Global High Efficiency Industrial Waste Heat Recovery Boilers Market to Reach USD 13.46 Billion by 2031 Led by Bosch and B&W

The global market for High-Efficiency Industrial Waste Heat Recovery Boilers is accelerating as manufacturers and end-users push toward deeper decarbonization and lower energy bills. According to the 2025 edition of Global High-Efficiency Industrial Waste Heat Recovery Boilers Market Outlook, In-Depth Analysis & Forecast to 2031 from QYResearch, the market is projected to grow from US$ 6,863 million in 2024 to US$ 13,459 million by 2031, a 10.1% CAGR (2025-2031).

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Company List
Bosch Thermotechnology
General Electric
Siemens Energy
Mitsubishi Power
ABB
Babcock & Wilcox Enterprises
Cleaver-Brooks
John Wood Group PLC
Valmet
Thermax Limited
Viessmann
Hoval
ZVU Engineering
AC Boilers
Bono Energia
Rentech Boiler Systems
Forbes Marshall
Aalborg CSP
Cannon Bono Energia
Doosan Heavy Industries & Construction
Foster Wheeler
Hamon D'Hondt
Enertime
Kawasaki Heavy Industries
Hitachi Zosen Inova
Amec Foster Wheeler
Sugimat
PETROJET
Climeon
Clayton Industries

Product profiles for five leading companies:
Bosch Thermotechnology - Universal Heat Recovery Steam Boiler (HRSB)
• Type: Heat-recovery shell boiler for process steam from waste flue gas
• Steam output: 400-4,100 kg/h
• Safety pressure: 10 or 16 bar (saturated steam)
• Flue-gas side: Accepts waste-gas temps up to 550 °C; handles ~500-23,500 kg/h flue-gas volume
• Integration: Suitable for ~0.5-4 MWel CHP units; optional economizer and flue-gas bypass for efficiency/continuity

Babcock & Wilcox - Refinery FCCU Waste Heat Boiler (case spec)
• Service: Replacement FCCU CO-boiler with waste-heat recovery unit at a large U.S. refinery
• Steam generation: 111,900 lb/h (≈14.1 kg/s)
• Steam conditions: 415 psig (≈28.6 bar), 574 °F (≈301 °C)
• Features: Integrated sootblowers; designed for FCC flue-gas duty to improve reliability and extend run length

Thermax Limited - Waste Heat Recovery Boiler (Cement PH/AQC System)
• Reference duty (kiln ~4,800 TPD): Three-boiler configuration (Preheater, Calciner, Clinker Cooler)
• Steam generation (approx.): PH: 9 TPH; Calciner: 21 TPH; Cooler: 20 TPH
• Steam conditions: 17 kg/cm2(g) (≈1.67 MPa(g)), 325 °C
• Flue-gas inputs (approx.): PH 111,000 Nm3/h @ 365 °C; Calciner 250,000 Nm3/h @ 365 °C; Cooler 210,000 Nm3/h @ 375 °C; dust up to ~100 g/Nm3 (design basis)

Kawasaki Heavy Industries - Cement Plant Waste Heat Power Generation (PH + AQC Boilers)
• System scope: Preheater (PH) and Air-Quenching Cooler (AQC) waste-heat boilers driving a steam turbine-generator
• Plant impact: Typically supplies ~20-30% of a cement plant's electricity demand; ~30% coverage cited on modern PH lines
• Output benchmarks: 25-45 kWh per ton of clinker; for a 5,000 TPD line, indicative ~6-9 MW net depending on losses and cyclone stages
• Footprint: Extensive installed base and long track record on cement WHR systems

RENTECH Boiler Systems - Custom Waste Heat / HRSG Solutions
• Capacity envelope: Custom waste-heat boilers and HRSGs up to ~400,000 lb/h steam (≈50 kg/s)
• Typical design pressures: ~150-1,000 psig
• Thermal limits: HRSG designs handling gas paths to ~1,600 °F (≈871 °C); fresh-air firing options for turbine-offline operation
• Process conditions: Configurable for high flue-gas pressure, solids loading, and corrosive constituents; engineered to industry standards

Application List
Steel Industry
Cement Industry
Glass Manufacturing
Chemical and Petrochemical Industry
Others

Classification List
Flue Gas Waste Heat Recovery Boiler
Hot Water Waste Heat Recovery Boiler
Steam Waste Heat Recovery Boiler

Latest Data
• Forecasted Market Size in 2031: US$ 13,459 million
• CAGR (2025-2031): 10.1%
• Market Size available for years: 2025-2031
• 2024 global production: ~68,600 units
• Average selling price (ASP) 2024: ~US$100,000 per unit
• Regional Outlook (high level): Growth across North America, Europe, and Asia-Pacific, with APAC leading expansion and Europe/North America supported by policy-driven industrial decarbonization programs.

Cost / Gross Profit / Gross Profit Margin
Using the report's ASP ≈ US$100,000 and company-reported gross margins from leading OEMs active in boilers and waste-heat solutions, the indicative economics per unit are as follows:
• Babcock & Wilcox (gross margin ≈ 24.68% in 2024):
Approx. gross profit US$24,680; cost of goods sold ≈ US$75,320.
• Bosch Group (gross margin ≈ 30.7% in 2024):
Approx. gross profit US$30,700; cost ≈ US$69,300.
• Thermax (FY25 gross profit margin ≈ 8.7%):
Approx. gross profit US$8,700; cost ≈ US$91,300.

Interpretation: These are company-reported gross margins at enterprise/segment level applied to the product ASP as a reasonable proxy to illustrate per-unit economics in this category; actual project margins vary by specification, scope, and contract structure.

2025 Trend Briefing & Notable Company Results
Electrification, low-grade heat capture, and digital optimization are redefining waste-heat recovery in 2025. Industrial buyers in steel, cement, glass, and chemicals are accelerating projects that turn exhaust and process heat into useful steam and hot water, shrinking fuel bills and Scope-1 emissions while de-risking exposure to volatile gas prices and evolving carbon costs. The market's 10.1% CAGR through 2031 (from US$ 6.9B in 2024 to US$ 13.5B) reflects not only higher adoption rates but also rising average system sophistication: higher-temperature materials, corrosion-and-fouling-resistant heat exchangers, smarter soot-blowing, and deeper integration with plant controls.

Flagship achievement-industrial steam, without the flame. In 2025, AtmosZero installed the first commercial Boiler 2.0-an electric, heat-pump-based, drop-in industrial steam system-at New Belgium Brewing (Fort Collins, U.S.). The milestone demonstrates that medium-pressure process steam can be delivered without on-site combustion, using high-efficiency vapor-compression cycles that convert electricity into steam at markedly better system COP than traditional resistance boilers. The installation was completed with no production downtime, signaling maturing retrofit pathways for brownfield facilities. AtmosZero also announced its manufacturing ramp at a 100,000-sq-ft factory in Colorado-evidence that the supply side is mobilizing to meet industrial electrification demand. For energy managers, the upshot is clear: when grid CO2 intensity is falling (or when paired with renewables/PPAs), electric steam begins to out-compete gas not only on carbon but increasingly on total cost of ownership.

Heat-pump + WHR hybrids move center stage. Beyond boilers, high-lift industrial heat pumps are being blended with waste-heat recovery to harvest low-grade heat once considered too cool to monetize. In 2025, GEA announced deployments that repurpose waste heat from food production and district-energy assets, in some cases relegating the boiler to backup duty. The Tallinn project with Utilitas and multiple food-processing references show that when cooling and heating are co-optimized, a single integrated system can cool the process stream and simultaneously raise waste heat to useful hot-water/steam temperatures, trimming both electrical and fuel loads. This pattern is spreading to beverages, meat processing, and specialty chemicals, where continuous duty, tight temperature control, and clean-in-place cycles reward closed-loop heat reuse.

Policy & procurement unlock pipeline scale. In June 2025, ENGIE announced a sweeping partnership with Airbus to decarbonize 22 European industrial sites by 2030, targeting 20% energy-purchase reductions and 85% GHG cuts. Programs like this aggregate multiple heat-recovery and electrified-steam opportunities under a single commercial umbrella, easing vendor qualification and speeding deployment. Meanwhile, the Renewable Thermal Collaborative updated its Industrial Heat Pump Decision Support Tools in 2025, improving technology screening and ROI modeling for large thermal energy users. These initiatives tend to shorten sales cycles for WHR boilers integrated with electrified preheating and steam boosting.

R&D focuses on low-temperature economics and control. The California Energy Commission in 2025 reported on a low-temperature WHR system designed for economic viability, underscoring where many plants still sit: plenty of low-grade heat, historically overlooked due to poor payback or process constraints. In parallel, 2025 white papers from automation vendors emphasize advanced process control (APC) and energy-aware optimization-ensuring the recovered heat is actually used at the right time/temperature and that emissions costs are reflected in control objectives. Combining smart controls, self-cleaning exchangers, and predictive maintenance materially improves realized efficiency, narrowing the gap between design intent and field performance.

What's new on the boiler itself? For high-efficiency WHR boilers, 2025 innovations concentrate on:
• Materials & geometry to increase heat-transfer coefficients while resisting acid dewpoint corrosion and particulate fouling common in steel/cement flue gas;
• Modular economizers and condensing sections, with smart condensate handling;
• Digital twins & soft sensors that track effective UA, flag fouling onset, and optimize soot-blowing intervals to protect both efficiency and tube life;
• Hydrogen-ready and multi-fuel integration, ensuring the boiler island remains compatible with future fuels and hybridized with electric steam boosters;
• Procurement models (ESCO-style, heat-as-a-service) that de-risk capex, increasingly important given tariff-driven cost volatility on metals and components.

Margins and pricing remain disciplined. Public filings in 2024-2025 show gross margin dispersion across global boiler OEMs-from single-digit GP% in some project-heavy mixes to ~25-31% at diversified engineering groups. For buyers, the practical read-through is that spec-tight projects command higher ASPs but can pay back through energy savings and carbon-cost avoidance. For sellers, the mix shift toward higher-value WHR + electrification packages (boiler + heat pump + controls + service) aims to stabilize gross profit while delivering better lifecycle outcomes.

Sector snapshots.
• Steel & Cement: High-temperature exhaust streams continue to anchor demand, especially where kiln and reheat furnaces run 24/7-ideal for base-load WHR steam that displaces fossil-fired boilers.
• Glass Manufacturing: Continuous furnaces with consistent flue profiles are seeing larger WHR + ORC or WHR to power/steam hybrids in Asia and the Middle East.
• Chemicals & Petrochemicals: Growing emphasis on product purity and uptime favors modular WHR retrofits that avoid process side risks, with digital monitoring to maintain heat-balance targets.
• Food & Beverage: 2025 case studies show waste vapor streams and hot-water loops being harvested and re-lifted via heat pumps, drastically cutting fuel; boilers either trim or sit on standby-a sharp break from legacy designs.

Supply chain watch-outs. The report highlights that evolving U.S. tariff policies continue to inject trade-cost volatility, affecting alloy steels, tube bundles, and control hardware. OEMs are responding with dual-sourcing, localized fabrication, and modular skids to contain lead times and protect pricing. Simultaneously, the AI-driven expansion of data centers is raising electricity demand-indirectly nudging industrials toward on-site heat efficiency so that grid power can be reserved for core loads. Large electrical OEMs' 2025 outlooks echo this tension: strong demand, disciplined margins, and continued focus on grid and gas-service businesses that complement electrified process heat.

Downstream companies:
ArcelorMittal
Tata Steel
POSCO
Nippon Steel Corporation
JSW Steel
LafargeHolcim (Holcim Group)
Heidelberg Materials
CEMEX
China National Building Material (CNBM)
Saint-Gobain
Asahi Glass Co. (AGC Inc.)
BASF SE
Dow Inc.
ExxonMobil
SABIC

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Bottom line for 2025: Waste-heat recovery boilers are no longer "just" energy-saving add-ons. They are becoming anchor assets in hybrid thermal systems-paired with industrial heat pumps, smart controls, and hydrogen-ready burners-to deliver reliable, lower-carbon steam and hot water. The Boiler 2.0 milestone proves that flameless steam is commercially real; the GEA-style heat-recovery integrations prove that closed-loop thermal management can push boilers to backup rather than baseload in certain duty cycles. Against this backdrop, the market's projected 10.1% CAGR to 2031 is grounded not only in policy, but also in a robust and diversifying technical playbook that converts previously stranded heat into profitable thermal work.

Chapter Outline:

Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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