Spain Waste Heat Recovery System Market Size & Outlook
Related Markets
Spain waste heat recovery system market highlights
- The Spain waste heat recovery system market generated a revenue of USD 3,404.4 million in 2023 and is expected to reach USD 6,640.5 million by 2030.
- The Spain market is expected to grow at a CAGR of 10% from 2024 to 2030.
- In terms of segment, chemical was the largest revenue generating end user in 2023.
- Petroleum Refinery is the most lucrative end user segment registering the fastest growth during the forecast period.
Waste heat recovery system market data book summary
| Market revenue in 2023 | USD 3,404.4 million |
| Market revenue in 2030 | USD 6,640.5 million |
| Growth rate | 10% (CAGR from 2024 to 2030) |
| Largest segment | Chemical |
| Fastest growing segment | Petroleum Refinery |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Petroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power |
| Key market players worldwide | Siemens Energy AG Ordinary Shares, Mitsubishi Corp, GE Aerospace, ABB Ltd, Terna SpA, IHI Corp, Molson Coors Beverage Co Class A |
Other key industry trends
- In terms of revenue, Spain accounted for 6.2% of the global waste heat recovery system market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Europe, Spain waste heat recovery system market is projected to lead the regional market in terms of revenue in 2030.
- Germany is the fastest growing regional market in Europe and is projected to reach USD 2,868.7 million by 2030.
Chemical was the largest segment with a revenue share of 21.64% in 2023. Horizon Databook has segmented the Spain waste heat recovery system market based on petroleum refinery, chemical, cement, metal production & casting, paper & pulp, power covering the revenue growth of each sub-segment from 2018 to 2030.
Spain accounts for the high demand for waste heat recovery systems on account of the growing preference for energy-efficient and on-site power generation from industrial sector. Technological innovations and supportive policies are some of the underlying factors that are expected to fuel product demand in the coming years.
In November 2023, ArcelorMittal signed contracts with Sarralle to build a new electric arc furnace (EAF). Moreover, a waste heat recovery and de-dusting system is installed to increase energy efficiency in the new EAF.
The Spanish Climate Change and Clean Energy Strategy (EECCEL) Horizon 2007-2012-2020 is part of the Spanish Sustainable Development Strategy (EEDS). The EECCEL includes different measures that contribute to sustainable development within the scope of climate change and clean energy.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Terna SpA | View profile | 5927 | Viale Egidio Galbani, 70, Rome, Italy, 00156 | https://www.terna.it |
| Siemens Energy AG Ordinary Shares | View profile | 97000 | Otto-Hahn-Ring 6, Munich, BY, Germany, 81739 | https://www.siemens-energy.com |
| IHI Corp | View profile | 28486 | 1-1, Toyosu 3-chome, Koto-ku, Tokyo, Japan, 135-8710 | http://www.ihi.co.jp |
| Molson Coors Beverage Co Class A | View profile | 16500 | NH353, P.O. Box 4030, Golden, CO, United States, 80401 | https://www.molsoncoors.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
Spain waste heat recovery system market size, by application, 2018-2030 (US$M)
Spain Waste Heat Recovery System Market Outlook Share, 2023 & 2030 (US$M)
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