Chemical Waste Heat Recovery System Market Size – By Application, By Temperature, Analysis, Share, Growth Forecast, 2024 – 2032

Chemical Waste Heat Recovery System Market Size

The global chemical waste heat recovery system market was valued at USD 10.7 billion in 2023 and is set to grow at a CAGR of 6.8% from 2024 to 2032. Stringent environmental regulations coupled with increasing energy cost across chemical processes to attain desirable product is catering to the product deployment on a large scale. Governments across the globe are enforcing strict regulations to reduce industrial carbon emissions and promote energy efficiency. Waste heat recovery systems provide a dual benefit by lowering greenhouse gas emissions and improving energy utilization, making them attractive for companies striving to meet regulatory compliance.
 

Growing global demand for energy especially across the developing nation including India, China, Indonesia, among others are increasing the cost of traditional energy. In the chemical sector, where energy consumption is intensive, this has led to the need for more cost-efficient solutions. The systems offer a means to capture excess heat generated from chemical processes and convert it into usable energy, reducing overall energy consumption and operational costs for manufacturers, which in turn is creating a favorable market scenario.
 

Chemical Waste Heat Recovery System Market Trends

Increased focus on sustainability and circular economy along with rising technological advancements in heat recovery solutions across chemical industries is augmenting the market growth to utilize the waste heat generation. Development of more efficient heat exchangers and heat recovery units are making waste heat recovery systems more effective and financially viable. In addition, innovations in materials that can withstand high temperatures and corrosive environments typical in chemical processes are also driving the adoption of these systems. This improves the overall return on investment (ROI) for companies, encouraging wider implementation.
 

Chemical Waste Heat Recovery System Market Analysis

Based on application, the electricity and steam generation application will surpass USD 10 billion by 2032. Electricity and steam are versatile forms of energy widely used in various industrial processes, making them highly sought-after outputs from waste heat recovery systems. Harnessing waste heat for electricity or steam generation in chemical industries reduces conventional energy consumption, thereby cutting costs and carbon emissions.
 

Based on temperature, the >650 °C temperature range chemical WHRS is projected to grow at a CAGR of 6.5% through 2032. High-temperature waste heat recovery systems often enable power generation, where heat is converted into electricity or used for high-pressure steam applications. This adds a significant revenue stream for chemical plants, further driving the demand for heat recovery solutions in the >650 °C temperature range.
 

The U.S. chemical waste heat recovery system market is anticipated to exceed USD 7 billion by 2032. Governments bodies are offering incentives, subsidies, and financial support for industries that invest in energy-efficient technologies like waste heat recovery systems. These incentives lower the upfront costs for companies, accelerating adoption. Programs focused on reducing industrial carbon footprints and enhancing energy security also drive market demand for waste heat recovery solutions in the chemical sector.
 

Asia Pacific significantly impacting the market driven by rapid urbanization, infrastructure development, and industrialization across countries such as China, India, and Southeast Asian nations. Furthermore, government regulations and sustainability incentives are prompting chemical industry manufacturers to invest in emission reduction and energy efficiency measures.
 

Chemical Waste Heat Recovery System Market Share

Bosch, Siemens, Climeon, Cochran, and HRS collectively account for a significant share of the chemical waste heat recovery systems market. These companies offer highly efficient products tailored to the specific needs of chemical industries, helping them reduce energy consumption, lower emissions, and improve overall operational efficiency. Their innovative solutions and extensive experience cater to industry needs, contributing to their market prominence and influence on industry standards.
 

Chemical Waste Heat Recovery System Market Companies

Some of the key market players operating across the industry are:

• AURA
• Bosch
• Climeon
• Cochran
• CTP TEAM
• Forbes Marshall
• IHI Corporation
• John Wood Group
• Kawasaki Heavy Industries
• Mitsubishi Heavy Industries
• Promec Engineering
• Siemens Energy
• Sofinter
• Thermax
• Turboden
   

Chemical Waste Heat Recovery System Industry News

• In July 2024, Thermax's subsidiary announced a joint venture agreement with Vebro Polymers Holdings Ltd. for the flooring chemical industry. Thermax Chemical Solutions Private Limited (TCSPL) and Vebro have agreed to subscribe to or acquire equity shares in the new company, with a 50.1:49.9 ownership split. This strategic initiative is expected to enhance Thermax's market positioning in the global waste heat recovery system market.
   
• In April 2024, Climeon formed a strategic partnership with Franman, a maritime sales and service company headquartered in Greece. This collaboration represents a crucial milestone in the company’s expansion of its innovative HeatPower solutions into the Greek market, capitalizing on Franman's extensive network and comprehensive knowledge of the local shipping industry.
   

This chemical waste heat recovery system market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Application

• Pre-Heating
• Electricity & Steam Generation
  • Steam Rankine Cycle
  • Organic Rankine Cycle
  • Kalina Cycle
• Others

Market, By Temperature

• 230°C
• 230°C - 650 °C
• >650 °C

The above information has been provided for the following region & countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina