The global waste heat recovery system market size is expected to reach USD 144.57 billion by 2032, according to a new study by Polaris Market Research. The report “Waste Heat Recovery Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing adoption of cogeneration systems, which generate electricity and heat simultaneously, drives demand for waste heat recovery solutions as these systems produce significant amounts of waste heat that can be recovered and utilized. As awareness of the benefits of waste heat recovery grows, more businesses are likely to adopt these technologies. According to a South Korean environmental Research institute, up to 73.5 percent of the heat produced during the burning process may be recycled in trash incinerators facilities equipped with waste heat recovery systems. These WHR systems in trash incineration facilities in South Korea transfer the steam they produce to a local district heating system. Additionally, electricity is produced by turning small turbines using high-pressure gas.
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Businesses are becoming increasingly aware of the need to reduce their carbon footprint and adopt sustainable practices, and waste heat recovery is seen to achieve this. With the rise of energy prices and the growing focus on sustainability, there is increasing interest in improving energy efficiency in industrial processes, positively influencing the waste heat recovery market. For instance, in August 2022, at its cement facility in Fujairah, Lafarge Emirates Cement stated that it intends to build an organic Rankine cycle (ORC) waste heat recovery (WHR) plant.
Waste Heat Recovery System Market Report Highlights
Polaris Market Research has segmented the Waste Heat Recovery System Market report based on application, end-use and region:
Waste Heat Recovery System Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Waste Heat Recovery System Market, End-use Outlook (Revenue - USD Billion, 2019 - 2032)
Waste Heat Recovery System Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)