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

• <230°C
• 230-650°C
• >650°C

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

• U.S.
• Canada

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.

TABLE OF CONTENT