Waste Heat Recovery System Market Size to Reach $102.1 Billion by 2027| MarketsandMarkets™

June 09 22:50 2023
Waste Heat Recovery System Market Size to Reach $102.1 Billion by 2027| MarketsandMarkets™
Browse 208 market data Tables and 38 Figures spread through 222 Pages and in-depth TOC on “Waste Heat Recovery System Market”
Waste Heat Recovery System Market by Application (Preheating and Steam & Electricity Generation), End-Use Industry (Petroleum Refining, Metal Production, Cement, Chemicals, Pulp & Paper), and Region

The Global Waste Heat Recovery System Market size is expected to grow from USD 72.5 billion in 2022 to USD 102.1 billion by 2027 at a compound annual growth rate (CAGR) of 7.1% during the forecast period.  The waste heat recovery system market is expected to witness significant growth due to strict government regulatory requirements, increasing concerns about environmental protection, rising concern for energy prices, and the reluctant use of waste heat management technologies. Concerns about rising carbon emissions and the depletion of fossil fuels are also expected to drive the market. 

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A few of the major players are ABB Ltd. (Switzerland), Wood (John Wood Group Plc) (UK), Ormat Technologies Inc. (US), General Electric Co. (US), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (US), Econotherm Ltd. (UK), Thermax Limited (India), Siemens AG (Germany), and Cool Energy Inc. (Colorado). These players have implemented various growth strategies, such as acquisitions, investments, expansions, joint ventures, and partnerships, to enhance their market shares and boost their product portfolios.

ABB Ltd. is a technology company that develops and offers solutions for electrification, motion, and automation. It operates through the following business segments: Motion, Process Automation, Robotics & Discrete Automation, and Electrification.  The Process Automation segment develops and sells a wide range of industry-specific integrated automation, electrification, and digital systems and solutions, as well as life cycle services, advanced industrial analytics, and artificial intelligence applications and suites for the process, marine, and hybrid industries. Robotics and Machine Automation are the two operating Divisions that provide products, solutions, and services for the Robotics & Discrete Automation segment. With nearly 105,000 employees, ABB Group conducts business in nearly 100 countries.

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John Wood Group PLC is one of the world’s major consulting and engineering firms, with 35,000 professionals in over 60 countries operating in the energy and materials markets. The company is a provider of energy services. It works with the oil & gas and power generation industries to provide engineering, production support, maintenance management, industrial gas turbine overhaul, and repair services. Asset Solutions EAAA, Asset Solutions Americas, Technical Consulting Solutions, and Investment Services are the divisions under which the company operates its business.

Due to the strict government regulations and rising interest in energy efficient methods, Europe has become the largest growing and profitable market for “WHRS market”. The development of modern technology and implementation of sustainable practices especially in Germany, Russia, France, UK is a key driver for growth in this market.

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