Global Waste Heat Recovery System Market
Market Size in USD Billion
CAGR :
% 
USD
84.70 Billion
USD
172.53 Billion
2024
2032
 Forecast Period |
2025 –2032 |
 Market Size (Base Year) |
USD 84.70 Billion |
 Market Size (Forecast Year) |
USD 172.53 Billion |
 CAGR |
% |
| Major Markets Players |
Global Waste Heat Recovery System Market Segmentation, By Application (Preheating, Steam and Electricity Generation, Recuperators, Regenerators, Rotary Heat Exchangers, Heat Pumps, Economizers, and Other Application), End-User Industry (Petroleum Refining, Meta Production, Cement, Chemical, Paper and Pulp, and Others), Temperature (650°C), Technology (Complete Closed Loop Systems, Combustion Air Preheat Systems, and High Particulate Systems), Type (Gas and Diesel Cogeneration Systems, Boiler Exhaust Stack Economizer Systems, and Fume Incineration Systems)- Industry Trends and Forecast to 2032
Waste Heat Recovery System Market Analysis
The waste heat recovery system (WHRS) market is experiencing robust growth, driven by increasing industrial energy efficiency demands and stringent environmental regulations. Waste heat recovery systems capture and reuse heat generated from industrial processes, enhancing energy utilization and reducing greenhouse gas emissions. Industries such as manufacturing, power generation, and oil and gas are increasingly adopting WHRS to optimize energy consumption and minimize operational costs. The rising focus on sustainability and the global push for decarbonization are further propelling market expansion, as businesses seek to reduce carbon footprints while achieving cost savings. Technological advancements, including innovative heat exchangers and organic Rankine cycle systems, are boosting system efficiency and performance. Governments worldwide are introducing incentives and policies to encourage the adoption of waste heat recovery technologies, further supporting market growth. However, challenges such as high initial installation costs and technical complexities in retrofitting existing facilities pose obstacles to widespread adoption. Continued research and development efforts aimed at enhancing cost-effectiveness and integration capabilities are expected to drive the future of the waste heat recovery system market, fostering more sustainable and energy-efficient industrial operations.
Waste Heat Recovery System Market Size
The global waste heat recovery system market size was valued at USD 84.70 billion in 2024 and is projected to reach USD 172.53 billion by 2032, with a CAGR of 9.30% during the forecast period of 2025 to 2032. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.
Report Scope and Waste Heat Recovery System Market Segmentation
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Attributes |
Rare Earth Elements Key Market Insights |
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Segments Covered |
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Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
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Key Market Players |
Alstom (France), ABB (Switzerland), John Wood Group PLC (U.K.), Ormat Technologies Inc. (U.S.), General Electric (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (U.S.), Econotherm Limited (U.K.), Thermax Limited (India), Siemens (Germany), Cool Energy Inc. (U.S.), DEC (China), Harbin Electric Corporation co.,Ltd (China), BIHL (U.K.), AURA (Germany), Exergy International Srl (Italy), IHI Corporation (Japan) |
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Market Opportunities |
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Value Added Data Infosets |
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework. |
Waste Heat Recovery System Market Definition
Waste heat, often generated in commercial sectors and industries, has historically gone to waste. However, the growing awareness of energy conservation and sustainability has prompted many companies to adopt effective methods for harnessing and utilizing this wasted heat. These companies are increasingly turning to heat recovery systems to reduce energy loss and make more efficient use of available resources. Various heat recovery methods are being employed to recycle and repurpose this excess heat, leading to a rising demand for waste heat recovery technology in the market. This trend reflects a commitment to optimizing energy usage and minimizing environmental impact.
Waste Heat Recovery System Market Dynamics
Drivers
- Energy Efficiency Regulations across the Globe
Stringent global energy efficiency regulations are driving the adoption of waste heat recovery systems. Companies are compelled to recover and utilize waste heat to comply with these regulations and reduce their carbon footprint.
- Rising Industrial Investments
Increasing investments in industries such as pulp and paper, petrochemicals, refineries, heavy metals, and chemicals are boosting the waste heat recovery market. These industries recognize the cost-saving potential of waste heat recovery systems.
Opportunities
- Rise in the Technological Advancements
Ongoing technological advancements are creating opportunities for more efficient and cost-effective waste heat recovery systems. Innovations in materials and design are enhancing the overall performance of these systems.
- Growing Sustainability Initiatives
The global focus on sustainability and environmental responsibility is driving the demand for waste heat recovery. Companies seeking to reduce their environmental impact see waste heat recovery as a way to achieve their sustainability goals.
Restraints/Challenges
- High Initial Costs is Required
The initial investment required for installing waste heat recovery systems can be relatively high. This cost can act as a restraint, particularly for small and medium-sized enterprises (SMEs) with limited capital.
- Integration Complexity of Systems
Integrating waste heat recovery systems into existing industrial processes can be complex and challenging. Ensuring seamless integration without disrupting operations is a significant hurdle for companies adopting these systems.
This global waste heat recovery system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global waste heat recovery system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Waste Heat Recovery System Market Scope
The global waste heat recovery system market is segmented on the basis of application, end-user industry, temperature, technology, and type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Preheating
- Steam and Electricity Generation
- Recuperators
- Regenerators
- Rotary Heat Exchangers
- Heat Pumps
- Economizers
- Other Application
End-User Industry
- Petroleum Refining
- Metal Production
- Cement
- Chemical
- Paper and Pulp
- Others
Temperature
- <230°C
- 230-650°C
- >650°C
Technology
- Complete Closed Loop Systems
- Combustion Air Preheat Systems
- High Particulate Systems
Type
- Gas and Diesel Cogeneration Systems
- Boiler Exhaust Stack Economizer Systems
- Fume Incineration Systems
Waste Heat Recovery System Market Regional Analysis
The global waste heat recovery system market is analysed and market size insights and trends are provided by country, application, end-user industry, temperature, technology, and type referenced above.
The countries covered in the global waste heat recovery system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
North America dominates the global waste heat recovery system market due to stringent energy efficiency regulations, significant industrial investments, and a strong focus on sustainability initiatives.
Asia-Pacific is expected to be the fastest growing region in the global waste heat recovery system market during the forecasted period of 2023 to 2030, due to rapid industrialization and increasing energy efficiency regulations.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Waste Heat Recovery System Market Share Analysis
The global waste heat recovery system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global waste heat recovery system market.
Heat Recovery System Market Leaders Operating in the Market Are:
- Alstom (France)
- ABB (Switzerland)
- John Wood Group PLC (U.K.)
- Ormat Technologies Inc. (U.S.)
- General Electric (U.S.)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Echogen Power Systems Inc. (U.S.)
- Econotherm Limited (U.K.)
- Thermax Limited (India)
- Siemens (Germany)
- Cool Energy Inc. (U.S.)
- DEC (China)
- Harbin Electric Corporation co.,Ltd (China)
- BIHL (U.K.)
- AURA (Germany)
- Exergy International Srl (Italy)
- IHI Corporation (Japan)
Latest Developments in Heat Recovery System
- In 13 October 2022, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. developed a cutting-edge waste heat recovery system, the WHR-ORC system, based on Organic Rankine Cycle technology. This innovation addresses the declining waste heat recovery from main engines as fuel efficiency improves, contributing to energy efficiency in large vessels
- In November 2022, Swiss industrial group ABB Ltd. made a strategic move by acquiring a minority stake in the UK-based climate tech start-up, Tallarna Ltd. This acquisition aimed to enhance ABB's portfolio of user-friendly energy management technologies and bolster its Smart Power division's digital offerings.
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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