The market size will be boosted by the growing importance of energy conservation combined with strict pollution standards around the world. Petroleum refining, cement, glass, heavy metal processing, and chemical manufacturing are only a few of the energy-intensive industries with major waste heat recovery potential. WHR systems are expected to grow in importance in the coming years as a result of their ability to minimize operating costs and produce onsite electricity and heat. The WHRS sector will expand as a result of government policies aimed at lowering carbon emissions while improving energy efficiency. Continuous technical advancements have greatly increased productivity and reduced device costs, simulating business growth. Furthermore, rising market understanding of environmental conservation and efficient waste heat use would improve the industry's prospects.

Robust Demand from Industrial Sector

Plant process heating, combustion air pre-heating, boiler feed water pre-heating, steam ejectors, ORC generators, and building comfort heat are all users of waste heat recovery systems. Waste heat is often of low temperature efficiency. It can be difficult to make the most of the heat available. In these situations, ORC technology may provide an added advantage by increasing overall plant performance. The ORC device transforms this otherwise unused energy into electricity. Heating process fluid is needed in floating production storage and offloading vessels (FPSO), offshore process platforms, and onshore processing units in the upstream oil and gas market. This is accomplished by capturing waste heat from exhaust gases, leaving the gas turbine generator (GTG) or the process gas compressor to drive (PGC). Another trend in the world's rising energy demand is decentralized power supply. Despite the fact that many regions lack access to centralized resources, local infrastructure still needs electricity. Any usable fuels, such as biomass, household waste, or waste heat from an industrial process, are used to generate independent electricity.

Waste Heat Recovery System Market Challenges

Impact of Covid-19

COVID-19 has negatively impacted the waste heat recovery system market in 2020 with the halt in the production across various countries. The global lockdowns to curb the virus have led to the decrease in manufacturing sectors including automotive, consumer electronics, chemicals and so on, which significantly resulted in the decline of market. Adding to this, the development of new COVID strains in countries such as US, UK, Nigeria and so on during end of 2020 to the beginning of 2021 is further resulting in the lockdown and impacting the manufacturing sector thereby constraining the market growth rate.

Waste Heat Recovery System Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Waste Heat Recovery System market. Waste Heat Recovery System biggest Companies are Wood Group, Siemens, Bosch Thermotechnology, GE, IHI Corp, TMEIC and others. Wood Group through its broad range of production capacity and demand of its product from end users, has been successful in catering to a variety of customers. Monitoring its future business involvements, IndustryARC analysts expect Wood Group to maintain its position in the market.

Acquisitions/Product Launches

  • In February 2021, Echogen Power System, the world leader in the development of supercritical carbon dioxide based power and energy storage system, has reached a milestone. Simens Energy which as license Ecogen’s patented technology, announced the signing of an agreement to commission the world’s first SCO2 power plant, which will convert waste heat from a gas turbine into emission free-power.
  • In November, 2019 German companies, E.ON and Orcan Energy, are now joining forces. The companies are now offering innovative second-generation ORC solutions (efficiency PACKs) as an all-round package. Specifically, this means that E.ON can deliver carbon-free and cost-effective electricity to its customers obtained from the customer's waste heat, through solutions by Orcan Energy.

Relevant Report Titles:

Report Code; ESR 45868

Report Code: ESR 0254


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Waste Heat Recovery System Market - Market Overview
    1.1 Definitions and Scope
2. Waste Heat Recovery System Market   - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By Temperature 
    2.3 Key trends segmented by Geography
3. Waste Heat Recovery System Market
    3.1 Comparative Analysis
        3.1.1 Product/Service Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Waste Heat Recovery System Market – Startup Companies Scenario Premium    
    4.1 Top 10 Startup Company Analysis by 
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Share
        4.1.4 Market S Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Waste Heat Recovery System Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Case Studies of Successful Ventures
    5.4 Customer Analysis – Top 10 Companies
6. Waste Heat Recovery System Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes 
7. Waste Heat Recovery System Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
    7.4 Suppliers and Distributors
8. Waste Heat Recovery System Market – By Temperature
    8.1 Ultra Low (<250˚F)
    8.2 Low (250˚F-600˚F)
    8.3 Medium (600˚F – 1200˚F)
    8.4 High (1200˚F-1600˚F)
    8.5 Ultra High (>1600˚F)
9. Waste Heat Recovery System Market - By Technology
    9.1 Recuperators
    9.2 Burners
    9.3 Regenerators
    9.4 Boilers
    9.5 Economizers
    9.6 Thermoelectric Generators 
10. Waste Heat Recovery System Market - By Application
    10.1 Steam Generation
    10.2 Electricity Generation
    10.3 Preheating
    10.4 Refrigeration 
    10.5 Others
11. Waste Heat Recovery System Market - By Source
    11.1 Blast Furnace
    11.2 Gas Turbine
    11.3 Piston Engine
    11.4 Steam Vents
    11.5 Cement Kilns 
    11.6 Emission Control Devices
    11.7 Others
12. Waste Heat Recovery System Market - By End Use Industry
    12.1 Cement
    12.2 Metal Production
    12.3 Coatings
    12.4 Petroleum and Chemical Refining
    12.5 Food manufacturing
    12.6 Pulp and paper
    12.7 Marine 
    12.8 Others
13. Waste Heat Recovery System Market - By Geography (Market Size -$Million)
    13.1 North America
        13.1.1 U.S.
        13.1.2 Canada
        13.1.3 Mexico
    13.2 Europe
        13.2.1 U.K.
        13.2.2 Germany
        13.2.3 France
        13.2.4 Italy
        13.2.5 Spain
        13.2.6 Russia
        13.2.7 Rest of Europe
    13.3 Asia-Pacific (APAC)
        13.3.1 China
        13.3.2 Japan
        13.3.3 India
        13.3.4 Australia
        13.3.5 South  Korea
        13.3.6 Rest of APAC
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Chile
        13.4.4 Colombia
        13.4.5 Others
    13.5 Rest of World (RoW)
        13.5.1 Middle East
        13.5.2 Africa
14. Waste Heat Recovery System Market - Market Entropy
    14.1 New Product Launches
    14.2 M&As, Collaborations, JVs and Partnerships
15. Waste Heat Recovery System Market - Industry/Segment Competition Landscape Premium    
    15.1 Market Share Analysis
        15.1.1 Market Share by Country — Top Companies
        15.1.2 Market Share by Region — Top Companies
        15.1.3 Market Share By Temperature of Application – Top Companies
        15.1.4 Market Share By Temperature of Product/Product Category – Top Companies
        15.1.5 Market Share at Global Level — Top Companies
        15.1.6 Best Practices for Companies
16. Waste Heat Recovery System Market – Key Company List by Country Premium Premium    
17. Waste Heat Recovery System Market - Company Analysis
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
"*Financials would be provided on a best efforts basis for private companies"
18. Waste Heat Recovery System Market – Appendix
    18.1 Abbreviations
    18.2 Sources
19. Waste Heat Recovery System Market – Methodology
    19.1 Research Methodology
        19.1.1 Company Expert Interviews
        19.1.2 Industry Databases
        19.1.3 Associations
        19.1.4 Company News
        19.1.5 Company Annual Reports
        19.1.6 Application Trends
        19.1.7 New Products and Product Database
        19.1.8 Company Transcripts
        19.1.9 R&D Trends
        19.1.10 Key Opinion Leaders Interviews
        19.1.11 Supply and Demand Trends