According to SPER Market Research, The Waste Heat Recovery System (WHRS) industry is focused on capturing and utilizing the industrial heat that is otherwise wasted as a result of various processes. The recovered heat energy can be transformed into usable forms such as electricity or steam, providing a sustainable and cost-efficient solution for energy generation. The growth of the WHRS market is influenced by factors such as rising energy costs, strict governmental regulations on energy efficiency, and increasing awareness of the importance of sustainable energy. The market includes products such as heat exchangers, boilers, and turbines which are used across industries including chemical, oil and gas, and power generation. The global WHRS market is projected to experience substantial growth in the coming years, fuelled by the growing demand for energy efficiency and a decrease in greenhouse gas emissions.
Waste Heat Recovery System Market Overview:
- Forecast CAGR (2022-2032): 9.04%
- Forecast Market Size (2032): 167.27 billion
The Waste Heat Recovery System (WHRS) market has felt the effects of the COVID-19 pandemic, just like many other industries. The economic disruption brought on by the pandemic has led to a decrease in demand for waste heat recovery systems as investment and spending on industrial projects declined. The supply chains for waste heat recovery system providers were also impacted, making it difficult for them to secure raw materials and maintain production levels.
Despite these challenges, the long-term prospects for the waste heat recovery system market are still positive. As the world recovers from the pandemic and economic activity returns, demand for waste heat recovery systems is expected to increase due to growing concerns about energy efficiency and reducing greenhouse gas emissions. The government has taken steps to support the sector by investing in clean energy projects and promoting sustainable technologies. The pandemic has also driven the adoption of digital technologies, providing new opportunities for waste heat recovery system providers to enhance their operations and better serve their customers.
In conclusion, while the COVID-19 pandemic has had a temporary impact on the waste heat recovery system market, the sector is projected to recover and continue to grow in the coming years as energy efficiency and sustainability remain important priorities.
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Waste Heat Recovery System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; General Electric, ABB, Boustead International Heaters, Forbes Marshall, Terrapin, Climeon, Bosch Industriekessel GmbH, AURA GmbH & Co., Exergy S.p.A.
Global Waste Heat Recovery System Market Segmentation:
By Application: Based on the Application, Global Waste Heat Recovery System Market is segmented as; Pre Heating, Steam & Electricity Generation, Others.
By End-User: Based on End-User, Global Waste Heat Recovery System Market is segmented as; Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, Others.
By Region: This report also provide the data for key regional segments across the globe: Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Sara Lopes, Business Consultant – USA
SPER Market Research