PUBLISHER: Grand View Research | PRODUCT CODE: 1511880
PUBLISHER: Grand View Research | PRODUCT CODE: 1511880
The global waste heat recovery system market size is expected to reach USD 102.41 billion by 2030, registering a CAGR of 9.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The upcoming evolution of waste heat recovery systems is expected to be amplified by investments in several industries such as refineries, heavy metals, paper & pulp, petrochemicals, and chemicals. Major manufacturing industries are actively adopting waste heat recovery systems to decrease their dependence on conventional energy and produce in-house power to reduce operational costs. For instance, in October 2022, Kawasaki Heavy Industries delivered a waste heat recovery power generation system to the Saitama cement plant of TAIHEIYO CEMENT CORPORATION located in Japan. The installation of this system was completed by the company in 2022. It carried out everything from the general plant designing to the equipment supplying and commissioning, as well as installation. The new system has a rated output of 7,850 kW o
r about 8 MW. By using waste thermal energy to generate electricity for internal usage, the Saitama cement plant can save money on outside power purchases and reduce its annual carbon dioxide (CO2) emissions by around 23,000 tons.
Rising awareness of clean energy across the industrial sector and availability of energy-saving certificates in developed countries such as the U.S. and regions such as the European Union are expected to boost the demand for waste heat recovery systems over the forecast period. The supportive policies in countries such as China, India, Japan, and Australia are expected to boost the market growth in Asia Pacific over the forecast period.
Moreover, government regulations such as the Energy Conservation (Amendment) Bill, 2022, and incentives related to deploying energy-efficient devices play a pivotal role in promoting energy efficiency across the world. A number of countries have established energy efficiency standards and labeling programs for various products, which encourage manufacturers and consumers to prioritize energy-efficient devices over traditional devices.
The market is a concentrated market where major companies such as Siemens Energy, Mitsubishi Power, Ltd., General Electric account for significant market share in the market in 2022. These companies apart from equipment supply are also focusing on various strategic initiatives including partnerships, new launches, collaborations, and expansion.