Increasing concerns regarding greenhouse gas emissions and stringent regulations to reduce carbon footprint is expected to remain a key factor driving the global waste heat recovery (WHR) systems market over the forecast period. Increasing energy costs and shift in trend towards development of sustainable energy is expected to have a positive impact on the global market growth. Government initiatives to conserve energy and reduce energy costs are expected to further drive WHR system market. Increasing WHR systems usage in various industries such as refineries, paper & pulp, heavy metals, petrochemicals and chemicals for pre heating, steam generation and power generation is expected to further complement the market growth. Major manufacturing companies are actively adopting WHR systems in order to reduce their reliance on conventional energy and produce in-house electricity to reduce operating costs. This trend is expected to further augment the global market growth. High initial investment costs coupled with complexity in WHR system designs is expected to pose challenges to market growth. Widespread R&D by industry participants to improve WHR system designs and reduce installation costs is expected to counter such challenges. Increasing WHR systems penetration in automotive and HVAC industries is expected to open up new avenues for market participants over the forecast period.
Europe was a major regional WHR systems market. High awareness regarding WHR systems coupled with initiatives by EU to develop energy through waste has been a major driving factor for the regional market. This trend is expected to drive Europe WHR systems market over the forecast period. High industrialization coupled with increasing importance for sustainable energy in emerging markets of China and India is expected to drive the Asia Pacific market growth over the forecast period. Other major WHR systems consumers in the region include Japan, Singapore and Australia. Growth of manufacturing sector in this region is expected to drive WHR systems demand in metals, cement, paper & pulp, chemicals and petroleum refining.
Major companies operating in the global WHR systems market include Siemens AG, General Electric, Mitsubishi Heavy Industries Ltd., ABB Ltd., Alstom SA, Foster Wheeler AG, Econotherm Ltd., Thermax Ltd., Ormat Technologies Inc. and China Energy Recovery Inc.
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