The Global Waste Heat Recovery System Market Size accounted for USD 61.3 Billion in 2021 and is projected to occupy a market size of USD 128.8 Billion by 2030 growing at a CAGR of 8.7% from 2022 to 2030.
Waste heat recovery (WHR) is the process of reusing heat energy that might well otherwise be discarded or simply released into the environment. WHR systems recover thermal energy from exhaust gases and convert it to electrical energy, while residual heat can be used to power ships (such as steam and hot water). Ongoing efforts to reduce GHG emissions and raise electricity prices are expected to increase the deployment of waste heat recovery systems for power and steam generation. Other factors that are likely to drive market growth include rising demand for onsite power generation and a greater emphasis on improving plant efficiency.
Waste Heat Recovery System Market Report Statistics
- Global waste heat recovery (WHR) system market revenue is projected to reach USD 128.8 Billion by 2030 with a CAGR of 8.7% from 2022 to 2030
- According to World Bank’s ‘What a Waste’ report, global waste generation is estimated to attain 3.4 billion tons by 2050
- As per a recent study, more than 50 million tons of hazardous waste had been dispensed in the world as of February 2021
- Europe waste heat recovery system market share generated over 33% shares in 2021
- Asia-Pacific waste heat recovery system market growth will register impressive CAGR from 2022 to 2030
- Based on Application, electricity & steam generation recorded over 51% of the overall market share in 2021
- Among end-use, petroleum refinery sector generated shares of over 24% in 2021
- Innovation in waste recovery technologies is a popular waste heat recovery system market trend that fuels the industry demand
Global Waste Heat Recovery System Market Dynamics
Market Drivers
- Growing energy consumption and electricity prices across the world
- Rising environmental concerns
- Surging need for energy efficient systems
Market Restraints
- Issues associated with waste heat recovery system
- Cost restriction and temperature constraints
Market Opportunities
- Rise in government incentives and regulations
- Increasing demand of waste heat recovery system for preheating
Waste Heat Recovery System Market Report Coverage
| Market |
Waste Heat Recovery System Market |
| Waste Heat Recovery System Market Size 2021 |
USD 61.3 Billion |
| Waste Heat Recovery System Market Forecast 2030 |
USD 128.8 Billion |
| Waste Heat Recovery System Market CAGR During 2022 - 2030 |
8.7% |
| Waste Heat Recovery System Market Analysis Period |
2018 - 2030 |
| Waste Heat Recovery System Market Base Year |
2021 |
| Waste Heat Recovery System Market Forecast Data |
2022 - 2030 |
| Segments Covered |
By Application, By Temperature, By End-Use, And By Geography
|
| Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled |
ABB, Boston Scientific Corporation, General Electric, IHI ,Mitsubishi Hitachi Power Systems, AMEC Foster Wheeler, Siemens, Forbes Marshall, Ormat Technologies, Exergy SPA, and Aura GmbH. |
Report Coverage
|
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Waste Heat Recovery System Market Growth Factors
Increasing focus of industries on energy conservation for improving the efficiency of their industrial operations and utilize the wastage of heat to boost the productivity is one of the key factor fuelling the adoption of waste heat recovery system and hence driving the market growth. In addition to this, the other factors such as stringent government regulations are increasing adoption of waste heat recovery systems across different industry verticals.
Waste Heat Recovery WHR System Market Insights
This research report includes a detailed analysis of the waste heat recovery systems market and offers key insights on the various parameters driving the adoption of waste heat recovery systems. The waste heat recovery systems market report includes a detailed analysis of the key drivers, challenges, trends, market structure, and opportunity in this market. The waste heat recovery systems report is segmented on the basis of application, temperature, end-user, and region. The application of waste heat recovery system for controlling the energy emission across different industries such as power, heavy metal processing, cement, paper and pulp, and others is propelling the market growth. Changing focus of industries on cost effective production process for business growth is accelerating the adoption of waste heat recovery system.
Waste Heat Recovery System Market Segmentation
The global WHR system market is segmented based on application, temperature, end-use, and geography.
Waste Heat Recovery System Market By Application
- Pre-Heating
- Electricity & Steam Generation {SRC, ORC, Kalina}
- Others (Space Heating, and Chilling)
According to the waste heat recovery system industry analysis, electricity & steam generation sub-segment occupied significant market share in 2021 and will endure its dominance throughout the forecast timeframe from 2022 to 2030. The global demand for power and steam generation is increasing, which increases the demand for waste heat recovery systems for power and steam generation. In addition, rising popularity for onsite power generation and a focus on improving plant efficiency are key factors driving segment growth.
Waste Heat Recovery System Market By Temperature
High temperature waste heat recovery system (WHR) recovers waste heat at temperatures greater than 400°C, medium temperature range is 100-400°C, and low temperature range is less than 100°C. Typically, the majority of waste heat in the high temperature threshold is generated by direct combustion processes, in the medium temperature range from combustion unit exhaust, and in the low temperature range from process unit parts, products, and equipment.
Waste Heat Recovery System Market By End-Use
- Petroleum Refinery
- Power
- Cement
- Chemical
- Metal Production
- Pulp & Paper
- Others (Food & Beverage, Glass, Primary Metal Refining)
According to the waste heat recovery system market forecast, the petroleum refinery is expected to occupy a notable market share during 2022 to 2030. In addition to that, the segment is estimated to grow at the fastest CAGR during the projected years due to an increase in drilling activities. WHR systems are used in this industry for procedures such as thermal cracking, refinement, and catalytic treatment.
Waste Heat Recovery (WHR) System Market Regional Outlook
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Waste Heat Recovery System Market Regional Analysis
Considering the market share in the global waste heat recovery system, the Europe region is expected to hold significant market share and similar trend is expected to continue over forecast period. Strong presence of potential customers for waste heat recovery system in this region and strict government regulations are some of the key factors behind this adoption rate in Europe. The North America region is expected to be second largest market in terms of demand for waste heat recovery system due to rising focus on energy efficient industrialization in this region.
The Asia-Pacific (APAC) region is registering significant growth rate as compared to other region due to rapid industrialization and increasing penetration of international production industries in this region are accelerating the adoption of waste heat recovery systems in this region. Also, the dense presence of cement, paper and pulp, metal processing and production industries in this region is fuelling the demand for waste heat recovery system.
Waste Heat Recovery System Market Players
Some of the leading players operating in waste heat recovery system market includes ABB, Boston Scientific Corporation, General Electric, IHI ,Mitsubishi Hitachi Power Systems, AMEC Foster Wheeler, Siemens, Forbes Marshall, Ormat Technologies, Exergy SPA, and Aura GmbH.
CHAPTER 1. Industry Overview of Waste Heat Recovery System Market
1.1. Definition and Scope
1.1.1. Definition of Waste Heat Recovery System
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Waste Heat Recovery System Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Waste Heat Recovery System Market By Application
1.2.3. Waste Heat Recovery System Market By Temperature
1.2.4. Waste Heat Recovery System Market By End-Use
1.2.5. Waste Heat Recovery System Market By Region
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restraint 1
3.2.2. Restraint 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Waste Heat Recovery System Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Waste Heat Recovery System Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Regulatory Compliance
3.9. Competitive Landscape, 2021
3.9.1. Player Positioning Analysis
3.9.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2021
4.2. R&D Status of Major Manufacturers in 2021
CHAPTER 5. Waste Heat Recovery System Market By Application
5.1. Introduction
5.2. Waste Heat Recovery System Market Revenue By Application
5.2.1. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast, By Application, 2018-2030
5.2.2. Pre-Heating
5.2.2.1. Pre-Heating Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.3. Electricity & Steam Generation {SRC, ORC, Kalina}
5.2.3.1. Electricity & Steam Generation {SRC, ORC, Kalina} Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
5.2.4. Others (Space Heating, and Chilling)
5.2.4.1. Others (Space Heating, and Chilling) Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 6. Waste Heat Recovery System Market By Temperature
6.1. Introduction
6.2. Waste Heat Recovery System Market Revenue By Temperature
6.2.1. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast, By Temperature, 2018-2030
6.2.2. <230°C
6.2.2.1. <230°C Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
6.2.3. >650°C
6.2.3.1. >650°C Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
6.2.4. 230-650°C
6.2.4.1. 230-650°C Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 7. Waste Heat Recovery System Market By End-Use
7.1. Introduction
7.2. Waste Heat Recovery System Market Revenue By End-Use
7.2.1. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast, By End-Use, 2018-2030
7.2.2. Petroleum Refinery
7.2.2.1. Petroleum Refinery Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.3. Power
7.2.3.1. Power Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.4. Cement
7.2.4.1. Cement Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.5. Chemical
7.2.5.1. Chemical Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.6. Metal Production
7.2.6.1. Metal Production Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.7. Pulp & Paper
7.2.7.1. Pulp & Paper Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
7.2.8. Others (Food & Beverage, Primary Metal Refining, and Glass)
7.2.8.1. Others (Food & Beverage, Primary Metal Refining, and Glass) Market Revenue (USD Billion) and Growth Rate (%), 2018-2030
CHAPTER 8. North America Waste Heat Recovery System Market By Country
8.1. North America Waste Heat Recovery System Market Overview
8.2. U.S.
8.2.1. U.S. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
8.2.2. U.S. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
8.2.3. U.S. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
8.3. Canada
8.3.1. Canada Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
8.3.2. Canada Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
8.3.3. Canada Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
8.4. North America PEST Analysis
CHAPTER 9. Europe Waste Heat Recovery System Market By Country
9.1. Europe Waste Heat Recovery System Market Overview
9.2. U.K.
9.2.1. U.K. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
9.2.2. U.K. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
9.2.3. U.K. Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.3. Germany
9.3.1. Germany Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
9.3.2. Germany Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
9.3.3. Germany Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.4. France
9.4.1. France Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
9.4.2. France Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
9.4.3. France Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.5. Spain
9.5.1. Spain Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
9.5.2. Spain Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
9.5.3. Spain Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.6. Rest of Europe
9.6.1. Rest of Europe Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
9.6.2. Rest of Europe Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
9.6.3. Rest of Europe Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
9.7. Europe PEST Analysis
CHAPTER 10. Asia-Pacific Waste Heat Recovery System Market By Country
10.1. Asia-Pacific Waste Heat Recovery System Market Overview
10.2. China
10.2.1. China Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
10.2.2. China Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
10.2.3. China Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.3. Japan
10.3.1. Japan Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
10.3.2. Japan Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
10.3.3. Japan Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.4. India
10.4.1. India Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
10.4.2. India Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
10.4.3. India Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.5. Australia
10.5.1. Australia Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
10.5.2. Australia Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
10.5.3. Australia Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.5.4. 2030
10.6. South Korea
10.6.1. South Korea Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
10.6.2. South Korea Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
10.6.3. South Korea Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
10.7.2. Rest of Asia-Pacific Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
10.7.3. Rest of Asia-Pacific Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
10.8. Asia-Pacific PEST Analysis
CHAPTER 11. Latin America Waste Heat Recovery System Market By Country
11.1. Latin America Waste Heat Recovery System Market Overview
11.2. Brazil
11.2.1. Brazil Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
11.2.2. Brazil Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
11.2.3. Brazil Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
11.3. Mexico
11.3.1. Mexico Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
11.3.2. Mexico Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
11.3.3. Mexico Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
11.4. Rest of Latin America
11.4.1. Rest of Latin America Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
11.4.2. Rest of Latin America Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
11.4.3. Rest of Latin America Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
11.5. Latin America PEST Analysis
CHAPTER 12. Middle East & Africa Waste Heat Recovery System Market By Country
12.1. Middle East & Africa Waste Heat Recovery System Market Overview
12.2. GCC
12.2.1. GCC Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
12.2.2. GCC Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
12.2.3. GCC Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
12.3. South Africa
12.3.1. South Africa Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
12.3.2. South Africa Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
12.3.3. South Africa Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Application, 2018-2030
12.4.2. Rest of Middle East & Africa Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By Temperature, 2018-2030
12.4.3. Rest of Middle East & Africa Waste Heat Recovery System Market Revenue (USD Billion) and Forecast By End-Use, 2018-2030
12.5. Middle East & Africa PEST Analysis
CHAPTER 13. Player Analysis Of Waste Heat Recovery System Market
13.1. Waste Heat Recovery System Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Waste Heat Recovery System Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. Company Profile
14.1. Thermax
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (USD Billion), 2021
14.1.3.2. Thermax 2021 Waste Heat Recovery System Business Regional Distribution
14.1.4. Product /Service and Specification
14.1.5. Recent Developments & Business Strategy
14.2. ABB
14.3. Boston Scientific Corporation
14.4. General Electric
14.5. IHI
14.6. Mitsubishi Hitachi Power Systems
14.7. AMEC Foster Wheeler
14.8. Siemens
14.9. Forbes Marshall
14.10. Ormat Technologies
14.11. Exergy SPA
14.12. Aura GmbH
