Global Exhaust Heat Recovery System Market Size, Share, Forecast Report, 2020-2027
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 exhaust heat recovery system market is segmented on the basis of the component, technology, and vehicle.
By component, the market is segmented into EGR valve & cooler, turbine, compressor, evaporator, condenser, TEG module and others. Among these, EGR valve & cooler is leading in the global market, whereas the turbine market is growing at the fastest rate.
Technology-wise, the market is segmented into EGR, turbocharger, ORC, TEG among others. Among these, EGR is dominating the global market, as a result of its augmented demand based on the benefits it offers. These include allowing vehicles to be more environment-friendly along with being highly cost-effective by saving fuel. On the other hand, turbocharger is the fastest growing market because of the growing demand for energy-proficient engine and optimized atmospheric pollution.
Vehicle-based segmentation in the global exhaust heat recovery system market are 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.
Faurecia (France), Mahle (Germany), Continental (Germany), Denso (Japan), Valeo (France), Dana (US), Calsonic Kansei (Japan), Delphi Technologies (UK), Mitsubishi Electric (Japan), Hitachi Ltd. (Japan), Bosal (Belgium), Tenneco Inc. (US), Borgwarner Inc. (US) are some of the prominent companies competing in the global exhaust heat recovery system market.
Global Exhaust Heat Recovery System Market by Component
- EGR Valve & Cooler
- TEG Module
Global Exhaust Heat Recovery System Market by Technology
Global Exhaust Heat Recovery System Market by Vehicle