Waste Heat Recovery System Market Size, Share & Trends Analysis Report By Application (Pre Heating, Steam & Power Generation), By End-use (Petroleum Refinery, Chemical, Cement), By Phase System, By Region, And Segment Forecasts, 2023 - 2030

Waste Heat Recovery System Market Size, Share & Trends Analysis Report By Application (Pre Heating, Steam & Power Generation), By End-use (Petroleum Refinery, Chemical, Cement), By Phase System, By Region, And Segment Forecasts, 2023 - 2030

Waste Heat Recovery System Market Growth & Trends

The global waste heat recovery system market size is expected to reach USD 79.96 billion by 2030, registering a CAGR of 9.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising energy costs and stringent regulations concerning energy efficiency are expected to drive the global market.

Growing demand from major end-use industries, such as cement and metal production, is projected to drive the waste heat recovery system (WHRS) market. Furthermore, rising investments in emerging economies coupled with rapid developments in the construction sector are boosting the growth of this market.

Asia Pacific is expected to progress at the highest CAGR during the forecast period due to ongoing innovations in the field of industrialization. Recent years have witnessed rising demand for consistent and continuous electricity across the globe underpinned by strict emission standards, thereby encouraging product penetration. In addition, rising popularity of food processing units in conjunction with decreasing costs of low-temperature heat consumption is expected to offer a growth prospect.

Waste Heat Recovery System Market Report Highlights

• The market revenue was valued at USD 55.40 billion in 2022 and is estimated to register a CAGR of 9.7% over the projected period.
• Asia Pacific is projected to register the fastest CAGR of 7.8% during the forecast period. China is expected to account for the maximum share of above 43% in the regional market.
• North America is projected to be the largest regional market with U.S. accounting for the major share
• Some of the key companies in the market include General Electric (GE); Siemens AG; Mitsubishi Hitachi Power Systems; Ormat Technologies; ABB Ltd.; Amec Foster Wheeler; Baker Hughes (a GE company); M.E. ENERGY Pvt. Ltd.; and Thermax Ltd.

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