Waste Heat Recovery Market: 1.67% Y

By End-user (chemical. petroleum refining, paper, commercial and institutional, food and beverages, metal, and other end-users) and Region

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26 Jan, 2022, 09:30 ET

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NEW YORK, Jan. 26, 2022 /PRNewswire/ -- The Waste Heat Recovery Market Share is expected to increase by USD 11.31 billion from 2019 to 2024, at an accelerated CAGR of 4%, according to the recent market study by Technavio. Moreover, the report also provides value chain analysis which helps companies gain a competitive advantage in the market. The value chain of the Waste Heat Recovery Market includes the following core components:

Highlights-

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Segmentation by End-user (In-Scope/Out-of-Scope)

The waste heat recovery market share growth by the chemical segment will be significant during the forecast period. The increasing demand for petrochemicals, pesticides and fertilizers, and synthetic rubber will contribute to the growth of this segment during the forecast period.

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Vendor Insights-

The waste heat recovery market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

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Learn More about Key Driver & Challenge of the Market-

One of the key factors driving growth in the waste heat recovery market is the rise in industrialization in BRICS. The rapid industrialization in Brazil, Russia, India, China, and South Africa (BRICS) has led to an increase in manufacturing activities. The investors are targeting developing countries to increase their market share and treat these countries as their manufacturing hubs. BRICS and other developing countries are the new mining hubs because of the presence of abundant natural mineral resources. Easy availability of low-cost labor, cheaper raw materials, and favorable regulations are attracting mining companies toward developing nations. China is one of the major countries, with the manufacturing sector accounting for a significant share. Many companies are increasingly focusing on expanding their facilities. Such a rise in industrialization and the setting up of manufacturing plants are expected to increase manufacturing activities in developing countries, which, in turn, will fuel the demand for waste heat recovery systems.

The concerns related to fouling in waste heat recovery systems will be a major challenge for the waste heat recovery market during the forecast period. Fouling during the use of waste heat recovery systems can reduce the efficiency of the system. Fouling is the deposition or accumulation of unwanted materials on the equipment surfaces. The industrial exhausts contain moisture and contaminants such as alumina particulates at a relatively low temperature. Moisture and solid contaminants can affect the performance and reliability of the system due to the buildup of solids on heat transfer surfaces and the plugging of gas passages. The occurrence of fouling results in an increased number of cleaning cycles to maintain production capability and efficiency. This increases the production and operational costs of manufacturing companies. The costs related to fouling include additional energy consumption of equipment and lost productivity. Such issues related to fouling in waste heat recovery systems may reduce the overall profitability of end-users.

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Waste Heat Recovery Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 4%

Market growth 2020-2024

$ 11.31 billion

Market structure

Fragmented

YoY growth (%)

1.67

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 32%

Key consumer countries

US, China, Japan, Germany, and South Korea (Republic of Korea)

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Alfa Laval AB, Clean Energy Technologies Inc., GEA Group Aktiengesellschaft, General Electric Co., John Wood Group Plc, Mitsubishi Heavy Industries Ltd., Robert Bosch GmbH, Siemens AG, and Thermax Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization preview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com/

SOURCE Technavio