Waste Heat Recovery Systems

Global Waste Heat Recovery Systems Market to Reach US$100.7 Billion by 2030

The global market for Waste Heat Recovery Systems estimated at US$72.3 Billion in the year 2024, is expected to reach US$100.7 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2024-2030. Preheating and Steam, one of the segments analyzed in the report, is expected to record a 5.5% CAGR and reach US$39.0 Billion by the end of the analysis period. Growth in the Electricity Generation segment is estimated at 6.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$18.9 Billion While China is Forecast to Grow at 8.3% CAGR

The Waste Heat Recovery Systems market in the U.S. is estimated at US$18.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$22.6 Billion by the year 2030 trailing a CAGR of 8.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.9% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.

Global Waste Heat Recovery Systems Market - Key Trends & Drivers Summarized

How Are Waste Heat Recovery Systems Revolutionizing Energy Use?

Waste heat recovery systems are becoming increasingly crucial in industrial applications as companies strive to improve energy efficiency and reduce greenhouse gas emissions. These systems capture excess heat generated by industrial processes and convert it into useful energy, such as electricity or steam, that can be reused within the plant or exported to the grid. This not only reduces energy consumption and costs but also minimizes the environmental impact of industrial operations. Waste heat recovery systems are widely used in industries such as steel, cement, chemicals, and power generation, where large amounts of waste heat are produced. As global energy demands continue to rise, the importance of waste heat recovery systems in optimizing energy use and reducing carbon footprints is becoming more pronounced.

What Technological Developments Are Shaping Waste Heat Recovery Systems?

Technological innovations are significantly enhancing the efficiency and application scope of waste heat recovery systems. Advances in heat exchanger technologies, such as the development of compact and high-efficiency plate heat exchangers, are enabling better heat transfer and recovery rates. Additionally, the integration of digital technologies, such as IoT and data analytics, is enabling real-time monitoring and optimization of heat recovery processes. Emerging technologies like Organic Rankine Cycle (ORC) systems are also expanding the potential of waste heat recovery by converting low-grade waste heat into electricity, which was previously not feasible. These technological advancements are making waste heat recovery systems more efficient, cost-effective, and versatile, catering to a broader range of industries and applications.

What Are the Key Challenges and Opportunities in the Waste Heat Recovery Systems Market?

The waste heat recovery systems market faces several challenges, including high initial investment costs, technical complexities associated with retrofitting existing facilities, and variability in the quality and temperature of waste heat. However, these challenges also create opportunities for innovation and market growth. The development of modular and scalable waste heat recovery systems can help industries overcome integration challenges and reduce costs. The increasing focus on renewable energy and decarbonization strategies is also opening up new opportunities for the deployment of waste heat recovery systems as a key component of sustainable energy management. Moreover, the rising trend of industrial automation and the adoption of smart manufacturing practices are driving demand for advanced waste heat recovery solutions that can seamlessly integrate with other digital and automation technologies.

What Is Driving the Growth of the Waste Heat Recovery Systems Market?

The growth in the Waste Heat Recovery Systems market is driven by several factors, including rising energy costs, stringent environmental regulations, and the growing need for sustainable energy solutions in industrial processes. The increasing demand for energy-efficient solutions in energy-intensive industries, such as cement, steel, and power generation, is a major driver of market growth. Furthermore, the push towards reducing carbon emissions and achieving sustainability goals is encouraging industries to adopt waste heat recovery systems as part of their energy management strategies. Technological advancements in heat exchangers, control systems, and data analytics are enhancing the efficiency and reliability of these systems, making them more attractive to a wide range of industries. The growing awareness of the economic and environmental benefits of waste heat recovery is also contributing to the expansion of the market, particularly in emerging economies where industrialization is on the rise.

SCOPE OF STUDY:

The report analyzes the Waste Heat Recovery Systems market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Application (Preheating and Steam, Electricity Generation, Other Applications); End-Use Industry (Petroleum Refining, Metal Production, Cement, Other End-Use Industries)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 41 Featured) -

• Airtec Thermoprocess GmbH
• AMSEnergy Corp.
• Arvos, Inc.
• Astec Industries, Inc.
• Aura GmbH & Co.KG
• Babcock & Wilcox Enterprises, Inc.
• Balkrishna Boilers Private Limited
• BE C&I Solutions Holding Pte. Ltd. (BECIS)
• Bertsch Energy GmbH & Co KG
• Bionomic Industries, Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.