Middle East & Africa Waste Heat Recovery System Market Size & Outlook
Middle East & Africa waste heat recovery system market, 2018-2030 (US$M)
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MEA waste heat recovery system market highlights
- The MEA waste heat recovery system market generated a revenue of USD 7,282.6 million in 2022.
- The market is expected to grow at a CAGR of 9.4% from 2023 to 2030.
- In terms of segment, petroleum refinery was the largest revenue generating end user in 2022.
- Power is the most lucrative end user segment registering the fastest growth during the forecast period.
- Country-wise, UAE is expected to register the highest CAGR from 2023 to 2030.
MEA data book summary
| Market revenue in 2022 | USD 7,282.6 million |
| Market revenue in 2030 | USD 14,911.3 million |
| Growth rate | 9.4% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Power |
| 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 |
Other key industry trends
- In terms of revenue, MEA region accounted for 14.0% of the global waste heat recovery system market in 2022.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 21,557.9 million by 2030.
Petroleum refinery was the largest segment with a revenue share of 33.51% in 2022. Horizon Databook has segmented the Middle East & Africa 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.
There are only a few countries in this region actively investing in and promoting waste heat recovery systems. However, the regional government has been actively investing in energy-efficient processes and facilities and is focusing on applications such as power and steam generation, preheating, hence it is expected to propel the market growth over the forecast period.
According to the U.S. Energy Information Administration 2022, a significant portion of new refining capacity is expected to come from new projects in the MEA. The Jizan refinery in Saudi Arabia, with a capacity of 400,000 b/d, reportedly went online in 2021 and started shipping petroleum products early in 2023. Moreover, in September 2022, a new 140,000 b/d refinery in Karbala, Iraq announced to start its operations by 2023.
In early 2023, an additional 230,000 b/d refinery is anticipated to start operating in Duqm, Oman. In the refining process, large amounts of hot flue gases are generated as byproducts from various heating and combustion processes. Waste heat recovery systems can capture and recover this waste heat from flue gases using technologies like heat exchangers.
Key Regions: UAE , U.S. , Japan , Brazil , South Africa
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
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MEA waste heat recovery system market size, by country, 2018-2030 (US$M)
Middle East & Africa Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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