Waste Heat Recovery Systems Market Growth, Size, Share, Trends, and...

Waste Heat Recovery Systems Market Growth, Size, Share, Trends, and Forecast 2032

Posted 2024-05-27 12:47:52

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Waste Heat Recovery Systems Market

The global waste heat recovery systems market was estimated to be worth USD 80.93 billion in 2023 and is expected to grow to USD 148.79 billion by the end of 2032, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to rise at a CAGR of 7.00%. The study examines the factors that will propel expansion in the global waste heat recovery systems market, as well as obstacles that will affect demand throughout the projection period. It will also assist in navigating and investigating the prospects that present themselves in the Waste Heat Recovery Systems Market.

Waste Heat Recovery Systems Market: Overview

Large amounts of high energy are produced in the industrial sectors during the various refining processes; waste heat recovery is one method of capturing and reusing this large amount of energy. This method is employed in a number of industrial sectors, including the petroleum, chemical, and automotive industries. Utilizing waste heat recovery technologies boosts the industries' viability economically.

Waste Heat Recovery Systems Market

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Waste Heat Recovery Systems Market: Facts

The Jehuml factory in Punjab, home of Gharibwal Cement, has started operating a 20MW waste heat recovery unit profitably. The official website states that it will generate 8MW from a coal-fired system and 12MW from waste hot gases produced during the cement production process. The factory has a 6700 t/d capability to generate clinker.

aste Heat Recovery Systems Market: Segmentation

Waste heat recovery systems have a fragmented global market based on product type and application. The global market is divided into categories according to the kind of product, including compressors, exhaust stacks, heat pumps, recuperators, generators, and boilers. The market is divided into categories such as steam generation, pre-heating, electricity generation, and others based on the application.

Waste Heat Recovery Systems Market: Growth Factors

The main drivers of waste heat recovery systems are the growing population, the quick industrialization rate, the regulatory bodies' strict application of regulations, and the extensive economic development in developing regions. Waste heat recovery systems are becoming more and more in demand due to the current surge in demand for fuel-efficient systems. Growing public consciousness regarding environmental safety is another long-term driver of industry expansion. The cement industry is using waste heat recovery systems more often in a few different places. Waste heat recovery equipment is being used more often in industrial applications, such as cement manufacturing, chemical refining, and heavy

Waste Heat Recovery Systems Market: Regional Analysis

Europe now has the biggest market for waste heat recovery systems, and this trend is anticipated to continue in the years to come. Europe has the second position in the industry, with the Asia Pacific region following closely behind. The strict enforcement of laws by the government and the rise in foreign investment in the Asia Pacific area are to blame for the region's growth. Due to the rising number of waste heat recovery system installations, the market for these systems is expanding rapidly in the growing Asia-Pacific nations, including China and India.

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