Heat Recovery Systems Market Size, Share & Industry Analysis, By Type (Preheating, Steam & Electricity Generation, Recuperates, Regenerators), By Technology (Complete Closed Loop Systems, Combustion Air Preheat Systems, High Particulate Systems), By Industry (Petroleum refining, Metal production, Cement, Chemical)And Regional Forecast, 2024-2032

The technique of extracting residual heat from an existing industrial process and repurposing it for other purposes is known as heat recovery. The energy created by numerous industrial operations is referred to as waste heat. Heat recovery technologies aid in the reduction of operating expenses by increasing the energy productivity of facilities. The energy recovered during this process is employed in two key applications: steam and power generation, as well as preheating.

These heat recovery systems are one of the most cost-effective solutions to improve a plant's overall efficiency while minimizing fuel consumption. Due to the constraints of power conversion processes, a large portion of the fuel utilized to generate electricity in conventional power plants is squandered. Exhaust gases from many operations contain a significant quantity of energy, often known as waste heat. Industrial processes frequently create enough waste heat to power a generator.

Furthermore, pre-heating of combustion air, pre-heating of boiler feed water, ORC generators, plant process heating, steam ejectors, and building comfort heat are all users of waste heat recovery systems. Waste heat is frequently of low temperature quality. It can be tough to make the most of the heat available. In these situations, the ORC driven technology can provide an added benefit by increasing plant efficiency. The unit of ORC turns this otherwise lost energy into electricity. 

In the industrial sector, many technologies are being used on a broad scale to minimize energy consumption, operational expenses, greenhouse gas and carbon emissions. Using waste heat recovery systems to improve the economic feasibility of various industrial processes could be a smart step. Waste heat recovery systems are an appealing option for ensuring a low-emission environment as the industrial sector continues to enhance energy efficiency. These systems are extremely energy-efficient, and they can generate onsite electricity while lowering total operating expenses. Over the projection period, these factors are also projected to raise their demand. Heavy metal manufacture, chemical, cement, glass, and petroleum refining are just a few of the energy-intensive industries with significant waste heat recovery potential.

Key Players Covered:  

Major players in the heat recovery systems market are ABB Ltd., Amec Foster Wheeler, Ormat Technologies Inc., Bosch Industriekessel GmbH, Sigma Thermal, Dresser-Rand-Ingersoll, Cain Industries, Ecogen Power Systems, General Electric, Siemens AG, Mitsubishi Heavy Industries Ltd, Alstom, Borsig GmbH, The Maersk Group, Cool Energy Inc.,  Thermax Global, and Ci-Tech Energy Recovery Systems.

Regional Analysis:

North America expected to exhibit moderate growth in heat recovery system market. Government regulations governing energy conservation and efficiency, as well as government incentives such as tax refunds, are some of the reasons driving the North American market. Additionally, this region is known for its constant technological advances in the heat recovery industry, as well as the presence of some of the region's main firms.additionally, the growing population in the region is further creating opportunities for the market growth. Also, due to increased usage of heat systems for exhaust gas optimization in coal power plants and the provision of emission-free electricity, the U.S is considering to be the largest contributor to North America's market growth.

Europe is anticipated to experience high growth in in heat system market during the forecast period. Growing public awareness of heat recovery systems, as well as european union measures to produce electricity from waste, have been important drivers of market expansion in this region. Due to strict emission requirements aimed at reducing GHG emissions, Germany is the major contributor in the european heat system market. Some of the underlying drivers that will propel product demand in the coming years are technological advancements, reducing costs, and a supportive policy climate. Product deployment throughout heavy industries will be boosted by the establishment of emission regulations, as well as continued efforts to reduce greenhouse gas emissions. Product demand will be boosted by a supportive policy environment, technical breakthroughs, and decreasing costs over the expected time range.

Furthermore, Asia Pacific region is anticipated to exprience profitable market throughout the forecast period. Due to the extreme rising construction sector & strong demand for heat systems in the cement industry. The heat system market in the region is further fueled by the presence of major growing countries such as China, India, and South Korea. Additionally, the primary growth factors of heat recovery systems market include large-scale economic expansion, expanding population, rigorous pollution restrictions, and rapid industrialization. Other long-term development drivers contributing to the expansion of the heat recovery market in the this region include the demand for fuel-efficient systems and rising environmental safety awareness. These heat recovery systems are being installed in large numbers in China and India. Because of the strong demand for cement in the APAC area, the usage of waste heat recovery systems in the cement industry is expected to rise dramatically.

Middle East region is expected to witness a solid growth over forecast period. The cement, heavy metal manufacturing, glass, and refining are among of the country's most energy-intensive industries have a significant potentail in heat recovery market. Additionally, financial incentives and energy efficiency standards will also be implemented throughout major manufacturing sectors with the goal of reducing emissions, which will help the industry develop even more in this region.

Segmentation

Key Industry Developments

• In May 2021 - Wood (Amec Foster Wheeler) announced the strategic partnership with leading global resilient infrastructure organisation, The Resilience Shift. This multi-year agreement will focus on the importance of resilience alongside both firms’ work to lead industry transformation and inspire greater action on sustainable and resilient infrastructure.


• In December 2020 - Ormat Technologies, Inc. acquired the asset from Con Edison Development. Ormat’s wholly owned subsidiary, Viridity Energy Solutions Inc., will design, build, own and operate a 25 MW battery energy storage system (BESS) project at the site.