According to the research report, the global waste heat recovery system market was valued at USD 76.42 billion in 2023 and is expected to reach USD 144.57 billion by 2032, to grow at a CAGR of 7.40% during the forecast period.
Market Overview:
The waste heat recovery system (WHRS) market is gaining significant traction as industries prioritize energy efficiency and sustainability. These systems capture and reuse heat generated by industrial processes, which would otherwise be wasted, converting it into useful energy. This recovered energy is often used to generate electricity, preheat combustion air, or provide heating and cooling, reducing energy consumption and operational costs.
Waste heat recovery systems are widely used in industries such as cement, steel, glass, chemicals, oil and gas, and power generation. The growing focus on decarbonization and resource optimization has made these systems a critical component of modern industrial operations.
Market’s Growth Drivers:
Rising Energy Costs
As energy costs continue to rise, industries are increasingly adopting waste heat recovery systems to reduce dependence on external energy sources and improve overall efficiency.
Stringent Environmental Regulations
Governments and regulatory bodies worldwide are implementing stricter emission control measures, encouraging industries to invest in technologies like WHRS to comply with regulations and reduce their carbon footprint.
Industrial Expansion in Emerging Economies
The rapid industrialization in emerging markets is driving the demand for energy-efficient solutions, boosting the adoption of waste heat recovery systems across sectors.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Competitive Insight:
- Siemens AG
- Mitsubishi Heavy Industries Ltd.
- General Electric
- ABB
- Boustead International Heaters
- Forbes Marshall
- John Wood Group plc
- Ormat Technologies Inc.
- Thermax Ltd.
- Cool Energy Inc.
- Climeon BoschIndustriekessel GmbH
- AURA GmbH & Co. Promec Engineering
Recent Developments in the Waste Heat Recovery System Market:
- September 2022: Collaboration Between Transitional Energy and ElectraTherm
Transitional Energy, a geothermal technology and development firm, partnered with ElectraTherm, Inc., signing a Letter of Intent to convert waste heat into electricity in the oil and gas industry. Using ElectraTherm’s Organic Rankine Cycle (ORC) technology, Transitional Energy has implemented a custom system that harnesses thermal energy from oil and gas operations to generate electricity, promoting energy efficiency in the sector. - September 2022: Climeon Unveils HeatPower 300 Maritime
Climeon introduced its innovative HeatPower 300 Maritime, a waste heat recovery solution specifically designed for the shipping industry. Developed by marine engineers, this technology improves energy efficiency by converting onboard waste heat into clean, carbon-free electricity. By reducing CO2 emissions and lowering fuel consumption, HeatPower 300 Maritime helps shipowners comply with increasingly stringent environmental regulations while contributing to greener maritime operations.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Waste Heat Recovery System Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Waste Heat Recovery System Market, End-use Outlook (Revenue – USD Billion, 2019-2032)
- Petroleum Refining
- Metal Production
- Chemical
- Cement
- Paper & Pulp
- Others
Waste Heat Recovery System Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Steam & Electricity Generation
- Preheating
The waste heat recovery system market is poised for significant growth as industries and governments worldwide continue to prioritize energy efficiency and sustainability. By turning wasted energy into a valuable resource, these systems are helping to reduce environmental impact while driving operational efficiency across diverse sectors.
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