Waste Heat Recovery Market To Grow at CAGR 7.5%, Market Value to Reach USD 78 Billion By 2026
Acumen Research and Consulting
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Global?Waste Heat Recovery Market?size will grow at a?satisfactory CAGR of 7.5% to reach a valuation of more than USD 78 billion as per market research firm?Acumen Research and Consulting. The process of heat integration or re-using the heat energy which would have been otherwise discarded or get released within the atmosphere. The Waste Heat Recovery plants are capable of reducing energy costs and carbon emissions, while simultaneously increasing energy efficiency. The system is highly efficient and is capable of producing electric energy on site, also can reduce the operational costs?
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Waste Heat Recovery Market Dynamics?
Roughly 21% to?49% of the total industrial energy used is released back in the air as wasted heat. Climate Change has become the World’s Biggest Problem that needs an urgent solution. This particular system can help prevent the heat from getting released into the environment and help to reduce the global temperature. Governments across the world have implemented stricter laws in recent years to curb the rising climate problem, which has compelled industries to adopt the waste heat recovery model.?
This system also enables reusing the flue gases to pre dry and co generate within the thermal power plants, hence increasing the thermal efficiency. Major industries have been adopting this technology to reduce their dependency on the conventional energy and make in house energy for cost cutting. More technological inventions will fuel the market growth of the waste heat recovery system with the organic rankine cycle.?The petroleum refinery industry accounts for the highest share of the WRH system, where the system is used for refinement catalytic treatment and thermal cracking.?Other industries include cement, chemical, metal casting and production, pulp and paper and power generation.?
Regional analysis of the waste heat recovery market?
North America holds the position of the biggest regional market and will continue to be on top for the forecast period. Given the government regulations and growing climate change activism. Europe stands as the second biggest market after North America. Given the war between Ukraine and?Russia, the European Union has decided to decrease their energy dependency on Russia and hence have been pushing themselves to adopt alternative sources.?
Asia Pacific will be witnessing the fastest growth amongst all other regions, fast industrialization and high FDI inflows in the APAC countries like China, India, Vietnam, Indonesia will lead to the region becoming an industrial powerhouse.?
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