Exhaust Heat Recovery System Market Highlights:
The Global Exhaust Heat Recovery System Market had reached the valuation of USD 29.83 Billion in 2017 and is set to be worth USD 54.01 billion by 2023, as per latest study by Market Research Future (MRFR). It is expected to surge at a healthy CAGR of 10.40% from 2018 to 2023 (forecast period) on account of the fast development of the global cement industry. Moreover, stringent emission regulations coupled with increasing demand for diesel vehicles, particularly in the commercial vehicle segment have been highly instrumental in the overall growth of the exhaust heat recovery system market.
In addition, the use of exhaust heat for auxiliary applications like heating, ventilation, and air conditioning (HVAC), elevated adoption of exhaust gas recirculation (EGR) and turbocharger in gasoline vehicles have worked in favor of the market growth as well. Another primary reason for the growth of the exhaust heat recovery system market is the reduced size of components. As the exhaust heat recovery system augments the fuel efficiency of engine, the need for large sized components is also reduced. This factor leads to a subsequent reduction in the cost as well as power required for those components.
The Key players in the Exhaust Heat Recovery System Market are-
Lancome Paris, DECLEOR Paris, Estee Lauder, Kracie Holdings Ltd., BioRepublic Skin Care, Sephora Inc., 3LAB Inc., Innisfree Corporation, Star Skin Beauty Group AG, The Face Shop, Yunos Co. Ltd., Boss Biological Technique Ltd., Tonymoly Co. Ltd., ES Cosmetics are few players in the sheet face mask market
Exhaust Heat Recovery System Market Segmentation:
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.
Based on region, the global exhaust heat recovery system market is segmented into Asia Pacific, Europe, Americas, Africa & the Middle east and the Rest of the World (ROW).
Among these, the Americas is the dominating market in the global exhaust heat recovery system market. Strict regulations implemented by the government along with various environmental organizations to save energy are driving the market in the Americas. In the region, the United States (U.S) is a major contributor, backed by strong economic growth as well as rapid industrialization in the country.
The market in Asia Pacific is growing at the fastest rate as a result of the high industrialization paired with increasing significance of sustainable energy in emerging markets, particularly in China and India. Also, thriving manufacturing sector in the region is noted to profit the exhaust heat recovery system market in the region. In addition, Japan, China, Singapore, and Australia are the prominent contributors to the market in the region.
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