Stringent environmental regulations to reduce carbon footprints coupled with growing concerns with reference to greenhouse gas emissions is expected to be the key driving factor for global waste heat recovery (WHR) system market growth over the next seven years. Global shift towards sustainable energy development and increasing energy production & consumption cost is projected to complement WHR system market growth. Government initiatives to reduce energy costs and help in sustainable energy production are anticipated to drive WHR system market over the forecast period. Increasing WHR system application in end-use industries such as heavy metals, refineries, petrochemical, power generation and paper & pulp are slated to fuel WHR system demand which in turn is expected to augment WHR system market growth. manufacturing companies are adapting WHR system for reduced conventional energy dependence and in-house electricity production at low operating cost.
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Huge investments and complex WHR system design is expected to hinder WHR system market growth and pose challenges to industry participants. Increasing WHR system penetration in end-use industries such as automotive, heating, ventilation & air conditioning (HVAC) is projected to create new avenues and yield opportunities to industry participants over the forecast period. Extensive R&D to improve WHR system design and reduce operational cost is anticipated to create lucrative opportunities for industry participants.
Europe is expected to remain dominant regional WHR system market owing to increasing awareness regarding WHR system and EU initiatives to produce energy through waste. This trend is expected to drive European WHR system market over the forecast period. Asia Pacific is anticipated to witness significant growth due to high industrialization and increasing sustainable energy importance in developing countries such as China and India. Other major WHR system consumers include Japan, Singapore and Australia. Growing WHR systems demand in petroleum refining, paper & pulp, metals and chemicals is expected to drive WHR system market in these regions over the forecast period.
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