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Base Year: 2024
Companies covered: 20
Tables & Figures: 30
Countries covered: 19
Pages: 120
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Waste Heat Recovery Systems Market
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Waste Heat Recovery Systems Market Size
The global waste heat recovery systems market was valued at USD 64.76 billion in 2024 and will grow at rate of 7.5% from 2025 to 2034. The global market for waste heat recovery systems (WHRS) is undergoing structural change influenced by sustainability, environmental regulations and energy saving technology. These systems augment energy efficiency and lower carbon emissions by recovering residual heat from industrial processes. The market’s potential is further underscored by the increasing demand across other industries such as cement, glass, and chemicals along with petroleum refining.
Positive growth is projected in the WHRS market over the upcoming decade on account of optimistic regulations, technology changes, and global WHRSs industrial demand. As national and regional sustainability measures become more encompassing, industries from different sectors are taking initiative to reduce energy consumption. Consequently, WHRS will become a part of the energy strategies of industries to capture and reuse the excess heat from industrial production processes. This helps in promoting sustainability while simultaneously offering significant cost-saver by reducing outsourcing of energy needs.
The development of cost-effective WHRS systems including heat exchanger design and heat exchangers’ recuperators, is increasing the industrial applicability of these systems. The market for waste heat recovery systems will grow in response to emerging regulatory pressures, especially in countries that have stringent environmental standards. Industries including cement, chemicals, steel, and even manufacturing use WHRS to help boost their energy efficiency and meet their sustainability goals. This focus on regulations and how to cut spending will ensure that WHRS will be increasingly accepted, transforming the industrial field's energy consumption and waste heat management in the future.
Waste Heat Recovery Systems Market Trends
Market growth is enabled by sustainability concerns and carbon emission reduction in addition to the system's profitability due to the advancement in technologies. Industries globally are being forced to take action regarding sustainability and cut down on greenhouse gases. Because government regulations boost, so are companies willing to turn to WHRS as a good approach to regulations and improve company efficiency. WHRS not only minimize emissions but also diminish dependence on conventional energy fuels, thus supporting global decarbonization objectives.
The developments in materials, heat exchangers, and integration capabilities have continuously made WHRS cost-effective and easier to use. This broadens their use in more industries as they can fit into the already existing energy systems and helps the corporations in achieving energy savings without major changes to infrastructure.
The industry scenario will be completed by the increasing product demand in several industrial sectors accompanied by government subsidies and regulations which are designed to encourage the WHRS technology deployment. Cement, glass, heavy metals, and chemical industries are using WHRS for waste heat to power generation. This meets the sustainability targets and helps in lowering production costs and gaining an edge in the market.
In various countries, WHRS technology is promoted with the assistance of tax breaks and subsidies on certain expenses. This promotes waste heat recovery technology employed in various industries and increases the growth of market demand. For instance, in the U.S, the Bipartisan Infrastructure Law provides support USD 275 million has been set aside for Solid Waste Infrastructure for Recycling grants. Starting in fiscal year 2022, USD 55 million will be allocated each year for five years. This will influence the market dynamics in the country.
Waste Heat Recovery Systems Market Analysis
The electricity and steam generation segment of the WHRS market will surpass USD 73.2 billion by 2034. The industry growth is initiated by the international communities growing concern about the environmental condition across the globe and the increase in greenhouse gas emissions due to economic development.
There are various industries across the globe witnessing energy efficient methods to reduce their carbon footprints and WHRS solves this issue by seizing waste heat generated by industrial activities and repurposing it into steam and electricity. As an additional supporting factor, this also prevents greenhouse gas emissions, thus supporting sustainability efforts by providing industries with greater ability to comply with strict emissions regulations.
An additional factor which drives the growth of this segment is the continuously rising energy costs, which have led many industries to look for cheaper options of power generation. WHRS are in higher demand where distributed generation systems are used as these systems allow for power generation to occur in close proximity to where it will be used. With the integration of waste heat recovery into WHRS systems, plants operate efficiently and autonomously without the need for centralized power systems. This lessens the dependency on power grids and reduces the risks related to the supply of energy.
The waste heat recovery systems market from below 230 °C segment is predicted to grow at a CAGR of 8% through 2034. This development is due to the adoption of WHRS that are becoming more commonplace in industries with moderate temperature ranges, which include pulp and paper, food processing, and chemicals. The existence of waste heat from industrial operations considerably increases the potential for recovery and reuse amongst these industries. In addition, the adoption WHRS will be cost effective as these systems tend to reduce global carbon emissions.
The food processing industry heavily depends on several energy inefficient processes for instance, baking, drying and refrigeration requires the product for both financial and ecological advantages to this sector. Similarly, in the pulp and paper industry, waste heat recovery increases efficiency of energy use for the processes of, pulping, drying, and chemical recovery.
The U.S. waste heat recovery systems market will reach over USD 28 billion by 2034. The industry growth is attributed due to high energy costs, a push towards greener practices, regulatory compliance, and other inter-industry collaborations and partnerships. For instance, in April 2024, there was an agreement between Tallgrass, the University of Dayton, and AES Ohio which involved the construction of a wasted heat-to-power facility in Ohio’s Fayette County that captures heat from existing processes and decarbonized processes.
They aim to promote the renewable energy goals of the University of Dayton by selling the generated energy to AES Ohio. Building of the facility started at the beginning of 2024 with plans to be operational as of Q4 in 2025. This project demonstrates the growing support for waste heat to energy technologies in the US as companies work to reduce their energy consumption and meet environmental regulations.
Waste Heat Recovery Systems Market Share
The global market for waste heat recovery systems is expanding due to global energy market trends. During the last few years, the industry has witnessed an increased emphasis on energy efficiency and the reduction of carbon footprints, especially amongst large producers both organizations and in the regions of East and South Asia. In order to gain market share, Climeon, Dürr Group, and Thermax Limited have begun to expand their activities through partnerships and acquisitions. Additionally, the local companies have displayed high levels of industrial and cultural intelligence for the regions of focus.
Waste heat recovery has traditionally been regarded as an energy-efficient alternative. As industry moves forward and tries to cope with waste and sustainability, and a high attention is being paid to the design and systems integration to ensure these efforts achieve the desired results both environmentally and economically. As a result, a lot of consideration is being paid to the utilization of energy waste beyond exhaust gas recovery. Improvements through engineering design and system integration bring about the reduction of energy wastage during industrial production.
Waste Heat Recovery Systems Market Companies
Some of the key market players operating across the waste heat recovery systems industry are:
Waste Heat Recovery Systems Industry News
This waste heat recovery systems market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Billion’ from 2021 to 2034, for the following segments:
Market By Application
Market By Temperature
Market, By End Use
The above information has been provided for the following regions and countries: