Electricity & Steam Generation Waste Heat Recovery Systems Market Size - By Type (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle), By End-Use (Petroleum Refining, Cement, Chemical, Pulp & Paper, Food & Beverage, Glass), Temperature & Forecast, 2024 - 2032

Electricity & Steam Generation Waste Heat Recovery Systems Market Size

Electricity & Steam Generation Waste Heat Recovery Systems Market was valued at USD 27.2 billion in 2023 and is estimated to register over 10.9% CAGR between 2024 and 2032.  Stringent government regulations focusing on emissions reduction, coupled with a growing emphasis on energy conservation, are poised to augment the market size. Sectors such as cement, glass, heavy metal manufacturing, chemical production, and petroleum refining are recognized for their substantial waste heat recovery potential. Waste heat recovery (WHR) systems are anticipated to gain increasing importance in the coming years, given their ability to cut operating costs and generate power and heat on-site.
 

Increasing technological advancements in heat recovery systems technology, coupled with supportive government initiatives to harness waste heat for energy generation, are expected to significantly enhance the industry outlook. Waste heat, generated as a byproduct in diverse industrial processes, power generation, and vehicle exhaust, is conventionally released into the environment, leading to energy wastage. Waste heat recovery (WHR) systems play a crucial role by capturing and utilizing this waste heat, transforming it into usable energy, thereby enhancing overall energy efficiency.
 

Government initiatives aimed at curbing carbon emissions while enhancing energy efficiency will be instrumental in propelling the growth of the electricity & steam generation waste heat recovery systems market. Ongoing technological innovations have significantly improved efficiency and lowered system costs, contributing to the stimulation of business growth. Furthermore, the rising awareness among consumers regarding environmental protection and the effective utilization of waste heat is expected to further enhance the industry outlook.
 

COVID- 19 Impact

COVID-19 pandemic has posed challenges to the large scale-disruptions of supply & demand from the consumers along with wide scale closure of industrial operations has significantly impacted the industry growth specially manufacturing & cement application industry. In addition, operational disruptions in mining of raw materials significantly impacted metal processing & mining and chemical & petrochemical industries, thereby reducing the deployment & retrofitting of systems across the industry verticals.
 

Electricity & Steam Generation Waste Heat Recovery Systems Market Trends

Increasing global push towards sustainable energy practices along with rising trend in the integration of advanced technologies to enhance the performance and efficiency of WHRS, resulting in optimized electricity and steam generation will complement the business scenario. As industries increasingly focus on efficiency and environmental responsibility, WHRS plays a crucial role in harnessing waste heat from electricity and steam generation processes.
 

Stringent environmental regulations and the rising demand for clean energy solutions are propelling the adoption of WHRS in various sectors. The market is experiencing a shift towards modular and scalable WHRS solutions, allowing industries to tailor systems to their specific electricity and steam generation needs. As industries prioritize reducing their carbon footprint, WHRS trends indicate a growing reliance on waste heat recovery as a sustainable and economically viable solution for electricity and steam generation.
 

Electricity & Steam Generation Waste Heat Recovery Systems Market Analysis

Steam rankine cycle WHRS will register around 9.9% growth rate till 2032, driven by key features such as reduced greenhouse gas emissions, application flexibility, and high energy efficiency. The deployment of WHRS in electricity and steam generation processes will be influenced by ongoing initiatives to curb greenhouse gas emissions and the escalating costs of power. Driving this trend are factors like a heightened focus on enhancing plant efficiency and a growing demand for on-site power production.
 

• The corporate growth in the sector is further fueled by increased investments in leveraging sustainable waste heat across diverse industries, thereby amplifying the demand for Waste Heat Recovery (WHR) systems.
   
• The burgeoning industrialization and escalating energy demands in developing nations, especially in Asia and Africa, present a compelling scenario for the adoption of waste heat recovery systems.
   
• These systems represent a promising opportunity to harness waste heat effectively, catering to the growing energy needs of these regions. Consequently, the waste heat recovery market is poised for noteworthy expansion in these developing countries.
   

The <230°C WHR systems are mostly used in medium-sized sectors including pulp & paper, food processing, and chemicals and will grow at a rate of over 11.9% through 2032. Implementation of these solutions enables plant managers to realize cost savings, enhance energy efficiency at their facilities, and reduce industrial CO2 emissions. The ongoing expansion of continuous co-generation units for environmentally friendly waste heat utilization is poised to provide additional support to industrial growth.
 

The utilization of exhaust heat from existing industrial processes, particularly in sectors like glass and cement employing high-temperature heat recovery machines, is integral for energy production. In the forthcoming years, the adoption of technology will be facilitated by key attributes such as reduced maintenance costs and user-friendly simplicity.
 

Asia Pacific electricity & steam generation waste heat recovery systems market will showcase about 11.9% CAGR through 2032. The region has established ambitious targets for energy efficiency to mitigate greenhouse gas emissions and preserve energy resources. Waste heat recovery systems are instrumental in attaining these objectives by capturing and utilizing otherwise wasted heat, thereby enhancing overall energy efficiency. In addition, the region hosts a substantial concentration of energy-intensive sectors like manufacturing, chemicals, petrochemicals, and steel production, all of which produce significant volumes of waste heat during their processes. Given the rapid industrial expansion in the region, there is an increased emphasis on the adoption of waste heat recovery systems to optimize energy utilization and bolster competitiveness.
 

• Asia Pacific stands as the largest consumer of coal, with the majority of power generation plants and various industrial facilities, including those in cement, chemicals, and metal processing, relying heavily on coal for their operations.
   
• For instance, as per the report published by the BP statistical review of World Energy 2022 revealed that the total coal consumption in Asia Pacific reached 127.63 Exajoules in 2021. The increasing reliance on fossil fuels for various industrial processes poses a significant challenge in terms of carbon emissions.
   
• Consequently, many developed nations are redirecting their focus towards the introduction of new and advanced alternatives in power generation facilities to mitigate air pollution.
   

Electricity & Steam Generation Waste Heat Recovery Systems Market Share

Eminent industry players are actively pursuing strategic collaborations, expanding their business overseas, and engaging in mergers and acquisitions as notable initiatives. Additionally, these companies are heavily invested in substantial research and development efforts to secure a competitive advantage over other market participants. For instance, in June 2023, Fortum announced to invest around USD 225 million waste heat projects in Espoo and Kirkkonummi in Finland, which in turn will have positive impact on the industry in the European region.
 

Electricity & Steam Generation Waste Heat Recovery Systems Market Companies

Prominent key players operating across electricity & steam generation waste heat recovery system industry include:

• AURA
• BIHL
• Bosch Industriekessel GmbH
• Climeon
• Cochran
• Durr Group
• EXERGY INTERNATIONAL SRL
• Forbes Marshall
• Fortum
• General Electric
• HRS
• IHI Corporation
• John Wood Group PLC
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Ormat
• Promec Engineering
• Rentech Boilers
• Siemens Energy
• Sofinter S.p.a
• Thermax Limited
• Viessman
   

Electricity & Steam Generation Waste Heat Recovery Systems Industry News

• In April 2023, Climeon integrated its HeatPower System for a new Rhodesia power plant located in Nottinghamshire, UK. The plant will deliver up to 10 MW of low carbon flexible power with natural gas-powered engines, using Climeon’s HeatPower technology to increase energy efficiency and carbon capture systems to further minimize carbon emissions.
   
• In February 2021, Siemens Energy signed a strategic agreement to construct waste heat-to-power facility in Canada. The pilot installation will convert waste heat from a gas turbine into emissions-free power using supercritical carbon dioxide (sCO2). In addition, the plant will generate electricity to power over 10,000 homes, resulting in an estimated reduction in 44,000 tons per year in greenhouse gas emissions.
   

This electricity & steam generation waste heat recovery systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2019 to 2032 for the following segments:

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Market, By Type

• Steam Rankine Cycle
• Organic Rankine Cycle
• Kalina Cycle

Market, By Temperature

• < 230 °C
• 230 °C - 650 °C
• > 650 °C

Market, By End Use

• Petroleum Refining
• Cement
• Heavy Metal Manufacturing
• Chemical
• Pulp & Paper
• Food & Beverage
• Glass
• Others

The above information has been provided for the following countries across the regions.

• 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
  • Egypt
• Latin America
  • Brazil
  • Argentina