The growing demand from major end user industries such as cement and metal production is expected to drive the market in the future. The growing construction sector is significantly driving the demand for WHR system. The high cost of these systems is a major restraint for the market.
The steam & electricity generation application is expected to witness the highest growth rate between 2016 and 2021. Steam generation from waste heat sources is crucial to several end-use industries and, hence, is a major WHRS application. The advantages of steam generation are its high heat capacity and flexibility. However, it is expensive to produce steam, if there are inefficiencies in boiler and distribution systems. The fuel consumption is greatly reduced when the steam generated from waste heat is used for industrial operations.
Asia-Pacific is projected to be the fastest-growing WHR system market due to the growing construction industry and industrialization in the region. The South American WHR system market is also expected to grow significantly due to the growing metal production and cement industries. North America is a significant market for WHRS, and is witnessing a moderate growth rate due to stringent energy efficiency regulations. The future growth of the industry will likely be driven by investments in chemical and petroleum refining projects, which is backed by recent boom of shale gas and oil slates in the U.S. and Canada.
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