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 momentum as industries seek energy-efficient and sustainable solutions to reduce operational costs and minimize environmental impact. Waste heat recovery systems capture and repurpose excess heat generated during industrial processes, converting it into usable energy for power generation, heating, and other applications.
These systems are widely adopted in power plants, manufacturing industries, oil & gas refineries, chemical processing, and automotive sectors, where large amounts of thermal energy are lost as waste. By improving energy efficiency and lowering greenhouse gas (GHG) emissions, WHRS aligns with global sustainability initiatives and stringent regulatory frameworks promoting energy conservation.
Key Trends in the Waste Heat Recovery System Market:
Increasing Adoption of Organic Rankine Cycle (ORC) Technology
The Organic Rankine Cycle (ORC) is gaining traction as a highly efficient method for converting low-temperature waste heat into electricity. ORC-based systems are being widely deployed in geothermal plants, industrial facilities, and biomass power generation.
Integration of AI and IoT in Waste Heat Recovery Systems
The use of Artificial Intelligence (AI) and IoT-enabled sensors is transforming WHRS by enabling real-time monitoring, predictive maintenance, and automated energy optimization. Smart systems enhance operational efficiency and reduce downtime.
Expansion of WHRS in Automotive and Transportation
Automotive manufacturers are integrating waste heat recovery technology in hybrid and electric vehicles to improve fuel efficiency and extend battery life. Turbo-compounding and thermoelectric generators (TEG) are being explored to recover exhaust heat for additional power generation.
Growth of Modular and Scalable Waste Heat Recovery Solutions
Industries are shifting toward modular and scalable WHRS that can be customized based on specific energy requirements. These systems offer flexibility in installation and adaptability across different industrial setups.
Major Key Players:
- Siemens AG
- Mitsubishi Heavy Industries Ltd.
- General Electric
- 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
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/waste-heat-recovery-system-market
Recent Developments:
- September 2022: Transitional Energy, a geothermal technology and development firm, partnered with ElectraTherm, Inc. to convert waste heat into electricity in the oil and gas industry. The companies signed a Letter of Intent (LOI) to collaborate on integrating ElectraTherm’s Organic Rankine Cycle (ORC) technology into Transitional Energy’s custom system, enabling the conversion of thermal energy from oil and gas operations into usable power.
- September 2022: Climeon introduced HeatPower 300 Maritime, an advanced waste heat recovery system designed specifically for the shipping industry. Developed by marine engineers, this technology enhances energy efficiency, reduces CO₂ emissions, and lowers fuel consumption by converting onboard waste heat into clean, carbon-free energy. The solution helps shipowners comply with stringent environmental regulations while improving sustainability in maritime operations.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
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, driven by advancements in energy efficiency technologies, regulatory mandates, and increasing industrial demand for cost-effective sustainability solutions. The adoption of next-generation heat exchangers, smart energy management systems, and hybrid waste-to-energy solutions will further enhance market potential.
𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
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