Saudi Arabia Waste Heat Recovery System Market Size & Outlook
Saudi Arabia waste heat recovery system market, 2018-2030 (US$M)
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Saudi Arabia waste heat recovery system market highlights
- The Saudi Arabia waste heat recovery system market generated a revenue of USD 1,919.9 million in 2022 and is expected to reach USD 4,202.3 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 10.3% 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.
Waste heat recovery system market data book summary
| Market revenue in 2022 | USD 1,919.9 million |
| Market revenue in 2030 | USD 4,202.3 million |
| Growth rate | 10.3% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Power |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 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, Saudi Arabia accounted for 3.7% of the global waste heat recovery system market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia waste heat recovery system market is projected to lead the regional market in terms of revenue in 2030.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 2,982.3 million by 2030.
Petroleum refinery was the largest segment with a revenue share of 40.55% in 2022. Horizon Databook has segmented the Saudi Arabia 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 demand for power is rising owing to rapid urbanization and intense industrial expansion— a trend that is likely to continue over the forecast period and result in greenhouse gas emissions, which are expected to drive the adoption of waste heat recovery systems.
The presence of a large number of oil & gas refineries in the country has emerged as one of the major contributors to carbon emissions in the country. This has led petroleum refineries to emerge as major end users of waste heat recovery systems in the country.
An increase in the adoption of gas-based combined cycle power plants in the country is expected to further boost the growth of the waste heat recovery systems in the country in the form of heat recovery steam generators over the forecast period.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
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Saudi Arabia waste heat recovery system market size, by end user, 2018-2030 (US$M)
Saudi Arabia Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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