Pre-Heating Waste Heat Recovery System Market Size - By Temperature (< 230 °C, 230°C - 650 °C, > 650 °C), By End Use (Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverages, Glass) & Forecast, 2024 – 2032

Pre-Heating Waste Heat Recovery System Market Size

Pre-Heating Waste Heat Recovery System Market size was valued at USD 21.9 billion in 2023 and is projected to grow at a CAGR of 6.7% between 2024 and 2032. Increasing energy efficiency concerns, sustainability, and regulatory pressure to reduce emissions will drive the market dynamics. Key adopters include manufacturing, chemical processing, oil and gas, and power generation industries aiming to optimize energy usage and minimize operational costs.
 

For instance, in February 2024, European Commission emphasizes the role of waste heat recovery in achieving Europe's climate and energy goals, noting that up to 30% of industrial waste heat could be recovered and utilized by 2030. These systems improve energy efficiency and reduce greenhouse gas emissions by capturing and repurposing waste heat.
 

Pre-Heating Waste Heat Recovery System Market Trends

Gradual shift towards the adoption of advanced technologies and innovative solutions to enhance system efficiency and performance across end use industries will propel the product adoption. Additionally, collaborations between industry players and research institutions are fostering the development of next-generation waste heat recovery technologies, which in turn will sway the market growth. For instance, in February 2024, Cemex and Orcan Energy announced the successful installation of an ORC-based waste heat recovery system at a steel manufacturing plant in Germany. Moreover, manufacturers are increasingly focusing on developing customizable and modular waste heat recovery systems that can be seamlessly integrated into existing industrial processes.
 

Pre-Heating Waste Heat Recovery System Market Analysis

Based on temperature, the market is segmented into < 230 °C, 230°C - 650 °C, & > 650 °C, where > 650 °C temperature ranging WHRS will exceed over USD 20 billion by 2032. This temperature range encompasses a wide variety of industrial processes where significant waste heat is generated, making it a prime target for waste heat recovery applications. Industries including steel manufacturing, chemical processing, and power generation often produce waste heat within this temperature range, providing ample opportunities for efficient heat recovery and utilization.
 

Based on end use industries, the pre-heating waste heat recovery systems market is segmented into petroleum refining, cement, heavy metal manufacturing, chemical, pulp & paper, food & beverage, glass, other manufacturing. The cement end use industry will grow at a CAGR of over 6% by 2032 owing to rising environmental regulations and corporate sustainability commitments along with increasing product adoption driven by sustainability goals. Additionally, collaborations between equipment manufacturers, engineering firms, and cement producers are facilitating the implementation of customized waste heat recovery solutions tailored to specific plant requirements, further driving the adoption of these systems in the cement industry.
 

The Europe pre-heating waste heat recovery system market will surpass over USD 11 billion by 2032, supported by rising energy demand, and supportive government policies promoting energy efficiency and emissions reduction. In addition, stringent environmental regulations and ambitious carbon reduction targets set by the European Union, industries across various sectors are actively seeking ways to minimize energy consumption and reduce greenhouse gas emissions. Pre-heating waste heat recovery systems offer an effective solution to capture and utilize excess heat generated during industrial processes, thereby improving overall energy efficiency and reducing environmental impact.
 

Pre-Heating Waste Heat Recovery System Company Market Share

BIHL, Bosch, Climeon, Cochran, Dürr Group, & IHI Corporation are the major stakeholders in the industry. These companies specialize in manufacturing and supplying waste heat recovery systems, each catering to different industrial sectors and regions.
 

Pre-Heating Waste Heat Recovery System Market Companies

Some of the key market players operating across the pre-heating waste heat recovery system industry are:

• BIHL
• AURA
• Bosch Industriekessel GmbH
• Climeon
• Cochran
• Dürr Group
• EXERGY INTERNATIONAL SRL
• Forbes Marshall
• 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
   

Pre-Heating Waste Heat Recovery System Industry News

• In March 2024, Hitachi Energy came into a strategic partnership with Fortum to provide an advanced grid connection solution for a data centre heat recovery project in Finland. This partnership aims to harness excess heat from data centres and redirect it to heat diverse premises, fostering energy efficiency, sustainability, and environmental preservation.
   
• In February 2024, Ramco Cements doubled the clinker capacity in their plant in Andhra Pradesh, India to 6.3Mt/yr, which will be equipped with a 15 MW waste heat recovery unit. It will increase producer’s installed cement capacity to 26Mt/yr and clinker capacity to 19Mt/yr.
   

The pre-heating 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 2019 to 2032, for the following segments:

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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 & beverages
• Glass
• Others

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