Two power generators were installed in the Marshalls Energy Company by the Clean Energy Technologies Inc., in May 2019. These power generators will generate power from the heat source by the unique system installed in them which makes them trap the waste heat from various sources and converts it into electricity. Such innovations are likely to bode well for the global Waste Heat Recovery Systems Market, predicts Fortune Business Insights in their new report.
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Key Segmental Overview:
1. By Application
- Power Generation
- Steam Generation
2. By End-User Industry
- Petroleum Refinery
- Heavy Metal Manufacturing
- Fertilizer and Pesticide
- Paper & Pulp
3. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Key Market Driver – Energy and cost savings
Key Market Restraint – Low quality of recovered waste heat
The study by Fortune Business Insights on Waste Heat Recovery Systems Market is titled, “Waste Heat Recovery Systems Market Size, Share and Global Trend By Application (Preheating, Power Generation, Steam Generation, Others), By End-User Industry (Chemical, Petroleum Refinery, Heavy Metal Manufacturing, Fertilizer and Pesticide, Paper & Pulp, Others) and Geography Forecast till 2026.” The report offers an in-depth analysis of the market with major growth trajectories such as drivers, restraints, trends, and opportunities. All information presented in the report is gathered from primary and secondary research methods and is available for sale on the company website.
As per the report, the global Waste Heat Recovery Systems Market is categorized on the basis of application, end user industry, and geography. With respect to application, the market is segmented into steam generation, power generation, preheating, and others. Based on the end-user industry, the market is divided into paper and pulp, fertilizer and pesticide, heavy metal manufacturing, petroleum refinery, chemical, and others.
Growth of Chemical and Pharmaceutical Industries to Directly Boost Regional Markets
North America witnessed a 7.4% rise in its annual steel production as per 2017 records. The steel and heavy industries in the region are accelerating at a regular pace. On the other side, the market in Europe is anticipated to witness steady growth on account of the presence of the well-established chemical factories. The growth of chemical industries directly promoted the sales of waste heat recovery systems, thus boosting the market in the region.
The steady growth rate of chemical and natural gas industries in the Middle East and Africa is anticipated to create lucrative growth opportunities for the market in the forecast period. The rise of oil and natural gas reserves in Venezuela is anticipated to promote the growth of the market in Latin America. Additionally, the considerable rise in fertilizer, heavy metal, chemical, and pharmaceutical industries in the past is likely to promote the growth of Asia Pacific market at a remarkable pace.
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As per Fortune Business Insights, the report highlights some of the major shareholders in the Waste Heat Recovery Systems Market. These companies are mentioned below:
- Cummins Africa
- Kawasaki Heavy Industries Ltd
- Amec Foster Wheeler plc
- ABB Ltd
- Ecogen Power Systems LLC
- Gulf Coast Environmental Systems
- Bosal Nederland B.V
- Forbes Marshall,
- Bosch Industriekessel GmbH,
- Toshiba Mitsubishi-Electric Industrial Systems Corporation
- Exodraft Ltd.
- Larsen and Toubro Limited
- Sigma Thermal Inc.
- Somas Instrument AB
- General Electric Company
- Matthews Environmental Solutions
- BORSIG Process Waste heat recovery systems GmbH
- Thermax Limited
- Tenneco Inc.
- Turboden S.p.A
- Alfa Laval AB
- Siemens AG
Rising Demand for Diesel for Commercial Purposes to Promote Market Growth
Waste heat recovery systems usually trap the heat from the processed waste output. The heat that is trapped is used for preheating different utilities such as water or air that helps to reduce the heating cost and energy process. This is anticipated to boost the global market for waste heat recovery systems in the forecast period. Additionally, the rise in strict rules imposed on off-road and on-road vehicles is also anticipated to promote the growth of the global Waste Heat Recovery Systems Market in the forecast period.
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Moreover, the increasing demand for diesel fuel especially for commercial purposes is projected to help the market gain momentum in the coming years.
However, the gradual shift towards vehicles running on electricity may add to the environmental benefit but hamper the market for the waste heat recovery system market in the future. Nevertheless, the rapid adoption of turbocharger and EGR in gasoline vehicles are anticipated to create lucrative growth opportunities for the market in the forecast period.
Major Table of Content For Waste Heat Recovery Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Waste Heat Recovery Market Analysis, Insights and Forecast, 2026
- North America Waste Heat Recovery Market Analysis, Insights and Forecast, 2026
- Europe Waste Heat Recovery Market Analysis, Insights and Forecast, 2026
- Asia Pacific Waste Heat Recovery Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Waste Heat Recovery Market Analysis, Insights and Forecast, 2026
- Latin America Waste Heat Recovery Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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