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Rapid Industrialization Drives Global Waste Heat Recovery System Market
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Growing energy and electricity cost to fuel the globalmarket
The globalwaste heat recovery system market trend comprisesgrowing energy and electricity cost, increased government initiatives and stringent regulations, rapid industrialization, and technological advancements & increasing investment. However, high installation cost might limit the waste heat recovery system market growth. Furthermore, emerging economies with high demand of waste heat recovery systems could offer an opportunity for players of market.
The globalwaste heat recovery system market is classified intoapplication, end-user, and geography. Application segment includessteam and power generation, pre-heating, and other applications. Further, the market is classified on basis ofend-user into natural gas compression, paper and pulp, petroleum refining, cement, metal production and casting, chemical, and other end-users. North America (U.S., Mexico, and Canada), Europe (France, Italy, Germany, UK, and Rest of Europe), Asia-Pacific (Japan, China,India, South Korea, and Rest of Asia-Pacific)
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Steam and power generation, by application dominated the global market in 2016
In 2016, steam and power generationin the application segment dominated the global waste heat recovery system market with maximum market share and expected to continue its dominance over the forecast period, 2016– 2024. The growth of this segment is driven by increasing demand for energy in both developing as well as developed economies due to high usage of steam and power generator from numerous end-use industries.
Europe dominated the global market in 2016
Europe held major market share of 39.3% in 2016 and anticipated to continue its dominance over the forecast period, 2016– 2024, due tostrict energy efficiency rules about the use of waste heat recovery systems in several manufacturing-
Key players are offering innovative products and services to increase theirwaste heat recovery system market share. Major players of the market areOrmat Technologies Inc., Amec Foster Wheeler Plc., Echogen Power Systems Inc., Mitsubishi Heavy Industries Ltd., General Electric Co., ABB (ASEA Brown Boveri), Thermax Limited, Siemens AG, Econotherm Limited., and Cool Energy Inc., among others.
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Scope of the Global Waste Heat Recovery System Market
• Steam and Power Generation
• Other Applications
• Petroleum Refining
• Metal Production and Casting
• Natural Gas Compression
• Paper and Pulp
• Other End-Users
• North America
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• South America
• Middle East
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