Waste Heat Recovery Systems Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2030

The report on the global waste heat recovery systems market provides qualitative and quantitative analysis for the period from 2021-2030. The global waste heat recovery systems market was valued at USD 72.64 billion in 2022 and is expected to reach USD 134.14 billion in 2028, with a CAGR of over 7.02% during the forecast period 2023-2030. The study on waste heat recovery systems market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

Waste Heat Recovery Systems (WHRS) an innovative technology that play a pivotal role in enhancing energy efficiency and sustainability across various industrial sectors. These systems are designed to capture and repurpose heat generated as a by-product of industrial processes or power generation, which would otherwise dissipate into the environment as waste. In addition, with the rise in environmental concerns, the government is implementing several policies and regulations. These regulations impose strict limits on greenhouse gas emissions and encourage sustainable practices. WHRS helps industries comply with these regulations by capturing and repurposing waste heat and reducing energy consumption and emissions. As a result, companies are increasingly adopting WHRS to align with environmental mandates, avoid penalties, and improve their eco-friendly image.

The petroleum refinery segment held a significant share of the market. The implementation of waste heat recovery systems in refineries plays a crucial role in enhancing energy efficiency and minimizing heat loss across various processes. These systems are pivotal not only for generating onsite electricity but also for preheating combustion air, ultimately reducing energy consumption within refineries. The petroleum refining industry, being highly energy-intensive, relies on waste heat recovery systems as a fundamental component of its energy conservation efforts. Furthermore, the petroleum sector is increasingly prioritizing waste energy conservation and cost reduction, which is expected to propel the market forward in the years to come. Moreover, oil and gas companies are actively engaged in initiatives aimed at mitigating the carbon footprint of their manufacturing facilities. For instance, in February 2022, ORCAN ENERGY AG, a leading waste heat supplier, inked a long-term supply agreement with ICE Thermal Harvesting (ICE) to capture and utilize waste heat within ICE's power systems. This partnership exemplifies the industry's commitment to harnessing waste heat as part of broader sustainability and emissions reduction strategies.

Asia Pacific generated a significant share of revenue in the waste heat recovery systems market. The growing presence of various industries such as cement, paper and pulp, metal processing, and production in the Asia Pacific region. This industry generates large amounts of waste heat during the time of manufacturing and processing activities. Owing to this, many industries are adopting waste heat recovery systems to optimize energy use. Thus, the rising industrialization and increasing adoption of the system by different industry verticals further contribute to the rising demand for waste heat recovery systems. Moreover, the Asia-Pacific region remarkably contributed to the growth of the waste heat recovery systems market due to the increasing penetration of new technology in countries like India, China, Thailand, and Malaysia. The increasing awareness regarding energy conservation, sustainability, and environmental effects in the countries across the region is providing new growth opportunities for the market during the forecasted period.

Report Findings

1) Drivers

• The rising demand for waste heat recovery systems in power and steam generation drives the growth of the market.
• The rising demand for onsite power generation and increasing electricity prices propels the market growth.

2) Restraints

• High implementation costs act as a major restraint for market growth.

3) Opportunities

• Growing environmental concerns provide growth opportunities for the market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include
1. Key Opinion Leaders
2. Internal and External subject matter experts
3. Professionals and participants from the industry

The primary research respondents typically include

1. Executives working with leading companies in the market under review
2. Product/brand/marketing managers
3. CXO level executives
4. Regional/zonal/ country managers
5. Vice President level executives.

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

1. Company reports and publications
2. Government/institutional publications
3. Trade and associations journals
4. Databases such as WTO, OECD, World Bank, and among others.
5. Websites and publications by research agencies

Segment Covered

The global waste heat recovery systems market is segmented on the basis of application, and end-use.

The Global Waste Heat Recovery Systems Market by Application

• Pre-heating
• Steam and Power Generation
• Others

The Global Waste Heat Recovery Systems Market by End-use

• Petroleum Refining
• Cement
• Chemical
• Pulp and Paper
• Others

Company Profiles

The companies covered in the report include

• ABB Ltd.
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Siemens Energy
• General Electric
• Thermax Limited
• Ormat Technologies, Inc.
• Robert Bosch GmbH
• Echogen
• Econotherm Limited
• Others

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the waste heat recovery systems market.
2. Complete coverage of all the segments in the waste heat recovery systems market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global waste heat recovery systems market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.