Competitive Analysis: Leading Companies and New Entrants in the Waste Heat Recovery Market

The waste heat recovery market is gaining significant traction as industries worldwide prioritize sustainability and energy efficiency. With increasing regulatory pressures and technological advancements, this sector is set to expand substantially in the coming years. Here's an in-depth look at the market's anticipated growth, key players, emerging trends, and primary segments shaping its future.

Strong Market Growth Expected in the Waste Heat Recovery Market
The waste heat recovery sector is projected to experience robust growth, reaching a market value of $107.31 billion by 2030. This expansion corresponds to a compound annual growth rate (CAGR) of 8.9%. Several factors drive this positive outlook, including stringent global decarbonization mandates, breakthroughs in utilizing low-grade heat, the shift towards decentralized power systems and microgrids, the rise of Energy-as-a-Service (EaaS) business models, and specific government incentives designed to promote clean energy solutions. Key market trends anticipated during the forecast period include the dominance of advanced Organic Rankine Cycle (ORC) technology, the adoption of compact and modular units, integration with district heating systems, increased focus on supercritical carbon dioxide cycles, and the use of cascade heat recovery systems.

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Prominent Companies Leading the Waste Heat Recovery Industry
The competitive landscape of the waste heat recovery market features several influential players, including Siemens Energy AG, GE Vernova LLC, Mitsubishi Heavy Industries Ltd, Carrier Global Corporation, IHI Corporation, Spirax-Sarco Engineering plc, John Cockerill Group, Bitzer SE, Kelvion Holding GmbH, Thermax Limited, Forbes Marshall Pvt. Ltd., Ormat Technologies Inc., Nooter/Eriksen Inc., TICA Thermal Technology Co. Ltd., Exodraft A/S, Kawasaki Heavy Industries Ltd., Echogen Power Systems LLC, Climeon AB, Enertime SA, Exchanger Industries Limited, Heliex Power Ltd., and Orcan Energy AG.
In a notable development, Germany-based refrigeration and HVAC solutions leader BITZER Group acquired Czech energy technology firm BPOWER in November 2023. This move strengthens BITZER's portfolio by adding BPOWER's expertise in modular ORC waste heat recovery solutions, enhancing the company's offerings in high-efficiency energy systems and supporting sustainable industrial decarbonization.

Market Drivers Highlighting Advances in Waste Heat Recovery
Innovations in energy efficiency are propelling the waste heat recovery market forward. Companies are investing heavily in new products that can optimize energy use and reduce environmental impact. For example, centrifugal heat pumps-advanced devices utilizing turbo-compressors to upgrade low-temperature waste heat to higher-value heat-are gaining attention for their potential to revolutionize industrial processes.
In October 2025, Mitsubishi Heavy Industries Thermal Systems Ltd. launched the ETI-W centrifugal heat pump tailored for the Japanese market. This high-capacity, efficient heat pump uses waste heat sources around 65°C to generate hot water at temperatures up to 95°C. Its advanced features allow for easy integration into existing industrial setups without significant modifications. The system's use of a single-stage compression cycle combined with a natural refrigerant (R-1233zd(E)) helps significantly reduce electricity consumption and greenhouse gas emissions.

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Emerging Trends Shaping the Future of Waste Heat Recovery
Sustainability and operational efficiency remain at the forefront of innovation in the waste heat recovery market. Many companies are focusing on enhancing product performance while minimizing environmental footprints, especially through the use of eco-friendly refrigerants and intelligent system designs.
Additionally, modular and compact units are becoming increasingly popular due to their ease of installation and versatility across industries. The integration of waste heat recovery with district heating networks and the exploration of supercritical CO2 cycles are further opening up new opportunities, presenting more effective ways to harness and utilize residual heat in various applications.

Waste Heat Recovery Market Segmentation Overview
This market report categorizes the waste heat recovery industry into multiple key segments:
1) By Technology: Heat Exchangers (including Recuperators and Regenerators), Waste Heat Boilers, Organic Rankine Cycles (ORC), and Turbocompounds.
2) By Application: Pre-heating processes, Electricity and Steam Generation, and Steam Rankine Cycle operations.
3) By End-Use Industry: Petroleum Refining, Chemical production, and Cement manufacturing.
Further breakdowns highlight specifics such as types of heat exchangers (Shell & Tube, Plate, Plate-Fin, Air-Cooled, Heat Pipe), waste heat boilers (Fire-Tube, Water-Tube, Once-Through, Packaged), ORC subtypes (Subcritical, Supercritical, Regenerative, Two-Stage), and turbocompound varieties (Mechanical, Electrical, Hybrid).

This detailed segmentation helps capture the complexity and diversity within the waste heat recovery market, aiding stakeholders in identifying targeted opportunities for investment and development.

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