Capturing Energy’s Second Chance: Waste Heat Recovery System Market Trends

The Waste Heat Recovery System (WHRS) industry involves technologies designed to capture and utilize the excess heat generated as a byproduct in various industrial processes. Instead of allowing this heat to dissipate into the environment, WHRS captures it and converts it into useful energy, such as electricity, steam, or hot water. This not only improves energy efficiency but also reduces greenhouse gas emissions and overall operational costs. The Global WHRS 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.

Browse 208 market data Tables and 38 Figures spread through 222 Pages and in-depth TOC on “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 – Global Forecast to 2027”

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In the context of the chemical market, WHRS plays a crucial role due to the energy-intensive nature of chemical processes. Here’s why WHRS is needed in the chemical industry:

  • 1. Energy Efficiency Enhancement: Chemical processes often involve high-temperature reactions that generate substantial waste heat. WHRS captures this heat and converts it into usable energy, reducing the need for additional energy sources. This enhances the overall energy efficiency of chemical manufacturing, leading to cost savings and reduced environmental impact.
  • 2. Process Optimization: By utilizing waste heat, WHRS can help maintain optimal process temperatures, which is crucial for certain chemical reactions. This contributes to better product quality, reduced cycle times, and improved process stability.
  • 3. Cost Reduction: Energy is a significant operational cost in the chemical industry. By recovering waste heat, chemical manufacturers can lower their energy bills and improve their competitive edge by producing products at lower costs.
  • 4. Environmental Benefits: The chemical industry is a major contributor to carbon emissions. By implementing WHRS, chemical plants can reduce their greenhouse gas emissions by utilizing waste heat instead of relying solely on fossil fuels.
  • 5. Regulatory Compliance: Stringent environmental regulations are pushing industries to adopt energy-efficient practices. WHRS aligns with these regulations by reducing energy consumption and emissions, helping chemical companies meet compliance standards.
  • 6. Sustainable Practices: As sustainability becomes a key focus in business operations, chemical manufacturers are looking for ways to minimize their environmental footprint. WHRS supports these efforts by utilizing otherwise wasted resources and reducing reliance on non-renewable energy sources.
Capturing Energy’s Second Chance: Waste Heat Recovery System Market Trends

Market Leaders – Waste Heat Recovery System Market

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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Steam & electricity generation is expected to have highest CAGR in the forecast period

The WHRS are used in a variety of sectors to generate steam and electricity. Companies can considerably lower their energy expenditures by adopting these WHRS systems to generate steam or electricity. The increased demand for energy, as well as the emphasis on making operations more energy efficient, is driving the market for WHRS in steam and electricity generation applications in sectors such as metal manufacturing, chemical, petroleum refining, and cement.

The Europe to be the biggest market during the projection period.

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.