About this market
The increasing focus on reducing emissions and carbon footprint will trigger the growth of the market in the forthcoming years. A large amount of heat is produced from the exhaust manufacturing facilities, which is increasing the carbon footprint, thereby creating serious environmental impacts. Therefore, stringent regulations are being implemented for industrial gas emissions in various countries. Many countries are focusing on implementing emission trading system to control factors such as greenhouse gas emissions and industrial energy emissions. As a result, such initiatives are likely to increase the demand for waste heat recovery system as it is used to save fuel and reduce CO2 emissions. analysts have predicted that the waste heat recovery market will register a CAGR of over 6% by 2023.
Market Overview
Rise in industrialization in BRICS
One of the growth drivers of the global waste heat recovery market is the rise in industrialization in BRICS. The rise in industrialization and establishment of manufacturing plants is expected to increase manufacturing activities in developing economies, which will drive the demand for waste heat recovery system.
High implementation cost of waste heat recovery system
One of the challenges in the growth of the global waste heat recovery market is the high implementation cost of waste heat recovery system. High capital costs pose a major challenge for industrial plants to incorporate waste heat recovery systems.
For the detailed list of factors that will drive and challenge the growth of the waste heat recovery market during 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented with the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.