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Waste Heat Recovery System Market Research Report - Forecast to 2023
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Market Research Future has published a half-cooked research report on the Global Waste Heat Recovery Market.
Market Research Future has published a report on the global waste heat recovery market which is a notable CAGR. This rise has occurred in recent times.
The waste heat recovery system is valued at 2018 and is set to witness robust growth over the forecast time frame.
Top Impacting Factors in Waste Heat Recovery System Market
The recent activities, such as reduced greenhouse gas emissions, application flexibility, and its ability to provide high energy efficiency are some of the key features.
The ongoing efforts to reduce carbon emissions will increase the deployment of electricity and steam generation. Also, the growing focus towards the enhancement of the plan is coupled with growing importance for the production of rapid recovery.
Furthermore, essential government initiatives on energy conservation and reducing energy costs. The increase in the use of waste heat recovery in the recent times in various industries such as refineries, paper and pulp, heavy metals, petrochemicals and chemicals for pre-heating, steam generation and power generation is expected to further supplement the market growth. a higher CAGR in the years to come.
In the current scenario, the latest manufacturing companies are actively adopting a waste heat recovery system market in order to reduce their conventional energy production and produce in-house electricity to reduce operating costs. This trend is expected to increase the global waste heat recovery system market growth further.
On the flip side, the occurrence of high initial investment costs is a challenge for the growth market. But, the other side, with extensive R & D by industry participants
Browse Complete Report Details @ https://www.marketresearchfuture.com/reports/waste-heat-recovery-market-1355
Waste Heat Recovery System Market Segmentation
In the reports by MRFR, the global waste heat recovery system is all-inclusively segmented based on application, end-use, and region.
By mode of end-use, the market has been segmented into petrol refining, chemical, cement, metal production and casting, paper and pulp, and others. Of these, petroleum refining is leading the end-user segment of the market. Whereas, the cement industry is witnessed to be the fastest growing segment of the market. The most energy-incentive process in the cement industry is clinker production in kilns.
By mode of application, the waste heat recovery system market has been segmented into steam and power generation, pre-heating and others.
As reported by MRFR, the global waste heat recovery system market has covered the regions mainly of North America, Europe, Asia-Pacific, and rest of the world.
Of these, the European region is set to lead the global waste heat recovery system market. Since 2017, the market has seen substantial growth owing to the growing awareness regarding waste heat recovery systems along with supportive initiatives taken by the European Union to develop energy through waste heat. This has driven the market growth since the 2017 year and became the leading one in the shortest time frame.
Next comes North America, which is another prominent region for the waste heat recovery system. Stringent regulations from government and various environmental organizations on energy saving and energy efficiency drive the market. The U.S. is the major contributor to the global waste heat recovery system market.
Asia Pacific region is expected to expand at the highest CAGR during the forecast period due to high industrialization and growing significance for sustainable energy in emerging markets of China and India. This is projected to drive the global waste heat recovery system market growth over the forecast period. Moreover, high growth seen in manufacturing sectors has also planned to drive waste heat recovery systems demand in cement, paper & pulp, metals, chemicals, and petroleum refining. China, Japan, Singapore, and Australia are the major contributors in the region.
The key players of the global waste heat recovery system market are Alstom SA (France), ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), China Energy Recovery Inc. (China), and Cool Energy Inc. (U.S.) are among others.
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