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.