The Waste Heat Recovery System Market is witnessing substantial demand driven by its role in harnessing wasted thermal energy from industrial processes and converting it into usable power or heat. 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.

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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Here's an analysis of the market based on applications (Preheating and Steam & Electricity Generation) and end-use industries:

Applications of Waste Heat Recovery Systems:

• Preheating: Waste heat recovery systems are widely used for preheating applications in industrial processes. By capturing and utilizing waste heat from exhaust gases or process streams, these systems preheat incoming air, water, or other fluids required for subsequent process stages. Preheating helps improve process efficiency, reduce energy consumption, and lower fuel costs in industries such as petroleum refining, metal production, and chemical processing.
• Steam & Electricity Generation: Waste heat recovery systems play a crucial role in steam and electricity generation applications. Heat recovered from industrial processes is used to generate steam, which can then be utilized for various purposes, including power generation, heating, and mechanical work. Additionally, waste heat can be converted into electricity through technologies such as organic Rankine cycle (ORC) systems or steam turbines. This electricity can either be used onsite to supplement power needs or exported to the grid, providing additional revenue streams for industrial facilities.

End-Use Industries:

• Petroleum Refining: Waste heat recovery systems are extensively used in petroleum refining processes to capture and utilize heat from various sources such as flue gases, catalytic crackers, and distillation columns. Recovered heat is utilized for preheating feedstocks, generating steam, and powering turbines, thereby improving energy efficiency and reducing greenhouse gas emissions in the refining industry.
• Metal Production: In metal production processes such as iron and steel manufacturing, waste heat recovery systems are employed to capture heat from furnaces, kilns, and other equipment. Recovered heat is utilized for preheating raw materials, heating combustion air, and generating steam, contributing to energy savings and process optimization in the metal production sector.
• Cement: Waste heat recovery systems are increasingly being integrated into cement manufacturing plants to capture waste heat from kiln exhaust gases and clinker coolers. Recovered heat is utilized for preheating raw materials and drying fuels, resulting in reduced energy consumption and lower production costs in the cement industry.
• Chemicals: Waste heat recovery systems play a vital role in chemical processing plants, where heat is recovered from various process streams such as reactors, distillation columns, and drying operations. Recovered heat is utilized for steam generation, process heating, and power generation, enhancing energy efficiency and reducing operating costs in the chemical industry.
• Pulp & Paper: Waste heat recovery systems are utilized in pulp and paper mills to capture heat from pulp digesters, dryers, and recovery boilers. Recovered heat is utilized for preheating water, generating steam, and powering turbines, improving energy efficiency and reducing environmental impact in the pulp and paper industry.

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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.

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.

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WHRS market, By Application

• Steam & Electricity generation
• Preheating

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.

WHRS market, By End-use Industry

• Petroleum Refining
• Metal Production
• Chemical
• Cement
• Paper & Pulp
• Others

WHRS market, By Region

• North America
• Europe
• Asia Pacific (APAC)
• Middle East and Africa
• South America

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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.

The report provides insights on the following pointers: 

• Market Penetration:Comprehensive information on the product portfolios of the top players in the Waste Heat Recovery System market. 

• Product Development/Innovation:Detailed insights on the upcoming technologies, R&D activities, and product launches in the market. 

• Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market. 

• Market Development:Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies. 

• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Waste Heat Recovery System market.

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