Waste Heat Recovery System Market Forecast to Reach USD 113.8 Billion by 2030

◉ Global Waste Heat Recovery System Market Poised for Significant Growth Amid Rising Energy Efficiency Demands

The global waste heat recovery system market is on a robust growth trajectory, driven by increasing environmental concerns and the imperative for energy efficiency across industries. Valued at USD 70.83 billion in 2023, the market is projected to expand at a compound annual growth rate (CAGR) of 7% from 2024 to 2030, reaching nearly USD 113.8 billion by the end of the forecast period.

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◉ Global Waste Heat Recovery System Market Overview

Waste heat recovery systems capture and reuse heat from sources such as flue gases, diesel generators, and cooling tower steam. These systems are integral in applications like combustion air preheating, steam and power generation, and space and water heating. The adoption of such technologies not only enhances plant efficiency but also contributes to significant cost savings and environmental benefits.

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◉ Global Waste Heat Recovery System Competitive Landscape

The market features prominent players including Siemens AG, Mitsubishi Heavy Industries Ltd., General Electric, ABB, Boustead International Heaters, Forbes Marshall, John Wood Group plc, Ormat Technologies Inc., Thermax Ltd., and Climeon AB. These companies are actively engaged in strategic initiatives such as mergers, acquisitions, and partnerships to strengthen their market positions and expand their technological capabilities. ​

◉ Global Waste Heat Recovery System Regional Demand Dynamics

The Asia-Pacific region is experiencing the highest demand for waste heat recovery systems, driven by rapid industrialization, urbanization, and a growing emphasis on sustainable practices in countries like China and India. This surge is particularly evident in the cement industry, where waste heat recovery systems are increasingly employed to enhance energy efficiency.

◉ Global Waste Heat Recovery System Country-Specific Developments

Vietnam: Emerging Opportunities in Waste Heat Recovery

Vietnam's industrial sector is witnessing a gradual adoption of waste heat recovery technologies, particularly in the cement and manufacturing industries. While specific merger and acquisition activities are limited, the government's focus on energy efficiency is expected to create favorable conditions for future investments and collaborations in this sector.​

Thailand: Trends in Energy Efficiency Initiatives

Thailand is emphasizing energy efficiency through initiatives that promote the adoption of waste heat recovery systems in industries such as petrochemicals and cement. The government's supportive policies are encouraging both local and international companies to invest in waste heat recovery technologies, fostering a competitive market landscape.​

Japan: Consolidation in Waste Heat Recovery Technologies

Japan's market is characterized by technological advancements and consolidation activities. Mitsubishi Heavy Industries Ltd. has been at the forefront, securing contracts to renovate waste-to-energy plants, thereby extending their service life and enhancing energy efficiency.

South Korea: Opportunities in Industrial Energy Efficiency

South Korea is focusing on integrating waste heat recovery systems within its robust industrial framework. The government's push for sustainable energy solutions is creating opportunities for both domestic and international players to introduce advanced waste heat recovery technologies in sectors like steel and petrochemicals.​

Singapore: Trends in Sustainable Industrial Practices

Singapore is promoting sustainable industrial practices by encouraging the adoption of waste heat recovery systems. The city's commitment to reducing carbon emissions aligns with the increasing implementation of these systems across various industries, supported by government incentives and policies.​

United States: Growth in Waste Heat Recovery Investments

The United States is witnessing significant investments in waste heat recovery systems, driven by rising electricity prices and a focus on onsite power generation. Companies are increasingly adopting these systems to enhance energy efficiency and reduce operational costs, contributing to market growth. ​

China: Updation in Waste Heat Recovery Deployments

China is making substantial strides in deploying waste heat recovery systems, particularly in the chemical and cement industries. In January 2023, Exergy secured a pivotal contract to implement a waste heat recovery system at a major chemical plant, aiming to reduce energy consumption and environmental impact.

Europe: Consolidation and Technological Advancements

Europe is experiencing consolidation in the waste heat recovery market, with companies like Exergy partnering with steel manufacturers to develop customized solutions. This collaboration underscores the region's commitment to technological advancements and energy efficiency in industrial operations.

Waste Heat Recovery System Market Segment Analysis:
by Technology

Steam Rankine Cycle Systems
Organic Rankine Cycle Systems
Kalina Cycle Systems
Thermoelectric Generators
Others

by Application

Preheating
Steam and Electricity Generation
Power Generation
Other

Due to rising global demand, power and steam generation was the waste heat recovery system market's dominant application segment. Rising electricity prices, combined with ongoing efforts to reduce GHG emissions, will encourage the use of WHRS for power and steam generation. Rising demand for onsite power generation, as well as a focus on plant efficiency, are driving the segment growth.

by End User

Petroleum Refining
Metal Manufacturing
Cement Industry
Chemical Industry
Oil & Gas Industry
Paper & Pulp
Textile

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◉ Recent Developments

Exergy's Strategic Initiatives: In January 2023, Exergy secured a contract to deploy a waste heat recovery system at a major chemical plant in China. By April 2023, the company commissioned an Organic Rankine Cycle (ORC) system at an Indian cement plant, converting low-grade heat into electricity. In July 2023, Exergy partnered with a prominent European steel manufacturer to develop customized waste heat recovery solutions.

Climeon's Technological Launch: In September 2022, Climeon AB introduced HeatPower 300 Maritime, a waste heat recovery technology designed to enhance energy efficiency in the shipping industry by converting onboard waste heat into clean electricity.

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