- Pre- Heating
- Electricity & Steam Generatio
- Others
Waste Heat Recovery Systems Market size was valued at USD 66.3 billion in 2022. It is expected to reach a value of USD 101.7 billion by 2029, growing at a CAGR of 6.3% from 2023 to 2029. The global market provides a detailed overview of the Waste Heat Recovery Systems Market, which has been segmented into application analysis, temperature analysis, and end user. By application analysis, the market has been segmented into Pre- Heating, Electricity & Steam Generation, and Others. The Electricity & Steam Generation segment is likely the most significant and fastest-growing segment in application analysis. By temperature analysis, the Waste Heat Recovery Systems market has been segmented into <230 0C, 230-650 0C, and>650 0C. The <230 0C segment holds a significant revenue share in the market. Based on the end user, the Waste Heat Recovery Systems are segmented into Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper Chemicals, Food & Beverage, Glass, and Others. According to precision business insights, the Petroleum Refining segment is predicted to register the fastest growth rate during the forecast period.
Waste Heat Recovery Systems Market Key developments:
- In March 2022, Alfa Laval has launched the E-PowerPack waste heat recovery system for ships. Able to convert waste heat directly into electrical power, the E-PowerPack uses Organic Rankine Cycle (ORC) technology to reduce ship fuel consumption and CO2 emissions.
Waste Heat Recovery Systems Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
6.3%
Largest Market
North American
Fastest Growing Market
Asia-Pacific
Waste Heat Recovery Systems Market Dynamics
Global waste heat recovery system (WHRS) market expansion is anticipated to be primarily driven by rising concerns about greenhouse gas (GHG) emissions and stringent laws to reduce carbon footprint.
North American Got Significant Share
Waste Heat Recovery Systems Market Regional Analysis
The North American market is expected to witness the largest market share during the forecast period.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Waste Heat Recovery Systems Market Segmentation
By Application Analysis
By Temperature Analysis
- <230 0C
- 230-650 0C
- >650 0C
By End User
- Petroleum Refining
- Cement
- Heavy Metal Manufacturing
- Chemical
- Pulp & Paper
- Food & Beverage
- Glass
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
The waste heat recovery systems market size was valued at USD 66.3 billion in 2022
The waste heat recovery systems market key players are: Sigma Thermal Echogen Power Ststems Inc. Thermax Limited General Electric Co. Siemens Energy Mitsubishi Heavy Industries LTD Kemco Stystems Endotherm Ltd Ormat Technolgies ABB Ltd.
The waste heat recovery systems market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
| 1. Executive Summary |
| 2. Global Waste Heat Recovery Systems Market Introduction |
| 2.1. Global Waste Heat Recovery Systems Market Taxonomy |
| 2.2. Global Waste Heat Recovery Systems Market Definitions |
| 2.2.1. By Application |
| 2.2.2. By Temperature |
| 2.2.3. By End User |
| 2.2.4. By Region |
| 3. Global Waste Heat Recovery Systems Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Waste Heat Recovery Systems Market Dynamic Factors - Impact Analysis |
| 3.6. Global Waste Heat Recovery Systems Market Competition Landscape |
| 4. Global Waste Heat Recovery Systems Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Waste Heat Recovery Systems Market, By Application, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1. Pre- Heating |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Electricity & Steam Generation |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Others |
| 5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global Waste Heat Recovery Systems Market, By Temperature, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.1. <230 0C |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. 230-650 0C |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. >650 0C |
| 6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Waste Heat Recovery Systems Market, By End User, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1. Petroleum Refining |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Cement |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Heavy Metal Manufacturing |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Chemical |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Pulp & Paper |
| 7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Food & Beverages |
| 7.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.6.3. Market Opportunity Analysis |
| 7.7. Glass |
| 7.7.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.7.3. Market Opportunity Analysis |
| 7.8. Others |
| 7.8.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.8.3. Market Opportunity Analysis |
| 8. Global Waste Heat Recovery Systems Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia-Pacific |
| 8.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Latin America |
| 8.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Middle East and Africa |
| 8.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 8.6. Global Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, End User, and Region, 2023 - 2029 |
| 9. North America Waste Heat Recovery Systems Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 9.1. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Pre- Heating |
| 9.1.2. Electricity & Steam Generation |
| 9.1.3. Others |
| 9.2. Temperature Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. <230 0C |
| 9.2.2. 230-650 0C |
| 9.2.3. >650 0C |
| 9.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1. Petroleum Refining |
| 9.3.2. Cement |
| 9.3.3. Heavy Metal Manufacturing |
| 9.3.4. Chemical |
| 9.3.5. Pulp & Paper |
| 9.3.6. Food & Beverage |
| 9.3.7. Glass |
| 9.3.8. Others |
| 9.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.4.1. USA |
| 9.4.2. Canada |
| 9.5. North America Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2023 - 2029 |
| 9.6. North America Waste Heat Recovery Systems Market Dynamics Trends |
| 10. Europe Waste Heat Recovery Systems Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Pre- Heating |
| 10.1.2. Electricity & Steam Generation |
| 10.1.3. Others |
| 10.2. Temperature Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. <230 0C |
| 10.2.2. 230-650 0C |
| 10.2.3. >650 0C |
| 10.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1. Petroleum Refining |
| 10.3.2. Cement |
| 10.3.3. Heavy Metal Manufacturing |
| 10.3.4. Chemical |
| 10.3.5. Pulp & Paper |
| 10.3.6. Food & Beverage |
| 10.3.7. Glass |
| 10.3.8. Others |
| 10.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.4.1. Germany |
| 10.4.2. UK |
| 10.4.3. France |
| 10.4.4. Spain |
| 10.4.5. Italy |
| 10.4.6. Russia |
| 10.4.7. Rest of Europe |
| 10.5. Europe Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2023 - 2029 |
| 10.6. Europe Waste Heat Recovery Systems Market Dynamics Trends |
| 11. Asia-Pacific Waste Heat Recovery Systems Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Pre- Heating |
| 11.1.2. Electricity & Steam Generation |
| 11.1.3. Others |
| 11.2. Temperature Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. <230 0C |
| 11.2.2. 230-650 0C |
| 11.2.3. >650 0C |
| 11.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1. Petroleum Refining |
| 11.3.2. Cement |
| 11.3.3. Heavy Metal Manufacturing |
| 11.3.4. Chemical |
| 11.3.5. Pulp & Paper |
| 11.3.6. Food & Beverage |
| 11.3.7. Glass |
| 11.3.8. Others |
| 11.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.4.1. China |
| 11.4.2. India |
| 11.4.3. Japan |
| 11.4.4. ASEAN |
| 11.4.5. Australia & New Zealand |
| 11.4.6. Rest of Asia-Pacific |
| 11.5. Asia-Pacific Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2023 - 2029 |
| 11.6. Asia-Pacific Waste Heat Recovery Systems Market Dynamics Trends |
| 12. Latin America Waste Heat Recovery Systems Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 12.1. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Pre- Heating |
| 12.1.2. Electricity & Steam Generation |
| 12.1.3. Others |
| 12.2. Temperature Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. <230 0C |
| 12.2.2. 230-650 0C |
| 12.2.3. >650 0C |
| 12.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1. Petroleum Refining |
| 12.3.2. Cement |
| 12.3.3. Heavy Metal Manufacturing |
| 12.3.4. Chemical |
| 12.3.5. Pulp & Paper |
| 12.3.6. Food & Beverage |
| 12.3.7. Glass |
| 12.3.8. Others |
| 12.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.4.1. Brazil |
| 12.4.2. Mexico |
| 12.4.3. Argentina |
| 12.4.4. Rest of Latin America |
| 12.5. Latin America Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2023 - 2029 |
| 12.6. Latin America Waste Heat Recovery Systems Market Dynamics Trends |
| 13. Middle East and Africa Waste Heat Recovery Systems Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 13.1. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. Pre- Heating |
| 13.1.2. Electricity & Steam Generation |
| 13.1.3. Others |
| 13.2. Temperature Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1. <230 0C |
| 13.2.2. 230-650 0C |
| 13.2.3. >650 0C |
| 13.3. End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1. Petroleum Refining |
| 13.3.2. Cement |
| 13.3.3. Heavy Metal Manufacturing |
| 13.3.4. Chemical |
| 13.3.5. Pulp & Paper |
| 13.3.6. Food & Beverage |
| 13.3.7. Glass |
| 13.3.8. Others |
| 13.4. Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 13.4.1. Gulf Cooperation Council (GCC) Countries |
| 13.4.2. Israel |
| 13.4.3. South Africa |
| 13.4.4. Rest of MEA |
| 13.5. MEA Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2023 - 2029 |
| 13.6. MEA Waste Heat Recovery Systems Market Dynamics Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Application Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. Sigma Thermal |
| 14.2.2. Echogen Power Ststems Inc. |
| 14.2.3. Thermax Limited |
| 14.2.4. General Electric Co. |
| 14.2.5. Siemens Energy |
| 14.2.6. Mitsubishi Heavy Industries LTD |
| 14.2.7. Kemco Stystems |
| 14.2.8. Endotherm Ltd |
| 14.2.9. Ormat Technolgies |
| 14.2.10. ABB Ltd. |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
- Sigma Thermal
- Echogen Power Ststems Inc.
- Thermax Limited
- General Electric Co.
- Siemens Energy
- Mitsubishi Heavy Industries LTD
- Kemco Stystems
- Endotherm Ltd
- Ormat Technolgies
- ABB Ltd.