Home > Energy & Power > Europe Waste Heat Recovery Systems Market
Europe Waste Heat Recovery Systems Market was valued at USD 19.8 billion in 2022 and is set to grow at a rate CAGR of over 6.3% from 2023 to 2032. Waste heat recovery systems (WHRS) are technologies designed to capture and utilize waste heat generated during industrial processes or energy production. These systems help improve overall energy efficiency and reduce environmental impact by recovering and reusing heat that would otherwise be wasted.
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Technological advancements in heat recovery systems and the favorable measures introduced by governments to harness waste heat for energy generation will boost business growth. Waste heat is typically produced as a byproduct of various industrial processes, power generation, and even vehicle exhaust. The waste heat is traditionally released into the environment, resulting in energy wastage. However, waste heat recovery (WHR) systems have the capability to capture and effectively utilize this waste heat, converting it into usable energy, thereby enhancing overall energy efficiency.
Report Attribute | Details |
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Base Year: | 2022 |
Europe Waste Heat Recovery Systems Market Size in 2022: | USD 19.8 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 6.3% |
2032 Value Projection: | USD 36.5 Billion |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 240 |
Tables, Charts & Figures: | 264 |
Segments covered: | Application, Temperature, End Use, & Country |
Growth Drivers: |
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Pitfalls & Challenges: |
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The stringent government mandates regarding emissions and the increasing emphasis on energy conservation are set to boost the market's size. Industries such as cement production, glass manufacturing, heavy metal production, chemical manufacturing, and petroleum refining are well-known application sectors with substantial waste heat recovery potential. WHR systems are expected to play an increasingly vital role in the coming years due to their ability to reduce operating costs and generate power and heat on-site. Government initiatives aimed at reducing carbon emissions while enhancing energy efficiency will drive the growth of the WHR systems market.
COVID-19 pandemic has posed challenges to the large scale-disruptions of supply & demand from the consumers along with wide scale closure of industrial operations has significantly impacted the industry growth specially manufacturing & cement application industry. In addition, operational disruptions in mining of raw materials significantly impacted metal processing & mining and chemical & petrochemical industries, thereby reducing the deployment & retrofitting of systems across the industry verticals.
Waste heat recovery systems have garnered notable attention in various industries, including power generation, oil and gas, chemical, cement, and steel. These systems enable companies to capture and harness waste heat generated during industrial processes, thereby enhancing energy efficiency and mitigating greenhouse gas emissions. The impetus for the waste heat recovery system market primarily stems from the enforcement of stringent environmental regulations and emission reduction targets. Governments and regulatory authorities are actively endorsing the adoption of energy-efficient technologies such as waste heat recovery as a means to diminish carbon footprint and advocate sustainable practices.
The growing emphasis on energy efficiency, along with the increasing integration of waste heat recovery with other technologies, is expected to drive the adoption of these systems. Escalating energy costs and the demand for sustainable energy solutions have led to a heightened focus on energy efficiency. Waste heat recovery systems provide an effective means to harness and utilize waste heat that was previously discarded, thereby generating additional power or heat. This heightened emphasis on energy efficiency has resulted in an increased demand for waste heat recovery systems. Furthermore, waste heat recovery systems are being integrated with other renewable energy technologies, such as solar and geothermal, to optimize energy utilization.
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Based on application, the electricity & steam generation application market is anticipated to grow at a CGAR of over 10% through 2032. Reduced greenhouse gas emissions, versatility in applications, and the capacity to deliver high energy efficiency are among the key attributes that are expected to drive increased adoption of waste heat recovery systems. The adoption of Waste Heat Recovery Systems (WHRS) for electricity and steam generation will be influenced by ongoing efforts to curtail greenhouse gas (GHG) emissions and the continuous upward trajectory of electricity prices.
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Based on temperature, the <230 °C temperature system will witness around 6.1% growth rate from 203 to 2023 to 2032. Waste heat recovery (WHR) systems operating at temperatures below 230°C are predominantly employed in medium-sized industrial sectors such as pulp and paper, food processing, and chemicals. The utilization of these solutions enables plant managers to achieve cost savings, enhance energy efficiency at their facilities, and reduce industrial CO2 emissions. The expansion of continuous co-generation units for environmentally friendly waste heat utilization will further support Europe waste heat recovery systems market growth.
These WHR systems make use of exhaust heat generated during existing industrial processes. They find applications in sectors like glass and cement, where high-temperature heat recovery equipment is deployed to generate energy. In the coming years, technology implementation in this field will be facilitated by essential qualities such as lower maintenance costs and ease of use. In addition, waste heat recovered from industrial processes is integrated into district heating systems, providing a sustainable heat source for urban areas.
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Germany waste heat recovery system market will grow at a rate of over 6.5% by 2032. Germany has set ambitious energy efficiency targets to reduce greenhouse gas emissions and conserve energy resources. The country is actively pursuing its energy transition strategy, aiming to phase out nuclear energy and reduce carbon emissions. WHRS plays a crucial role in this transition by improving energy efficiency and contributing to sustainable energy generation. In addition, government initiatives and regulatory measures encourage the adoption of WHRS to achieve energy efficiency and emissions reduction goals. Financial incentives and subsidies further promote WHRS adoption.
Strategic collaborations, overseas business expansion and mergers & acquisitions are few of the significant initiatives undertaken by the eminent industry players. Moreover, the companies are also involved in substantial research & development to gain competitive advantage over other participants.
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By Application
By Temperature
By End Use
The above information has been provided for the following countries across the region.