Waste Heat Recovery Systems Market Size - By Application (Pre-Heating, Electricity & Steam Generation), By Temperature (<230 °C, 230 °C - 650 °C, >650 °C), By End-Use, Regional Outlook & Forecast, 2024 – 2032

Waste Heat Recovery Systems Market Size - By Application (Pre-Heating, Electricity & Steam Generation), By Temperature (<230 °C, 230 °C - 650 °C, >650 °C), By End-Use, Regional Outlook & Forecast, 2024 – 2032

Waste Heat Recovery Systems Market size will record over 7.5% CAGR between 2024 and 2032, led by the influx of environmental policies for pushing industries to comply with emission standards and environmental laws.

Innovations in materials, heat exchanger designs, and automation technologies are making waste heat recovery systems more efficient and cost-effective. The use of advanced materials, such as high-temperature alloys and ceramics is further enabling the recovery of heat at higher temperatures. The strong focus of companies on investing in waste heat recovery systems to significantly reduce energy consumption and associated costs will favor the market growth. To cite an instance, in September 2023, major cement firms in India invested 5500 crores for the planned addition of 537 MW green power, including waste heat recovery systems and solar.

The industry is segmented into application, temperature, end use, and region.

By temperature, the waste heat recovery systems industry value from the >650 °C segment will witness lucrative growth through 2032, led by their rising importance in enhancing industrial energy efficiency, economic performance, and environmental sustainability. High-temperature waste heat recovery systems are favored as they can achieve higher thermal efficiencies compared to low-temperature systems. Surging application in glass manufacturing as well as steel and iron production will further boost the product demand.

With respect to end use, the waste heat recovery systems market from the heavy metal manufacturing segment will show substantial expansion from 2024 to 2032. This is due to their ability of conserving energy and reducing costs while aligning with the sustainability goals for lowering greenhouse gas emissions and the environmental footprints of manufacturing operations. Moreover, waste heat can be used for space heating within the manufacturing facility for providing a comfortable working environment for employees and reducing the need for additional heating systems, driving the segment growth.

North America waste heat recovery systems industry size will expand through 2032 driven by the rising government enforcement of stricter environmental regulations to curb greenhouse gas emissions and promote sustainable practices. The higher costs of energy across the region is pushing industries to invest in waste heat recovery systems. The growing number of incentives and funding programs for promoting energy efficiency and sustainability will also add to the market growth.