Market Outlook:
Waste Heat Recovery System Market size is predicted to grow from USD 60.15 billion in 2024 to USD 151.81 billion by 2034, reflecting a CAGR of over 9.7% from 2025 through 2034. The industry revenue is forecasted to reach USD 65.4 billion in 2025.
Base Year Value (2024)
USD 60.15 billion
19-24
x.x %
25-34
x.x %
CAGR (2025-2034)
9.7%
19-24
x.x %
25-34
x.x %
Forecast Year Value (2034)
USD 151.81 billion
19-24
x.x %
25-34
x.x %
Historical Data Period
2019-2024
Forecast Period
2025-2034
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Market Dynamics:
Growth Drivers & Opportunity:
Rising energy costs, stringent government regulations, and increasing focus on sustainability are driving the demand for waste heat recovery systems in various industries.
Report Scope
Report Coverage | Details |
---|
Segments Covered | End-Use, Application, Phase System |
Regions Covered | • North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC)
• Latin America (Argentina, Brazil, Rest of South America)
• Middle East & Africa (GCC, South Africa, Rest of MEA) |
Company Profiled | Siemens Energy,Mitsubishi Power,., General Electric, ABB, Turboden S.p.A., Bosch Industriekessel, Exergy International Srl, Forbes Marshall, IHI, Terrapin |
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Industry Restraints:
High initial investment costs and lack of awareness about waste heat recovery technology among small and medium-sized enterprises are major restraints for the waste heat recovery system market.
Regional Forecast:
Largest Region
Europe
31% Market Share in 2024
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North America:
The Waste Heat Recovery System market in North America is expected to witness significant growth due to strict government regulations regarding energy efficiency and the increasing focus on reducing carbon emissions. The United States and Canada are the key countries driving the market growth in the region.
Asia Pacific:
The Waste Heat Recovery System market in Asia Pacific is projected to experience rapid growth, particularly in countries like China, Japan, and South Korea. This growth can be attributed to the increasing industrial activities, along with stringent environmental regulations aimed at reducing greenhouse gas emissions.
Europe:
In Europe, the Waste Heat Recovery System market is anticipated to witness steady growth in countries such as the United Kingdom, Germany, and France. The market growth in this region is driven by the strong emphasis on sustainability and energy efficiency, as well as the presence of a well-established industrial sector.
Segmentation Analysis:
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In terms of segmentation, the global waste heat recovery system market is analyzed on the basis of End-Use, Application, Phase System
Waste Heat Recovery System Market Size & Share
The Waste Heat Recovery System market is expected to witness substantial growth in the coming years, with a promising market size and share. The increasing focus on energy efficiency and sustainability across industries is driving the demand for waste heat recovery systems. These systems help in capturing and reusing heat that would otherwise be wasted, thereby reducing energy consumption and operational costs.
By Application (Pre Heating, Steam & Power Generation)
The Waste Heat Recovery System market can be segmented based on applications such as pre-heating, steam generation, and power generation. Pre-heating applications involve using the recovered heat for heating purposes, while steam generation involves converting the heat into steam for various industrial processes. Power generation applications focus on converting the heat into electricity, thereby providing an additional source of power for industries.
End-use (Petroleum Refinery, Chemical, Cement)
The Waste Heat Recovery System market caters to various end-use industries such as petroleum refineries, chemical plants, and cement factories. These industries generate a significant amount of waste heat during their operations, which can be effectively captured and utilized through waste heat recovery systems. By implementing these systems, industries can not only reduce their energy consumption but also lower their carbon footprint.
Phase System
The Waste Heat Recovery System market can also be categorized based on the phase system used in the recovery process. Common phase systems include liquid phase, gas phase, and hybrid systems, each offering unique benefits and applications. Liquid-phase systems are typically used in industries where there is a high availability of liquid waste heat, while gas-phase systems are more suitable for industries with gaseous waste heat streams. Hybrid systems combine both liquid and gas phase technologies to maximize heat recovery efficiency.
Competitive Landscape:
Company Profile
Business Overview
Financial Highlights
Product Landscape
SWOT Analysis
Recent Developments
Company Heat Map Analysis
Competitive Landscape: The Waste Heat Recovery System Market is highly competitive with key players constantly striving for innovation and new product development. Companies are focusing on strategic collaborations and partnerships to enhance their market presence.
Top Market Players:
1. Siemens AG
2. General Electric Company
3. Ormat Technologies Inc.
4. Thermax Limited
5. Mitsubishi Heavy Industries Ltd.
6. ABB Ltd.
7. Boustead International Heaters Ltd.
8. Amec Foster Wheeler
9. Econotherm Ltd.
10. Sigma Thermal
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
Chapter 2. Executive Summary
Chapter 3. Waste Heat Recovery System Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter's Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
Chapter 4. Waste Heat Recovery System Market Statistics, by Segments
- Key Trends
- Market Estimates and Forecasts
*Segment list as per the report scope/requirements
Chapter 5. Waste Heat Recovery System Market Statistics, by Region
- Key Trends
- Introduction
- Recession Impact
- Market Estimates and Forecasts
- Regional Scope
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Singapore
- India
- Australia
- Rest of APAC
- Latin America
- Argentina
- Brazil
- Rest of South America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
*List Not Exhaustive
Chapter 6. Company Data
- Business Overview
- Financials
- Product Offerings
- Strategic Mapping
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Recent Development
- Regional Dominance
- SWOT Analysis
*Company list as per the report scope/requirements