USD 17.08 Billion
Exhaust Heat Recovery System Market Size, Share, Growth Analysis, By Technology (Conventional and Future Technology), By Mode(Exhaust Gas Recirculation (EGR), Turbocharger, Organic Rankine Cycle, and Thermoelectric Generator), By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Trucks, and Buses), By Component(EGR Component, Turbocharger Component, Organic Rankine Cycle Component, and Thermoelectric Generator Component), By Application(Automotive, Industrial, Residential, and Commercial Sectors), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25A2244 |
Region:
Global |
Published Date: April, 2024
Pages:
222
|Tables:
146
|Figures:
75
Exhaust Heat Recovery System Market Insights
Exhaust Heat Recovery System Market size was valued at USD 18.12 Billion in 2023 and is poised to grow from USD 19.23 Billion in 2024 to USD 30.89 Billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).
Exhaust heat recovery system is a technology that uses wasted energy/heat to power an engine and improve engine efficiency by recycling exhaust gases Energy dissipation improves and reduces overall efficiency the greenhouse gas emissions of the vehicle. Exhaust heat recovery system uses various components such as turbochargers and exhaust gas recirculation systems, which have a high penetration in diesel & gasoline powered vehicles.
Factors such as increasing engine performance & fuel efficiency requirements and decreasing engine size to reduce vehicle weight are expected to drive the growth of the global exhaust heat recovery system market during the forecast period. However, increasing demand for battery electric vehicles and issues related to exhaust heat recovery systems are expected to restrain the growth of the global market during the forecast period. Furthermore, the demand for turbochargers in developing economies and increasing production of automobiles are anticipated to create a market opportunity soon manufacturing.
Market snapshot - (2024-2031)
Global Market Size
Largest Segment
Automotive
Fastest Growth
Industrial
Growth Rate
6.1% CAGR
Global Exhaust Heat Recovery System Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Exhaust Heat Recovery System Market Segmental Analysis
The exhaust heat recovery system market is segmented based on technology, mode, vehicle type, component, and region. Based on technology, it is divided into conventional and future technology. Based on application, the exhaust heat recovery system market is segmented into automotive, industrial, residential, and commercial sectors. Based on application, the exhaust heat recovery system market is segmented into automotive, industrial, residential, and commercial sectors. is fragmented into passenger cars, light commercial vehicles, trucks, and buses. By component, it is divided into EGR component, turbocharger component, heat exchangers, organic Rankine cycle component, and thermoelectric generator component. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Analysis by Component
The heat exchanger segment accounted for the highest revenue in the global market by 2022, and the same trend is expected to grow over the forecast period. Heat exchangers play an important role in exhaust heating from the air to the efficient fluid. This recovered heat can be used in various applications, such as space heating, water heating, or electricity generation. Heat exchangers offer versatility and can be tailored to meet specific needs in a variety of industries including automotive, industrial and residential Their largest applications are established technological advances helps to maintain a dominant position in the market. Furthermore, heat exchangers are generally considered as a reliable and cost-effective solution for waste heat management, giving them a distinctive reputation for heat recovery systems and emitted from the air the market tightens again.
Thermoelectric generators (TEGs) convert thermal energy directly into electricity through the Seebeck effect. These generators are equipped with thermoelectric materials that have a high temperature and provide a power supply. TEGs can be incorporated into the exhaust system to capture waste heat and generate electricity, providing an efficient and compact solution.
Analysis by Application
The automotive industry is considered an important segment in the global market. The automotive industry has seen an increasing focus on improving fuel efficiency and reducing emissions, driven by regulatory requirements and growing environmental concerns, heat recovery from ventilation systems play an important role in achieving these goals by capturing and utilizing waste heat. The automotive industry represents an important application area for exhaust gas recovery systems. These systems are used in conventional and electric vehicles to recover waste heat from exhaust gases for purposes such as engine heating, vehicle heating, or electricity energy production The automotive industry's focus on improving fuel efficiency and reducing emissions is driving adoption of exhaust heat recovery systems.
The industrial segment is another important part used for heat recovery systems and it is the fastest growing segment. Industries such as construction, power generation, and heavy machinery generate large amounts of waste heat that can be captured and utilized by recovered heat This recovered heat can be used in a variety of industrial applications such as preheating water, boilers, or powering turbines.
Global Exhaust Heat Recovery System Market By Application (%)
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Exhaust Heat Recovery System Market Regional Insights
Asia Pacific dominated the market with a 56% share by 2022. Asia Pacific is expected to witness the highest growth during the forecast period. Government regulations in this area are becoming increasingly stringent; For example, there are BS-VI standards which have been implemented by the Government of India to curb the emissions of vehicles. Coupled with environmental regulations, exhaust heat recovery systems will become increasingly popular as they not only reduce the amount of pollution emitted by vehicles, but also improve their fuel economy.
North America is anticipated to exhibit moderate growth in the global exhaust heat recovery system market. Government regulations on energy conservation and efficiency, tax breaks and other government incentives are some of the factors that make the market apart from the fact that the region is known for its continuous technological development period all in the heat recovery business providing ongoing opportunities for the market growth. Moreover, it is believed that the US. and contributed significantly to the growth of the North American market due to the widespread use of combustion systems to improve the exhaust efficiency of coal-fired power plants and generate zero-carbon electricity.
Global Exhaust Heat Recovery System Market By Geography
- Largest
- Fastest
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Exhaust Heat Recovery System Market Dynamics
Drivers
Increased Engine Performance and Fuel Economy Requirements
- Governments around the world mandate fuel-efficient vehicles to reduce pollution and climate emissions from vehicles. For example, the European Union (EU) mandated that the average fuel efficiency of all fleet manufacturers should not reach the US level. 57 miles per gallon (mpg) by 2021, surpassing the U.S. average. 41.9 miles per gallon in 2015 and the U.S. average. 92 miles per gallon by 2030 driven by integration will infuse its vehicles with advanced technology and improve the fleet as well. The performance of a car depends on the engine. Therefore, car manufacturers are urged to develop efficient engines, which can meet both requirements and provide improved performance & fuel efficiency simultaneously. Exhaust heat recovery solutions such as turbochargers and exhaust gas recirculation systems (EGR) are primarily turbo-boosted engines with smaller sizes and are specifically designed to increase fuel efficiency as per industry fuel consumption operate properly in accordance with Euro VI standards.
Engine Downsizing to Reduce Automobile Weight
- Engine downsizing is the technique of the usage of smaller combustion engines over larger ones of the same strength potential when production automobiles within the car industry. It is the result of automakers' efforts to provide extra-green automobiles with lower emissions, which are regularly enforced through authorities' policies. Engine downsizing includes reducing the range of cylinders to lower the engine's general length. By decreasing the range of cylinders, the quantity of friction in the engine is reduced. Advancements in exhaust warmth healing system technology, including using turbocharger and exhaust gasoline recirculation, have decreased general engine length while retaining or increasing energy output.
Growing Demand for Battery Electric Vehicles
- The electric vehicle market is experiencing significant growth due to factors such as climate change and efforts to achieve zero emissions. Moreover, incentives and positive policies introduced by governments of various countries to promote electric vehicles boost the EV industry. For example, the 2021 California Clean Vehicle Rebate Project (CVRP) proposed a clean vehicle rebate in California with rebates ranging from $1,000 to $7,000 for the purchase or lease of a new zero-emission vehicle In after offering, in 2021, New Zealand offered a clean car rebate that gave new car buyers a discount of $8,625 on an electric vehicle (EV) lower than for $80,000, including GST and road costs. For example, according to the IEA report, in the year 2022, EV vehicles will reach 6.7 million worldwide by 2021, and will reach 3.7 million by 2020, representing a market share of 4.1%.
Restraints
Stringent Emissions Regulations
- In April 2023, the Environmental Protection Agency (EPA) published and developed new standards aimed at further reducing harmful air pollution emissions from light and heavy-duty vehicles scheduled for initial implementation in 2027. This proposal precedes EPA -Is established federal Greenhouse gas emission standards for passenger cars and light trucks cover model years 2023 through 2026. Citing advances in clean vehicle technology in use to provide various benefits to Americans. This includes reducing atmospheric pollution, improving public health, and reducing costs for drivers due to reduced fuel and maintenance costs.
- The proposed standards require automakers to further improve combustion efficiency and significantly reduce carbon emissions. To meet these stringent standards, automakers may increasingly turn to exhaust heat recovery systems (EHRS). It is an efficient technology that improves overall engine efficiency by recovering waste heat, ultimately reducing emissions.
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Exhaust Heat Recovery System Market Competitive Landscape
The competitive environment of the Global Exhaust Heat Recovery System Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options.
Top Player’s Company Profiles
- Garrett Motion Technology (Shanghai) Co., Ltd.
- Mahle
- Continental
- Denso
- BorgWarner
- VALEO
- Dana Inc
- Calsonic Kansei
- Delphi Technologies
- MITSUBISHI HEAVY INDUSTRIES
- IHI Corporation
- Aisin Industries
- Eberspaecher
- Clean Diesel Technologies
- Tenneco Inc
- Katcon
- Schaeffler
Recent Developments
- In March 2022, Bose acquired two SLM500s, a move that significantly increased its expansion into additive manufacturing. This strategic investment reinvigorates the automotive industry by strengthening Bosch’s capabilities in the application of 3D printing technology.
- In January 2023, General Motors announced a $918 million U.S. investment. four factories to improve V8 gasoline engine production.
- In May 2021, Cummins introduced a new exhaust heat recovery system (EHRS) for diesel engines, aimed at increasing fuel efficiency and reducing pollution, The system uses a thermoelectric generator for conversion heat dissipated into electricity.
Exhaust Heat Recovery System Key Market Trends
- Stringent Emissions Regulations Are Driving Market Growth: The market CAGR for air recovery systems is driven by stringent emissions regulations. With increasing focus on the impacts of climate change and the UN's warning that the world only has a 12-year window to deal with, various sustainability industries, including the automotive industry, are taking shape some products to reduce their CO2 footprint. According to the World Health Organization, the transportation sector is the fastest growing source of all greenhouse gas emissions. This is primarily due to land and air travel, but the process is just as harmful as driving. The EU has committed to reducing greenhouse gas emissions throughout the second Kyoto Protocol.
Exhaust Heat Recovery System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global exhaust heat recovery system market is expanding rapidly due to increasing demand for energy efficient systems. With increasing environmental concerns and rising fuel prices, there is a growing need for solutions that can help reduce fuel consumption and emissions. EHRS technology is one such solution that is gaining popularity among automakers and commercial vehicle manufacturers. EHRS technology recovers waste heat from combustion engine exhaust and converts it into usable energy. This energy can then be used to power other systems in the vehicle, such as air conditioning, power steering and electrical systems. EHRS technology improves the vehicle’s overall energy efficiency by utilizing waste heat that would otherwise be lost. Also, governments worldwide are developing regulations to reduce vehicle emissions and encourage passive adoption of EHRS technology. For example, the European Union has mandated that by 2021 all new vehicles sold in the industry must be equipped with EHRS technology.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 17.08 Billion |
| Market size value in 2031 | USD 29.11 Billion |
| Growth Rate | 6.1% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Exhaust Heat Recovery System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Exhaust Heat Recovery System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Exhaust Heat Recovery System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Exhaust Heat Recovery System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Exhaust Heat Recovery System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Exhaust Heat Recovery System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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