- Waste heat recovery systems capture and reuse heat generated as a by-product of industrial processes, converting it into electricity or steam to enhance energy efficiency and reduce operational costs.
- The demand for WHRS is fueled by rising energy costs, government initiatives promoting energy-efficient technologies, and increasing awareness of sustainability across industries such as petroleum refining, cement, and chemical manufacturing.
- North America dominated the electricity & steam generation waste heat recovery systems market with a revenue share of 27.4% in 2024, driven by stringent environmental regulations, high adoption of combined cycle power plants, and significant investments in energy-efficient technologies, particularly in the U.S.
- Asia-Pacific is expected to be the fastest-growing region during the forecast period, propelled by rapid industrialization, increasing construction activities, and supportive government policies in countries such as China and India.
- The steam & electricity generation segment dominated the largest market revenue share of 51% in 2024, driven by the increasing demand for energy-efficient solutions and the ability to convert waste heat into usable power, reducing operational costs and greenhouse gas emissions in industries such as power generation and manufacturing
