Research Nester released a report titled “Waste Heat Recovery Systems Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global waste heat recovery systems market in terms of market segmentation by application and end-user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The waste heat recovery systems market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the increasing electricity consumption across the globe.
The market is segmented by application into pre-heating, and power & steam generation. Among these segments, the power & steam generation segment is anticipated to hold the largest share in the WHRS market as a result of the rising demand across the globe. Increasing prices of electricity along with ongoing efforts to reduce GHG emissions will boost the WHRS deployment.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which the waste heat recovery systems market in Europe is projected to grow at the highest CAGR throughout the forecast period. This can be attributed to the growing awareness regarding waste heat recovery systems, along with supportive initiatives by European Union to develop energy through waste has been a major factor driving the market.
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Increasing Electricity Consumption across the Globe to Drive Market Growth
The increasing electricity consumption across the globe is one of the primary factors for this market’s growth. The rising global population led to a rise in electricity consumption, which stimulates the electricity production. Installation of waste heat recovery systems in active power plants is more cost-effective than building new power plants, helping the market move towards growth. These techniques will be the primary method of increasing power production leading to the growth of the product during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global waste heat recovery systems market which includes company profiling of ABB Ltd. (SWX: ABBN), Alstom SA (EPA: ALO), Amec Foster Wheeler plc, General Electric Company (NYSE: GE), Ormat Technologies Inc. (NYSE: ORA), Mitsubishi Heavy Industries Ltd. (TYO: 7011), Echogen Power Systems LLC, Thermax Limited (NSE: THERMAX), and Siemens AG (ETR: SIE). The profiling enfolds key information of the companies, which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global waste heat recovery systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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