Market revenue in 2022 | USD 10,115.2 million |
Market revenue in 2030 | USD 21,557.9 million |
Growth rate | 9.9% (CAGR from 2022 to 2030) |
Largest segment | Petroleum refinery |
Fastest growing segment | Petroleum Refinery |
Historical data covered | 2018 - 2021 |
Base year for estimation | 2022 |
Forecast period covered | 2023 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Petroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power |
Key market players worldwide | Siemens Energy AG Ordinary Shares, Mitsubishi Corp, GE Aerospace, ABB Ltd, Terna SpA, IHI Corp, Molson Coors Beverage Co Class A |
Petroleum refinery was the largest segment with a revenue share of 19.05% in 2022. Horizon Databook has segmented the Asia Pacific waste heat recovery system market based on petroleum refinery, chemical, cement, metal production & casting, paper & pulp, power covering the revenue growth of each sub-segment from 2018 to 2030.
The presence of a large number of manufacturing companies in India, China, and Japan has driven the market for waste heat recovery systems in the region. Asia Pacific includes some of the world's fastest growing and most densely populated countries, has witnessed a remarkable expansion in electricity production. However, the predominant source of this electricity has been coal.
Approximately 60% of the electricity generated in the Asia-Pacific region comes from coal, which has led to the region being the primary contributor to global carbon dioxide emissions. However, heightened environmental awareness and stringent regulations aimed at reducing greenhouse gas emissions are driving the adoption of WHRS in the region.
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