Exhaust Heat Recovery System Market Size, Growth, Opportunities, Analysis, Trends by Component (EGR Valve & Cooler, Turbine, Compressor, Evaporator, Condenser, TEG Module, Others), Technology (EGR, Turbocharger, ORC, TEG, Others), Vehicle (PC, LCV, Truck, Bus, Hybrid, OHV), and Region-Global Forecast till 2023
Exhaust Heat Recovery System Market Scenario
The Global Exhaust Heat Recovery System Market was estimated at USD 29.83 Billion in 2017 and is set to be worth the value of USD 54.01 billion by 2023, according to the latest study by Market Research Future (MRFR). The report states that the market bound to surge at a luxurious CAGR of 10.40% from 2018 to 2023 (forecast period) backed by rapid development of the global cement industry. In addition, strict emission regulations along with accelerating demand for diesel vehicles, specifically in the commercial vehicle segment have been highly instrumental in the growth of the exhaust heat recovery system market.
Furthermore, the elevated use of exhaust heat for auxiliary applications such as heating, ventilation, and air conditioning (HVAC), increasing adoption of exhaust gas recirculation (EGR) and turbocharger in gasoline vehicles have benefited the market growth to a large extent. Another reason for the global exhaust heat recovery system market growth is the reduction in the size of components.
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Exhaust Heat Recovery System Market Segmentation
The global exhaust heat recovery system market is segmented, based on component, technology, and vehicle.
Based on the component, the global market is segmented into EGR valve & cooler, turbine, compressor, evaporator, condenser, TEG module and others. Among all components, the EGR valve & cooler is the leading segment in the global market, with the turbine market growing at the fastest rate.
Depending on the technology, the market caters to EGR, turbocharger, ORC, TEG among others. Among the technologies, EGR is leading the global market, due to its elevated demand based on the benefits it offers. These benefits include letting vehicles be more environment-friendly coupled with being highly cost-effective by saving fuel. Whereas, the turbocharger segment is growing at the fastest rate on account of increasing demand for energy-proficient engine and optimized atmospheric pollution.
The segments, based on vehicle, in the global exhaust heat recovery system market, include PC, light commercial vehicle (LCV), Truck, Bus, Hybrid and overhead valve engine (OHV), where the hybrid electric vehicle segment owns the largest market share, and the PC segment is the fastest growing. Hybrid electrical vehicles aim to deliver considerable fuel savings with no additional cost and these vehicles reduce overall emissions. Based on these factors, the market expansion of hybrid electric vehicles has been inevitable in recent years.
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Region-wise segments in the global exhaust heat recovery system market include Asia Pacific, Europe, Americas, Africa & the Middle East and the Rest of the World (ROW).
Globally, the Americas is the leading market in the global exhaust heat recovery system market on account of strict regulations implemented by the government and various environmental organizations to save energy. In the region, the United States (U.S) is a key contributor due to strong economic growth as well as rapid industrialization in the country.
The Asia Pacific market is expanding at the fastest growth rate because of the high industrialization combined with growing significance of sustainable energy in emerging markets, such as in China and India. Moreover, flourishing manufacturing sector in the region is predicted to benefit the exhaust heat recovery system market in the region. Also, Japan, China, Singapore, and Australia are the significant contributors to the market in the region.
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