International.
The global waste heat recovery systems market was valued at $44.14 million in 2015, and is projected to reach $65.87 billion by 2021, rising at a compound annual growth rate (CAGR) of 6.9% in 2016 and 2021, according to a new report published by MarketsandMarkets.
Rising energy and electricity prices, along with strict government regulations and incentives, are expected to drive the market in the future.
In 2015, the steam application and electricity generation segment captured the maximum percentage of the total market; it also expects to witness the highest CAGR during the forecast period.
The main end-use industries for waste heat recovery are oil refining, metal production, cement, chemicals, paper and cellulose and others. Demand in the cement industry is projected to record the highest CAGR during the forecast period. The global cement industry is projected to register a CAGR of 9% from 2016 to 2021.
