Waste heat recovery system market on growth track
A robust industrial sector growth along with rising demand for energy efficiency across key manufacturing sectors will drive the market growth. Shifting focus toward emission control coupled with stringent government regulations will stimulate the adoption heat recovery systems. Furthermore, reduced operational costs and shift toward renewable energy sources will significantly contribute toward industry expansion.
Shifting trends toward utilization of low temperature heat from industrial waste streams along with ongoing efforts to achieve energy optimization will boost the waste heat recovery system market growth. These systems are gaining importance across medium scale industries on account of their ability to cut down operational costs and reduce emission levels. Rising fuel prices and increasing demand for reliable electricity will further complement the industry growth.
Waste heat recovery systems, in recent years, have found substantial penetration across cement, petroleum refining, glass, heavy metal production, and chemical industries. The increasing demand for reliable and continuous electricity along with stringent emission norms will stimulate the product penetration. Ongoing expansion of food processing units coupled with declining cost of low temperature heat utilization will further enhance the global market share.
The UK market size is anticipated to expand over 7% by 2025. Rising focus of the regulatory regime toward sustainable development and long-term benefits of decarbonization have significantly boosted the demand for waste heat recovery systems. Ongoing initiatives toward reducing CO2 emissions along with favorable government policies toward adoption of energy efficient systems and solutions will further enhance the industry growth.