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Exhaust Heat Recovery System Market
An exhaust heat recovery system helps to change thermal waste present in an engine into energy. It turns waste heat energy present in exhaust gases into electrical energy that can be used again in batteries or into mechanical energy that can be reused in crankshaft of the machine. Exhaust heat recovery technology is gaining major traction recently owing to the increasing demand from heavy-duty vehicle manufacturers who are making efforts to improve fuel saving and harmful emission reducing technology into today’s engines.
The rising rate of pollution levels has created major cause of concern for the whole world. Thus, stringent implementations were made on curbing the rate of emissions. The imposition of stringent emission control regulations on both on-road and off-road vehicles stands as a key factor boosting the growth of the global exhaust heat recovery system market and is likely to continue so during the forecast period, 2021 and 2031. The rising rate of vehicular population also propels the demand for exhaust heat recovery systems, ultimately creating new growth opportunities for this market in the coming years.
The report on the global exhaust heat recovery system market provides a 360-degree overview of the market and its prime growth trajectories. This includes drivers, restraints, challenges, and upcoming growth opportunities. The report also discusses the table of segmentation in details and mentions the name of the leading segment with factors attributing to its growth. It also mentions the names of players operating in the market competition for exhaust heat recovery system market and the efforts these players are making to ensure smooth revenue generation during the forecasted time frame. For more detailed information on this report, log on to the company website.
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The nature of competition for the global Exhaust Heat Recovery System market is highly fragmented on account of the presence of multiple players competing intensely over sales and revenue rates. The key objective is to ensure a leading position and thus, players are adopting various strategies such as collaborations, innovations, and product advancement.
Some of the key players of the global Exhaust Heat Recovery System market include:
The increasing rate of vehicular emissions into the environment and the rise in awareness levels about the same is considered a major factor augmenting the need and prompting the demand for exhaust heat recovery systems. The imposition of stringent regulations on installing exhaust heat recovery system in vehicles is further projected to promote the growth of this global market during the forecast period set between 2021 and 2031. On the contrary, the high price of installation for exhaust heat recovery systems may pose as a major challenging factor affecting its growth rate in the coming years. In addition to this, the rising popularity of electric vehicles may cut down the need for exhaust heat recovery systems altogether and may also cause major hindrance to the overall growth of this market in the coming years.
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The global exhaust heat recovery system market was dominated by Europe on account of the imposition of stringent pollution control laws that augments the demand for exhaust heat recovery systems. Besides this, the rise in pollution levels and the growing concerns about the same will further propel manufacturers in Europe to indulge in production of better quality exhaust heat recovery systems.
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*86 figures and 60 tables includes