UAE Waste Heat Recovery System Market Size & Outlook
UAE waste heat recovery system market, 2018-2030 (US$M)
Related Markets
UAE waste heat recovery system market highlights
- The UAE waste heat recovery system market generated a revenue of USD 1,317.5 million in 2022 and is expected to reach USD 2,982.3 million by 2030.
- The UAE market is expected to grow at a CAGR of 10.8% 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 1,317.5 million |
| Market revenue in 2030 | USD 2,982.3 million |
| Growth rate | 10.8% (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, UAE accounted for 2.5% 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 38.44% in 2022. Horizon Databook has segmented the UAE 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 UAE waste heat recovery system market has been witnessing considerable year-on-year growth over the past decade owing to the presence of a large number of petroleum refineries in the country also, increasing efforts to reduce greenhouse gas emissions in the country will likely drive the demand for WHRS over the coming years.
In September 2022, ADNOC Group, a partnership company between OMV, Abu Dhabi National Oil Company (ADNOC), and Eni completed the first stage of its novel WHR project at the Ruwais, Abu Dhabi in its General Utilities Plant.
Some of the low-carbon-intensive crude in the world is produced by ADNOC, and the company plans to further reduce 25% of its greenhouse gas (GHG) emissions intensity by 2030, in line with the ‘U.A.E. Net Zero by 2050’ Strategic Initiative.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
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UAE waste heat recovery system market size, by end user, 2018-2030 (US$M)
UAE Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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