Waste Heat Recovery Market to Grow at a CAGR of Over 4% Due to Increasing Focus on Reducing Carbon Footprint | Technavio
The global waste heat recovery market is expected to grow by USD 11.31 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Waste Heat Recovery Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Waste Heat Recovery Market Analysis Report by End-user (Chemical, Petroleum refining, Paper, Commercial and institutional, Food and beverages, Metal, and Other end-users), Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/waste-heat-recovery-market-industry-analysis
The market is driven by the increasing focus on reducing carbon footprint. In addition, the emergence of advanced technologies for waste heat recovery is anticipated to boost the growth of the waste heat recovery market.
GHGs emitted by manufacturing facilities, power stations, and oil refineries are leaving a huge carbon footprint and causing serious environmental impacts. Hence, many countries across the world have adopted various regulations to cut down GHG emissions and reduce carbon footprint. This has increased the adoption of waste heat recovery systems to recirculate the heat generated for various industrial applications such as generating electricity. This will help companies save energy, reduce GHG emissions, and comply with various regulations. Therefore, the increasing focus on reducing carbon footprint will fuel the growth of the global waste heat recovery market during the forecast period.
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Major Five Waste Heat Recovery Companies:
ABB Ltd.
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers waste heat recovery systems for use in the shipbuilding industry. These systems are designed for installation on large marine containers and bulk vessels.
Alfa Laval AB
Alfa Laval AB operates its business through segments such as Energy, Food & Water, Marine, Greenhouse, and Operations & Other. The company offers exhaust gas waste heat recovery systems.
Clean Energy Technologies Inc.
Clean Energy Technologies Inc. operates its business through segments such as Clean Energy HRS, Cety Europe, and Legacy electronic manufacturing services. The company offers Clean Cycle II ORC heat recovery generator. It uses patented magnetic bearing turbine technology to capture wasted heat from industrial manufacturing, waste processing, and power generation facilities and convert it into electricity that can be used or sold back to the grid.
GEA Group Aktiengesellschaft
GEA Group Aktiengesellschaft operates its business through segments such as BA Equipment and BA Solutions. The company offers energy recovery unit which features GEA Emission Control technology.
General Electric Co.
General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers controlled flue gas cooling and waste heat exchanger solutions.
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Waste Heat Recovery Market End-user Outlook (Revenue, USD bn, 2020-2024)
- Chemical. Petroleum refining
- Paper
- Commercial and institutional
- Food and beverages
- Metal
- Other end-users
Waste Heat Recovery Market Geography Outlook (Revenue, USD bn, 2020-2024)
- North America
- Europe
- APAC
- MEA
- South America
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201020005860/en/
