Europe Waste Heat Recovery Systems Market Size By Application (Pre-Heating, Electricity & Steam Generation), By Temperature (<230 °C, 230 °C -650 °C, >650 °C), By End-Use & Forecast, 2024 - 2032

Europe Waste Heat Recovery Systems Market Size

Europe Waste Heat Recovery Systems Market size was valued over USD 21.4 billion in 2023 and is set to grow at a rate of over 6.9% up to 2032. The rising energy demand, strong industrial sector expansion coupled with the implementation of energy efficiency regulations has spurred the adoption of waste heat recovery systems (WHRS).
 

Heightened requirements for continuous and reliable electricity along with shifting focus toward energy optimization and integration of renewable sources are key drivers bolstering the deployment of these systems.
 

The widespread establishment of fossil fuel-based plants to address escalating electricity demands has notably intensified the emission of CO2 and other greenhouse gases. For instance, as per NOAA's Global Monitoring Lab, the global average atmospheric carbon dioxide reached 417.06 parts per million ("ppm") in 2022 an increase of 2.13 ppm from 2021, marking the 11th consecutive year in which the atmospheric carbon dioxide level rose by more than 2 ppm. However, mounting apprehensions regarding the climatic and environmental repercussions of fossil fuel consumption, coupled with stringent government regulations aimed at bolstering environmental security have prompted a heightened adoption of resource recovery technologies.
 

Europe Waste Heat Recovery Systems Market Trends

Waste Heat Recovery Systems (WHRS) are increasingly favoured amidst stringent emission regulations, reflecting a key trend in industrial sustainability. With governments worldwide implementing strict emission norms to curb environmental pollution, industries are compelled to seek innovative solutions to minimize their carbon footprint. WHRS offer a viable avenue for reducing emissions by capturing and reusing waste heat from industrial processes, thereby enhancing energy efficiency and reducing greenhouse gas emissions. This trend aligns with the broader shift towards sustainable business practices, as companies prioritize environmental responsibility and regulatory compliance.
 

Europe Waste Heat Recovery Systems Market Analysis

Based on application, the market is segmented as pre-heating, electricity & steam generation, among others. Electricity & steam generation application industry is anticipated to reach over USD 20.5 billion by 2032. The escalating investment in sustainable waste heat utilization coupled with a rising need for onsite power generation will accelerate the deployment of these systems. Moreover, shifting trends toward maximizing resource efficiency and reducing environmental impact within industrial operations will proliferate the industry growth.
 

Based on temperature, the Europe waste heat recovery systems market is segmented as <230 °C, 230-650 °C, & >650 °C. >650 °C temperature system will grow at a rate of over 6.5% by 2032. Increasing adoption of Organic Rankine Cycle (ORC) technology that is particularly suitable for recovering waste heat within the temperature range along with rising integration of WHRS into industrial processes to enhance energy efficiency and reduce environmental impact will sway the product deployment suitable for processes having temperature range of 230°C - 650 °C.
 

Germany waste heat recovery system market will exceed over USD 7 billion by 2032. The country growth is driven by the implementation of energy efficiency standards and initiatives aimed at reducing greenhouse gas emissions in key economic sectors. Decreasing costs, technological advancements, and favorable policy frameworks have contributed to the increased adoption of waste heat recovery technologies across the developed economy. In addition, the long-term advantages of decarbonizing energy-intensive industries and the escalating emphasis on sustainable development have intensified efforts to recover heat from industrial waste streams.
 

Europe Waste Heat Recovery Systems Company Market Share

Companies including Climeon, Dürr Group, Mitsubishi Heavy Industries, Ltd., Cochran, & BIHL are few of the major market players in the industry. Strategic collaborations, international business expansion, and mergers & acquisitions are some of the key initiatives undertaken by leading industry players. Additionally, these companies are heavily invested in research and development to gain a competitive edge over other market participants.
 

Europe Waste Heat Recovery Systems Market Companies

Key market players in the Europe waste heat recovery system industry are:

• BIHL
• AURA
• Bosch Industriekessel GmbH
• Climeon
• Cochran
• Dürr Group
• EXERGY INTERNATIONAL SRL
• Forbes Marshall
• Fortum
• General Electric
• HRS
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Ormat
• Orcan Energy
• Promec Engineering
• Siemens Energy
• Sofinter S.p.a
• Viessman
   

Europe Waste Heat Recovery Systems Industry News

• In February 2024, Orcan Energy completed an expansion of its Kiel facility, facilitating the on-site production of its waste heat recovery (WHR) systems. This strategic move aligns with Orcan Energy's goal to address the rising global demand for WHR systems, particularly in the context of reducing CO2 emissions in industries such as cement production. The decision to bolster internal production capabilities in Kiel reflects the company's dedication to fostering growth and innovation within Germany.
   
• In December 2023, Climeon secured a contract worth over USD 1.08 million (EUR 1 million) with one of the world's largest shipping companies for the implementation of HeatPower 300 waste heat recovery (WHR) systems. The objective is to enhance energy efficiency on two large existing container vessels. The HeatPower 300 system by the company features a versatile and comprehensive design, catering to the needs of both new builds and retrofitting for existing ships.
   

Europe Waste Heat Recovery Systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Application, 2021 – 2032 (USD Billion)

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

Market, By Temperature, 2021 – 2032 (USD Billion)

• <230 °C
• 230°C - 650 °C
• >650 °C

Market, By End Use, 2021 – 2032 (USD Billion)

• 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 region.

• Germany
• UK
• France
• Italy
• Spain