The need to suffice to the increasing demand for energy stands as a key factor augmenting the growth of the global waste heat recovery market. The heat generated from industrial sectors can be re-used for various mechanical and electrical processes, thereby converting wasted heat into renewed energy. With the increasing demand for energy and the rapid depletion of natural energy sources, there is a sudden need to optimize the available resources in the most useful way. Therefore, the need for waste heat recovery will further augment the growth of these systems in the coming years.
The important drivers promoting the global waste heat recovery market growth include declining cost of these systems that promote its wider adoption across nations, and technological innovations. Besides this, stringent regulations imposed by various governments on manufacturing and production companies to lower greenhouse gas emissions from their factory outlets has also propelled industries to adopt waste heat recovery systems. Country-wise, Germany ranks at the top of the market competition on account of supportive policy to control environment emission and lowered cost of these products that promote its rapid adoption across all German industries. Regionwise, Asia Pacific is likely to emerge as the fastest growing region on account of the increasing awareness about the importance of sustainable energy, and rapid industrial expansion activities, further attributed to its cost-efficient raw materials and cheap labor.
Many industries across the world are adopting these systems to ensure emission control and reduction and utilize wasted energy to its best. These include cement, petroleum refining, heavy metal manufacturing, pulp & paper, power, chemical, and others. Some of the key operating companies of the global waste heat recovery market include Foster Wheeler AG, Siemes AG, General Electric, Thermax Ltd., Alstom SA, Mitsubishi Heavy Industries Ltd., and others.