Waste Heat Recovery Market Projected to Have a Stable Growth for the Next Few Years

CITY, Country, 2019-Jul-19 — /EPR Network/ —In terms of the end-user, the waste heat recovery market is broadly segmented into petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and others. The cement segment is expected to be the fastest growing segment in the worldwide market for waste heat recovery, growing at a CAGR of 9.3% during the forecast period.

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North America is the second largest market in the waste heat recovery market. By 2022, the North American market for waste heat recovery is expected to reach $17.6 billion. The major reasons behind the growth of the market in the North American region are good economic return and fuel efficiency and investment for replacement of traditional systems for technological improvement. The distinct governments in North America are focusing towards the development of alternative energy sources, which are renewable and sustainable. The U.S. is the major revenue contributor to the North American waste heat recovery industry. The increasing compliance for environmental sustainability in the region is supporting the growth of the North American waste heat recovery industry.

The economic development of any country across the world is vastly dependent on its industrial growth. Energy and electricity are the crucial factors in determining the operational cost of an industry; therefore, all industries require energy and electricity at reasonable prices. However, a trend of increasing prices of input energy (such as coal, electricity, oil and gas) has been witnessed across the globe. The distinct countries across the globe are still struggling to recover from worldwide economic slowdown.

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The market is growing mainly due to the massive unexplored market for waste heat recovery across the globe, and high rate of depletion of fossil fuels and increasing demand for reduction of greenhouse gases.

Some of the key companies operating in the waste heat recovery market include Siemens AG, General Electric Company, Amec Foster Wheeler PLC, Harbin Electric International Company Ltd., Dongfang Electric Corporation, Mitsubishi Hitachi Power Systems, ABB Group, China Energy Recovery, and Ormat Technologie.