rise in industrialization in brics is driving the Waste Heat Recovery Market
Technavio analyzes that the Waste Heat Recovery Market is expected to grow at a CAGR of 7.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 22558.6 million.There are various factors that contribute to the growth of the market. The industrial sector in BRICS countries is witnessing significant growth, leading to an increase in energy consumption and subsequent waste heat generation. This trend is creating a substantial opportunity for the waste heat recovery market. Waste heat, which is otherwise lost, can be harnessed and utilized to generate electricity or provide thermal energy for industrial processes, thereby reducing energy costs and improving sustainability. The market for waste heat recovery systems is expected to grow at a robust pace due to the rising demand for energy efficiency and cost savings in these rapidly industrializing economies.
In the chemical sector, which encompasses the production of polymers, petrochemicals, agrochemicals, pharmaceuticals, fertilizers, and dyes, the energy-intensive processes involved generate substantial waste heat. This heat, primarily from inorganic and organic chemical production, can be harnessed through waste heat recovery systems. These systems are crucial for energy conservation and cost savings in chemical production plants. In the context of climate change and the ongoing energy supply crisis, such systems align with climate action plans and on-site power generation, enhancing energy efficiency. Installation challenges, including those related to combustion air, must be addressed to optimally leverage the benefits of waste heat recovery in the chemical industry's growth sectors, such as the US and China, where demand for petrochemicals, pesticides, fertilizers, and synthetic rubber is surging.
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Waste Heat Recovery Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Waste Heat Recovery market encompasses Financial investments in Clean Technologies, facilitating Energy Transition, and reducing Greenhouse Gas Emissions through Energy-Efficient Solutions. Thermal Energy technologies, such as Heat Exchanger Technology, Sensors, Digital Controls, and Real-Time Monitoring, optimize Heat Source Temperature for Power Generation and Space Heating applications. Installation Challenges include combustion air, furnace loads, boiler feed water, and cascade systems for Low-Temperature Heat. Corrosion in Heat Exchangers and Carbon Emissions are addressed by Organic Rankine Cycle technology in the Construction Sector, particularly in Cement production for Preheating Applications. Waste Heat Recovery systems generate Electricity and Hot water from Industrial processes using Exhaust gases for Heating, Cooling, and Carbon emission reduction.
The global industrial machinery and supplies and components market, encompassing companies that manufacture machinery and components for industries, includes sectors such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, market size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industrial applications. Factors fueling market expansion include increasing industrial production in process and discrete industries, driven by rising demand for energy, chemicals, petrochemicals, pulp and paper products, and processed food and beverages in developing economies. Furthermore, the implementation of clean technologies and the energy transition towards energy-efficient solutions will create significant opportunities for thermal energy recovery systems, such as waste heat recovery, which reduce carbon footprint and greenhouse gas emissions through the utilization of sensors and advanced technologies to optimize energy usage.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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