The ability of waste heat recovery to reduce the cost of operations in numerous industries is one of the major factors responsible for the surge in the demand for waste heat recovery across the globe. Since the last few years, there has been a huge increase in the cost of input energy materials such as oil and gas, electricity, and coal and this has consequently increased the operational cost of an industry. Waste heat recovery promotes efficient utilization of the available energy and provides climate protection solutions, thereby leading to sustainable development.
The other major factors boosting the adoption of waste heat recovery techniques in industrial processes are the rising government initiatives aimed at encouraging the incorporation of waste heat recovery for promoting the efficient use of energy and reducing the pollution levels, technological advancements in waste heat recovery processes, and the enactment of strict laws and regulations by the governments of several countries for reducing the greenhouse gas emissions. Driven by these factors, the global waste heat recovery market is expected to register huge growth in the coming years.
Globally, Europe registered the highest adoption of waste heat recovery systems and processes in the past, owing to the presence of a large number of environmental regulations aimed at curbing harmful industrial emissions and the earlier introduction of waste heat recovery technology in this region. Asia-Pacific (APAC) is expected to record rapid growth in the adoption of this technology in future, primarily on account of the flourishing cement industry in the region. The presence of strict environmental regulations and the huge energy demand are the other factors propelling the growth of waste heat recovery market in the region.
Therefore, it can be concluded that due to the burgeoning need for effective energy utilization and rising awareness regarding environmental pollution caused by industrial emissions, the demand for waste heat recovery technology will surge in future.
Read more: https://www.psmarketresearch.com/market-analysis/waste-heat-recovery-market
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