Wilmington,Delaware, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Global Waste Heat Recovery Unit Market was estimated at a market value of US$ 57.6 billion in 2022 and is expected to grow at a significant CAGR of over 7.1% over the forecast period of 2023-2028, analysis by RationalStat
Market Scope and Report Overview
Stricter environmental restrictions, including goals for emissions reduction, are being implemented by governments and regulatory agencies all around the world. Waste heat recovery can assist businesses in achieving these goals by lowering their environmental effect and carbon footprint. As customer expectations rise and the corporate environment changes, organizations are increasingly integrating sustainable strategies into their daily operations. These sustainability objectives are supported by waste heat recovery unit.
Industries are concentrating on maximizing their energy consumption as energy efficiency and sustainability are becoming more and more important. Companies can capture and use heat energy that would otherwise be squandered by using waste heat recovery systems, which lowers overall energy use and greenhouse gas emissions.
Market intelligence for the global waste heat recovery unit market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global Waste Heat Recovery Unit market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Waste Heat Recovery Unit Market: Segmental and Market Share Analysis
On the basis of application, the market is dominated by the preheating segment. It is more helpful in furnaces and kilns because of its high efficiency and low fuel consumption.
On the basis of end user, the segment for cement had the highest CAGR during the forecast period. The fast global expansion of the building industry is what is driving the demand. Market expansion for the cement industry is being driven by increased investment in construction operations in many emerging markets and economic growth.
Period Covered include data for 2019-2028 along with year-wise demand estimations
The waste heat recovery unit market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global waste heat recovery unit market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global waste heat recovery unit market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/ producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global waste heat recovery unit market include,
- In January 2022, Con Edison Development sold a shovel-ready energy storage asset to Ormat Technologies Inc. in Upton Country, Texas.
- In November 2022, ABB Ltd., a Swiss industrial company, acquired a minority position in Tallarna Ltd., a UK-based climate technology start-up, in an effort to diversify its offering of user-friendly energy management technologies and to enhance the digital capabilities of its smart power business.
Some of the prominent players that contribute significantly to the global waste heat recovery unit market growth include Siemens AG, Mitsubishi Heavy Industries, Ltd., General Electric, ABB, Boustead International Heater, Forbes Marshall, Promec Engineering, Wood Plc, Kessel GmbH, Exergy S.p.A. among others.
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RationalStat has segmented the global waste heat recovery unit market based on application, end user and region
- Global Waste Heat Recovery Unit Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by Application
- Pre-heating
- Power and Steam Generation
- Global Waste Heat Recovery Unit Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by End User
- Petroleum Refinery
- Cement
- Chemical
- Pulp & Paper
- Power
- Metal Production
- Others
- Global Waste Heat Recovery Unit Market Value (US$ Million), Volume (‘000 units), and Market Share (2023-2028) Analysis by Region
- North America Waste Heat Recovery Unit Market
- US
- Canada
- Latin America Waste Heat Recovery Unit Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Waste Heat Recovery Unit Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Waste Heat Recovery Unit Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Waste Heat Recovery Unit Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Waste Heat Recovery Unit Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Waste Heat Recovery Unit Market
- Leading Companies and Market Players
- Siemens AG
- Mitsubishi Heavy Industries, Ltd.
- General Electric
- ABB
- Boustead International Heater
- Forbes Marshall
- Promec Engineering
- Wood Plc
- Kessel GmbH
- Exergy S.p.A.
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Key Questions Answered in the Waste Heat Recovery Unit Report:
- What will be the market value of the global waste heat recovery unit market by 2028?
- What is the market size of the global waste heat recovery unit market?
- What are the market drivers of the global waste heat recovery unit market?
- What are the key trends in the global waste heat recovery unit market?
- Which is the leading region in the global waste heat recovery unit market?
- What are the major companies operating in the global waste heat recovery unit market?
- What are the market shares by key segments in the global waste heat recovery unit market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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