Waste heat recovery system market to exceed $80bn by 2025
Waste Heat Recovery System Market size will surpass $80 Billion by 2025, according to a report by Global Market Insights. Robust industrial sector growth along with rising demand for energy efficiency across key manufacturing sectors will drive the market growth. Shifting focus toward emission control coupled with stringent government regulations will stimulate the adoption heat recovery systems.
Furthermore, reduced operational costs and shift toward renewable energy sources will significantly contribute toward industry expansion.
Asia-Pacific market is set to surpass $30bn by 2025. Positive outlook toward expansion of industrial centres along with government legislation and policies toward minimising carbon footprint will propel the business growth. As of 2018, Asia Pacific accounted for over 50% of the global manufacturing valued added with rising FDI inflows toward manufacturing sector.
Rising consumer focus on harmful environmental impacts of emissions and respective government plans toward sustainable development is set to boost product deployment across energy intensive industries.
A greater than 650°C waste heat recovery system primarily involves SRC technology under which steam is extracted from the turbines to preheat the boiler feedwater. These units are primarily deployed across heavy metal manufacturing, cement and glass industries for effective utilisation of exhaust heat. Technology advancement, greater operational flexibility and subsequent cost reduction are few prominent features that will significantly contribute toward expansion of waste heat recovery system market size.
Shifting trends toward utilisation of low temperature heat from industrial waste streams along with ongoing efforts to achieve energy optimisation will boost the waste heat recovery system market growth. These systems are gaining importance across medium scale industries on account of their ability to cut down operational costs and reduce emission levels. Rising fuel prices and increasing demand for reliable electricity will further complement the industry growth.
Waste heat recovery systems, in recent years, have found substantial penetration across cement, petroleum refining, glass, heavy metal production, and chemical industries. The increasing demand for reliable and continuous electricity along with stringent emission norms will stimulate the product penetration. Ongoing expansion of food processing units coupled with declining cost of low temperature heat utilisation will further enhance the global market share.
UK market size is anticipated to expand over seven percent by 2025. Rising focus of the regulatory regime toward sustainable development and long-term benefits of decarbonisation have significantly boosted the demand for waste heat recovery systems. Ongoing initiatives toward reducing CO2 emissions along with favourable government policies toward adoption of energy efficient systems and solutions will further enhance the industry growth.