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

Metal Manufacturing Waste Heat Recovery System Market Size

The global metal manufacturing waste heat recovery system market was valued at USD 12 billion in 2023 and is set to grow at a CAGR of over 7.1% between 2024 and 2032. Stricter environmental regulations aimed at reducing carbon emissions along with increasing energy efficiency demand will complement the business scenario. These systems help lower greenhouse gas emissions by decreasing the reliance on traditional energy sources, aligning with global sustainability goals. In addition, the metal industry, known for its energy-intensive processes, benefits from reclaiming energy otherwise lost as waste heat, thereby improving overall efficiency.
 

The rising global demand for steel and aluminium, driven by sectors like construction, automotive, and aerospace, necessitates more efficient operations in metal production. Waste heat recovery systems allow companies to improve their energy use amid this growing demand. In addition, innovations in heat recovery technologies, such as advancements in heat exchangers and thermoelectric generators, have made systems more efficient and cost-effective, thereby contributing to the overall market growth.
 

Metal Manufacturing Waste Heat Recovery System Market Trends

The metal manufacturing waste heat recovery system industry is witnessing increased adoption of advanced technologies, such as steam Rankine cycle and organic Rankine cycle. These technologies offer improved efficiency in converting industrial waste heat into usable energy, thereby reshaping the market. Furthermore, the integration of digital and automated solutions for system optimization enables real-time monitoring and predictive maintenance, contributing to market expansion in the metal industry sector. In addition, various governments offer incentives, such as tax breaks or subsidies, to encourage industries to adopt energy-efficient technologies. These incentives are accelerating the adoption of waste heat recovery systems in the metal industry, especially in regions with aggressive climate action plans.
 

Metal Manufacturing Waste Heat Recovery System Market Analysis

Based on application, the electricity and steam generation segment is expected to surpass USD 11.8 billion by 2032. Implementing waste heat recovery systems in metal production facilities leads to reduced conventional energy consumption, resulting in lower operational costs and decreased carbon emissions. This efficiency improvement aligns with both economic and environmental objectives in the metal industry.

Based on temperature, the >650 °C segment is estimated to grow over at a CAGR of 7% through 2032, driven by cost reduction in operations across metal industrries. This operational cost reduction is a compelling reason for metal manufacturers to invest in waste heat recovery systems, particularly in competitive markets.
 

The U.S. metal manufacturing waste heat recovery systems market is projected to surpass USD 6 billion by 2032. The U.S. metal industry is increasingly adopting waste heat recovery systems to meet sustainability goals and comply with environmental regulations. Metal manufacturers are implementing these systems to reduce their carbon footprint and enhance operational efficiency. This trend is contributing to the growth of the U.S. waste heat recovery systems market, particularly in the metal production sector. Moreover, the increasing focus on industrial energy optimization and cost reduction is likely to further boost the adoption of these systems in the country.
 

The Asia Pacific metal manufacturing waste heat recovery system market is experiencing significant growth, driven by rapid industrialization and urbanization in countries such as China, India, and Southeast Asian nations. Government regulations and sustainability initiatives are compelling metal manufacturers in the region to invest in waste heat recovery systems to reduce emissions and enhance energy efficiency. This trend is expected to accelerate market expansion throughout the forecast period.
 

Metal Manufacturing Waste Heat Recovery System Market Share

Siemens, Cochran, Bosch, Climeon, and Thermax hold a significant share of the metal manufacturing waste heat recovery systems industry by offering highly efficient solutions tailored to meet the specific demands of metal industry. Their technologies are designed to reduce energy consumption, minimize emissions, and enhance overall operational efficiency. With their innovative products and extensive industry expertise, these companies cater to the unique needs of the metal sector, driving market leadership and setting industry benchmarks.
 

Metal Manufacturing Waste Heat Recovery System Market Companies

Some of the major key players operating across the metal manufacturing waste heat recovery system industry are:

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

Metal Manufacturing Waste Heat Recovery System Industry News

• In August 2024, Nippon Steel announced an investment exceeding USD 1 billion to expand high-grade steel production capacity at Mon Valley Works in Pennsylvania, along with an additional USD 0.3 billion to upgrade and extend the production life of its Gary Works facility in Indiana. These investments will enhance metal production capacity, boosting the adoption of high-grade steel across various industries and contributing to the overall growth of the Metal Manufacturing Waste Heat recovery systems market.
   
• In February 2024, JSW Steel announced plans for a joint venture with Japan's JFE Steel Corporation in a 50:50 partnership, committing USD 661.9 million to build a new plant in Karnataka, India. This investment is set to increase metal production capacity, driving the adoption of high-grade steel across multiple industries and supporting the growth of the Metal Manufacturing Waste Heat recovery systems market.
   

This metal manufacturing 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:

Click here to Buy Section of this Report

Market, By Application

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

Market, By Temperature

• < 230°C
• 230°C - 650 °C
• > 650 °C

The above information has been provided for the following regions and 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