As per the report of International Energy Agency and United States Department of Energy , more than 3/5th of the power plants energy gets unused in the form of heat, and approx. 20% to 50% of industrial energy is lost as waste heat. The domestic demand for waste heat recovery thermal system in North America is experiencing vigorous growth because of growth in the severity of global energy efficiency rules and regulations.
According to Data Bridge Market Research the Waste Heat Recovery Thermal System Market tends to have a healthy CAGR of 15.00% in the forecast period of 2022 to 2029.
“Increasing Demand of Waste Heat Recovery System for Preheating”
Waste heat recovery thermal systems are widely used for preheating of space heating, combustion air, furnace loads and boiler feed water. Cascade system of waste heat recovery thermal system is boosting the demand of the product. This system uses low temperature level for processing feedwater heating and high-temperature level for air pre-heating, thus minimizes operational costs and increases the overall efficiency. As per the U.S. Department of Energy report, combustion air preheat can increase furnace competence by as much as 50 percent. Moreover, preheating combustion exhaust gases can remove the requirement for any extra space heating equipment, thus also reducing the overhead and capital costs. These trends is expected to drve the growth of the waste heat recovery thermal system market.
What restraints the growth of Waste Heat Recovery Thermal System Market?
“Availability of cost-effcetive alternative and lack of technological awarness”
The availability of an cost-efficient alternative of heat recovery thermal system has become a major challenge for the growth of the waste heat recovery thermal system market. Apart from this, many developing countires are unaware with this advanced technology. As a result of lack of awareness, it has become major challenge for the market which will hamper the growth rate of the market.
Segmentation: Waste heat Heat Recovery Thermal System Market
The waste heat recovery thermal system market is segmented on the basis of vehicle type, technology, electric vehicle type and component.
- On the basis of vehicle type, the waste heat recovery thermal system market is segmented into passenger car, light commercial vehicle (LCV), truck, bus.
- Based on technology, the waste heat recovery thermal system market is segmented into active transmission warm up, exhaust gas recirculation (EGR), engine thermal mass reduction, reduced HVAC system loading, others.
- On the basis of electric vehicle type, the waste heat recovery thermal system market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV), 48v mild hybrid vehicle.
- Based on component, the waste heat recovery thermal system market is segmented air filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, electric water pump, electric motor.
Regional Insights: Asia-Pacific is expected to dominate the Waste Heat Recovery Thermal System Market
Asia-Pacific is expected to dominate the market in this region and is expected to grow significantly over the forecast period owing to the increasing number of research and development activities coupled with introduction of advanced technology coupled in this region.
In addition, the North America region is anticipated to register highest growth rate during the forecast period of 2022 to 2029 due to increasing preferences towards electric vehicle couple with introduction of BS VI norms within this region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-waste-heat-recovery-system-thermal-system-market
The Prominent Key Players Operating in the Waste Heat Recovery Thermal System Market Include:
- DENSO Corporation (Japan)
- MAHLE GmbH (Germany)
- VALEO (France)
- Robert Bosch GmbH (Germany)
- BorgWarner Inc. (U.K.)
- Johnson Electric Holdings Limited, (China)
- Hanon Systems (South Korea)
- Alstom (France)
- ABB (Switzerland)
- Ormat Technologies Inc. (U.S.)
- General Electric (U.S.)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Echogen Power Systems Inc. (U.S.)
- Econotherm Limited (U.K.)
- Siemens (Germany)
- Cool Energy Inc. (U.S.)
- DEC (China)
- Harbin Electric Corporation co.,Ltd (China)
- BIHL (U.K.)
- AURA (Germany)
- Exergy International Srl (Italy)
Above are the key players covered in the report, to know about more and exhaustive list of waste heat recovery Heat Recovery Thermal System companies contact, https://www.databridgemarketresearch.com/reports/global-waste-heat-recovery-system-thermal-system-market
Research Methodology: Global Waste Heat Recovery Thermal System Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
