Selbyville, Delaware, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The chemical waste heat recovery system market is predicted to reach USD 18.6 billion by 2032, as reported in a research study by Global Market Insights Inc. This growth is largely driven by stringent environmental regulations and rising energy costs associated with chemical production processes. Governments worldwide are implementing strict measures to reduce carbon emissions from industries while promoting energy efficiency. Waste heat recovery systems offer a dual advantage: they not only lower greenhouse gas emissions but also enhance energy utilization, making them attractive for companies aiming to comply with regulatory standards.
The increasing global demand for energy, particularly in developing nations, has led to higher costs for traditional energy sources. In energy-intensive sectors like chemicals, this has created a pressing need for more cost-effective solutions. Waste heat recovery systems capture excess heat generated during chemical processes and convert it into usable energy, effectively reducing overall energy consumption and lowering operational costs for manufacturers. This trend is fostering a favorable market environment for the adoption of these systems.
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The chemical waste heat recovery system market from the electricity and steam generation segment is expected to exceed USD 10 billion by 2032. Electricity and steam are essential energy forms utilized across various industrial processes, making them highly desirable productivities from waste heat recovery methods. Utilizing waste heat for generating electricity or steam within chemical industries significantly diminishes reliance on conventional energy sources, resulting in reduced costs and lower carbon emissions.
When categorized by temperature, the market for chemical waste heat recovery systems operating above 650 °C is projected to grow at 6.5% CAGR through 2032. High-temperature waste heat recovery systems are particularly effective for power generation, as they convert heat into electricity or facilitate high-pressure steam applications. This capability creates a substantial revenue stream for chemical plants, further driving demand for heat recovery solutions in higher temperatures.
In the United States, the chemical waste heat recovery system market is anticipated to surpass USD 7 billion by 2032. Government initiatives are offering incentives, subsidies, and financial assistance to industries investing in energy-efficient technologies like waste heat recovery systems. These incentives help mitigate upfront costs, thus accelerating the adoption of these systems. Additionally, programs aimed at reducing industrial carbon footprints and enhancing energy security are bolstering the demand for waste heat recovery solutions within the chemical sector. Overall, the market is poised for significant growth as organizations increasingly prioritize sustainability and cost efficiency.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculations
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Chemical Waste Heat Recovery System Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
