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Metal Manufacturing Waste Heat Recovery System Market Size

Report ID: GMI11581
Published Date: Sep 2024
Report Format: PDF

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Metal Manufacturing Waste Heat Recovery System Market Size

The global metal manufacturing waste heat recovery system market was valued at USD 12 billion in 2023 and is set to grow at a CAGR of over 7.1% between 2024 and 2032. Stricter environmental regulations aimed at reducing carbon emissions along with increasing energy efficiency demand will complement the business scenario. These systems help lower greenhouse gas emissions by decreasing the reliance on traditional energy sources, aligning with global sustainability goals. In addition, the metal industry, known for its energy-intensive processes, benefits from reclaiming energy otherwise lost as waste heat, thereby improving overall efficiency.

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The rising global demand for steel and aluminium, driven by sectors like construction, automotive, and aerospace, necessitates more efficient operations in metal production. Waste heat recovery systems allow companies to improve their energy use amid this growing demand. In addition, innovations in heat recovery technologies, such as advancements in heat exchangers and thermoelectric generators, have made systems more efficient and cost-effective, thereby contributing to the overall market growth.

Metal Manufacturing Waste Heat Recovery System Market Report Attributes
Report Attribute	Details
Base Year:	2023
Metal Manufacturing Waste Heat Recovery System Market Size in 2023:	USD 12 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.1%
2032 Value Projection:	USD 21.6 Billion
Historical Data for:	2021 to 2023
No. of Pages:	105
Tables, Charts & Figures:	15
Segments covered:	Application, Temperature, and Region
Growth Drivers:	Rapid industrialization & urbanization Increased steel and aluminum production
Pitfalls & Challenges:	High initial investments

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Authors: Ankit Gupta , Shashank Sisodia

Frequently Asked Questions (FAQ) :

The global market for metal manufacturing waste heat recovery system is projected to reach USD 21.6 billion by 2032, with a consistent CAGR of 7.1% from 2024 to 2032, driven by stricter environmental regulations and a rising demand for energy efficiency.

The electricity and steam generation application is predicted to hit USD 11.8 billion by 2032, due to the Increased steel and aluminum production along with rapid industrialization & urbanization.

The temperature segment exceeding 650°C is anticipated to grow at a CAGR of 7% through 2032, propelled by operational cost reductions in metal industries.

The U.S. market for metal manufacturing waste heat recovery systems is set to exceed USD 6 billion by 2032, as the industry increasingly adopts these systems to meet sustainability goals and comply with environmental regulations.

Some of the key players in the industry include AURA, Bosch Industriekessel, 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.