Electricity & Steam Generation Waste Heat Recovery Systems Market Size

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.

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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.