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Chemical Waste Heat Recovery System Market Trends

Report ID: GMI11901
Published Date: Oct 2024
Report Format: PDF

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Chemical Waste Heat Recovery System Market Trends

Increased focus on sustainability and circular economy along with rising technological advancements in heat recovery solutions across chemical industries is augmenting the market growth to utilize the waste heat generation. Development of more efficient heat exchangers and heat recovery units are making waste heat recovery systems more effective and financially viable. In addition, innovations in materials that can withstand high temperatures and corrosive environments typical in chemical processes are also driving the adoption of these systems. This improves the overall return on investment (ROI) for companies, encouraging wider implementation.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The global market for chemical waste heat recovery system was reached USD 10.7 billion in 2023 and is estimated to grow at a 6.8% CAGR from 2024 to 2032, driven by stringent environmental regulations and rising energy costs.

The electricity and steam generation application is expected to surpass USD 10 billion by 2032, as these forms of energy are widely used in various industrial processes, reducing conventional energy consumption and cutting costs.

The >650°C temperature range segment is projected to grow at a CAGR of 6.5% through 2032, driven by its capability to generate power and high-pressure steam, adding significant revenue streams for chemical plants.

The U.S. chemical waste heat recovery system market is anticipated to exceed USD 7 billion by 2032, supported by government incentives, subsidies, and financial support for energy-efficient technologies.

Key players in the industry include AURA, Bosch, Climeon, Cochran, CTP TEAM, Forbes Marshall, IHI Corporation, John Wood Group, Kawasaki Heavy Industries, Mitsubishi Heavy Industries, Promec Engineering, Siemens Energy, Sofinter, Thermax, and Turboden.