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, Regional Outlook & Forecast, 2024 – 2032

Waste Heat Recovery Systems Market Size

Waste Heat Recovery Systems Market was valued at USD 62.6 billion in 2023 and is anticipated to grow at a CAGR of over 7.5% from 2024 to 2032. Increasing focus towards industrial energy efficiency along with rising environmental regulations pertaining to industrial emissions will increase the product deployment, thereby spurring growth to the market. Industries are increasingly focusing on improving energy efficiency and reducing operational costs and the product capture and reuse waste heat from industrial processes, leading to substantial energy savings and reduced carbon emissions.
 

Stringent environmental regulations and policies aimed at reducing greenhouse gas emissions are pushing industries to adopt WHRS. Governments across the globe are implementing policies and incentives to promote energy-efficient technologies. In addition, technological advancements in WHRS are improving their efficiency and reducing costs. Innovations in materials, heat exchangers, and integration with other energy systems are making these systems more attractive to a wide range of industries.
 

Waste Heat Recovery Systems Market Trends

Strict government mandates on emissions coupled with the growing importance of energy conservation are set to boost the market size of waste heat recovery systems (WHRS). Key application sectors with high waste heat recovery potential include cement, glass, heavy metal manufacturing, chemical manufacturing, and petroleum refining. WHRS are expected to gain prominence in the coming years due to their ability to reduce operating costs and generate power and heat on-site. Government initiatives aimed at reducing the carbon footprint while enhancing energy efficiency will drive market growth. Ongoing technological advancements have significantly improved system efficiency and reduced costs, stimulating business expansion.
 

Waste Heat Recovery Systems Market Analysis

Based on application, the electricity & steam generation application industry is expected to surpass over USD 64 billion by 2032. The implementation of waste heat recovery systems (WHRS) for electricity and steam generation will be driven by ongoing efforts to reduce greenhouse gas emissions and rising power prices. Key factors fuelling corporate growth include a heightened focus on improving plant efficiency and a growing need for on-site power production.
 

Based on temperature, the Waste heat recovery systems (WHRS) operating below 230°C will grow at a rate of over 8.2% through 2032 and are predominantly used in medium-sized sectors such as pulp and paper, food processing, and chemicals. These systems enable plant managers to reduce operational costs, enhance energy efficiency, and lower industrial CO2 emissions. The ongoing expansion of co-generation units for environmentally friendly waste heat utilization will further support industrial growth.
 

Asia Pacific waste heat recovery systems market is anticipated to exceed over USD 38 billion by 2032. Growing awareness among businesses about the benefits of waste heat recovery systems including increased understanding of energy conservation, sustainability, and potential cost savings has encouraged industries to explore and implement these technologies across the region.
 

The U.S. waste heat recovery system market is experiencing significant growth driven by stringent environmental regulations, rising energy costs and a strong emphasis on sustainability. Increasing awareness among industries about the economic benefits of waste heat recovery systems such as reduced energy consumption and operating costs is propelling market demand.
 

Waste Heat Recovery Systems Market Share

Climeon, DÜRR Group, MITSUBISHI HEAVY INDUSTRIES LTD., Cochran, Thermax Limited are few of the key market players in the global waste heat recovery systems industry. Strategic collaborations, international business expansion, and mergers and acquisitions are among the key initiatives pursued by leading industry players. Additionally, these companies are heavily investing in research and development to gain a competitive edge over their counterparts.
 

Waste Heat Recovery Systems Market Companies

Major key players operating across the waste heat recovery systems industry are:

• BIHL
• AURA GmbH & CO. KG
• Bosch Industriekessel GmbH
• Climeon
• Cochran
• DÜRR Group
• Echogen
• EXERGY INTERNATIONAL SRL
• Forbes Marshall
• General Electric
• IHI Power Systems Co., Ltd.
• John Wood Group PLC
• MITSUBISHI HEAVY INDUSTRIES LTD.
• Ormat
• Promec Engineering
• Rentech Boilers
• Siemens Energy
• Sofinter S.p.a.
• Thermax Limited
• Viessmann
   

Waste Heat Recovery Systems Industry News

• In April 2024, Climeon has announced a strategic partnership with Franman to expand its presence in Greece. Through this collaboration, the company aims to introduce its advanced Organic Rankine Cycle (ORC) waste-heat-to-power technology, assisting ship owners and builders in reducing their carbon footprint, enhancing energy efficiency, and contributing to a sustainable shipping industry.
   
• In October 2023, Exergy announced that the Sanfame waste heat recovery power plant started its operations in Wuxi, Jiangsu, China, the facility utilizes waste heat from a PET manufacturing process to generate electricity. The company’s Organic Rankine Cycle (ORC) unit efficiently captures heat from overhead process steam and non-condensable gases (NCG) in the customer's process column. The power plant is expected to contribute to the reduction of approximately 17,000 tons of CO2 emissions and save the consumption of 8,500 toe (tons of oil equivalent) annually. The operation of this plant strengthened the company’s market presence across the region in waste heat recovery system industry.
   

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 2032, for the following segments:

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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

Market, By End Use

• Petroleum Refining
• Cement
• Heavy Metal Manufacturing
• Chemical
• Pulp & Paper
• Food & Beverage
• Glass
• Other Manufacturing

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
• Aisa Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina