Global Waste Heat Recovery System Market Size/Share Expected to Surge USD 144.57 Billion By 2032, at 7.3% CAGR: Polaris Market Research


Polaris Market Research has conducted a comprehensive 2023 research study spanning over [+115] pages, revealing that the global waste heat recovery system market was valued at USD 71.33 Billion in 2022. The study predicts that the market will grow at a compound annual growth rate (CAGR) of 7.3% and is expected to reach USD 144.57 Billion By 2032. Steam & Electricity generation segment held the dominant position in global market in 2022 owing to rising prices of electricity worldwide. Some of the top market players are Siemens, Mitsubishi Heavy Industries, General Electric, ABB, Boustead International, Forbes Marshall, John Wood Group, Ormat Technologies and others.

New York, NY, April 17, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “Waste Heat Recovery System Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032” in its research database.

“According to the latest research analysis, the global waste heat recovery system market size/share is anticipated to be valued at approximately USD 71.33 Billion in 2022 and is projected to hit a revenue of around USD 144.57 Billion By 2032, at a CAGR of around 7.3% between 2023 and 2032.”


What are Waste Heat Recovery Systems? How Big is Waste Heat Recovery System Market Size & Share?

  • Overview

Waste heat recovery system is a heat exchanger unit that recovers the waste energy at a high temperature from the exhaust gas and transfers it into electric energy. Sources of heat extraction can include steam from cooling towers, wastewater from cooling processes like steel cooling, and hot flue gases from a diesel generator. The system can include a steam turbine with an alternator, a power turbine, and/or an exhaust gas boiler (separately or in combination with an oil-fired boiler).

The thermal energy recovered from waste can be reused for pre-heating, converting to electricity, refrigerating, and upgrading to a better grade of heat. It seems that waste heat recovery is becoming a critical opportunity for businesses to increase their bottom line while lowering carbon emissions. The system provides a supplementary power source by producing energy while obtaining the high temperatures generated during the production. It thereby contributes to a reduction in energy costs which is driving the waste heat recovery system market size.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

  • 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
  • 115+ Pages Research Report (Inclusion of Updated Research).
  • Provide Chapter-wise guidance on Requests.
  • 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
  • Includes Updated List of tables & figures.
  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Are:

  • Siemens
  • Mitsubishi Heavy Industries
  • General Electric
  • ABB
  • Boustead International
  • Forbes Marshall
  • John Wood Group
  • Ormat Technologies
  • Thermax
  • Cool Energy
  • Climeon BoschIndustriekessel
  • AURA GmbH
  • Promec Engineering

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Key Growth Driving Factors:

  • Rapid industrialization: Commercial sectors and other industries generate a huge amount of waste heat in the energy. Many companies are utilizing heat recovery systems to recover this energy and decrease energy loss and thus increase in demand for heat recovery systems due to rapid industrialization is a prominent factor propelling the waste heat recovery system market demand.
  • Waste heat recovery systems in marine vessels: Waste heat recovery systems are used in marine vessels to recover lost fuel energy from diesel engines. These systems provide high-efficiency mechanical and electrical power, driving market growth.
  • Cost-effectiveness and advancements: Improving energy efficiency in industrial processes through waste heat recovery is gaining momentum due to rising energy prices and emphasis on sustainability. Advances in system design and performance make it cost-effective for businesses.
  • Rising technological innovations: Investments in waste heat recovery systems are driving the evolution of industries such as refineries, heavy metals, paper & pulp, petrochemicals, and chemicals. Major manufacturers are adopting waste heat recovery systems to reduce dependence on conventional energy and lower working costs by producing in-house power.

Top Report Findings:

  • Favorable government policies, rising demand for energy, and growing emphasis on sustainability are anticipated to accelerate the waste heat recovery system market growth.
  • The market is primarily categorized into application, end-user, and region.
  • Asia Pacific region is likely to hold the largest market share over the forecast period.

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Top Trends Influencing the Market:

  • Recent advancement: James Fisher acquired the second LNG dual tank marine vessel from China Merchant Jinling Shipyard in Jan 2023. The ship has improved hydrodynamic performance, and operational efficiency and reduced GHG, carbon, NOx, and SOx emissions with a centralized waste heat recovery system.
  • Benefits in industrial processes: The petrochemical, iron, and steel industries are experiencing growth, which is leading to an increased need for waste heat recovery solutions due to the large amounts of waste heat they generate. As these industrial plants expand their operations, they are seeking methods to utilize the waste heat from their processes, creating a higher demand for waste heat recovery solutions.

Segmental Analysis

  • Preheating category is predicted to register a high CAGR during the anticipated period

In order to preheat the combustion air, waste heat recovery is used in medium- to high-temperature ovens and furnaces. Burners prefer less fuel with the aid of preheated air to preserve the necessary process heat.  The use of preheating may save energy costs and enhance the efficiency of producing many industrial processes, which is fueling the market growth. Further, the steam & electricity generation category accounted for the highest revenue share in the waste heat recovery system market in 2022 due to the increasing installation of heating units in utility, industrial, and commercial applications as well as a growing focus on reducing operating and maintenance costs. Strengthen government requirements to reduce greenhouse gas (GHG) emissions further support market development.

  • Petroleum Refinery segment held the largest waste heat recovery system market share in 2022

Based on end-use, the petroleum refinery category dominated the market. The petroleum refinery segment held the dominant position in the market. Numerous heat loss processes in refineries are enhanced either through the introduction of design optimization, such as optimizing heat exchange systems, or the introduction of waste heat recovery systems to produce on-site electricity or for preheating the combustion air and lower the energy requirement of the refineries. Furthermore, the cement industry is likely to show the fastest CAGR over the anticipated period. Cement production requires a lot of energy, which makes up 40% of total production costs. To cut costs, cement plants are now using waste heat recovery systems to generate power.

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Waste Heat Recovery System Market: Report Scope

Report Attribute Details
Revenue Forecast in 2032 USD 144.57 Billion
Market size value in 2023 USD 76.42 Billion
Expected CAGR Growth 7.3% from 2023– 2032
Base Year 2022
Forecast Year 2023 – 2032
Top Market Players Siemens AG, Mitsubishi Heavy Industries, Ltd., General Electric, ABB, Boustead International Heaters, Forbes Marshall, John Wood Group plc, Ormat Technologies Inc., Thermax Ltd., Cool Energy Inc., Climeon BoschIndustriekessel GmbH, AURA GmbH & Co. and Promec Engineering
Segments Covered By Application, By End-use, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Geographic Overview

North America: The region captured the largest market share owing to the rising fuel prices, government initiatives, and efforts to increase industrial energy efficiency are all contributing to the market growth in this area. Companies aim to search for energy sources to decrease their carbon footprint and achieve sustainability goals. Also, governments in North America are conducting initiatives to encourage the use of waste heat recovery through tax incentives, subsidies, and regulations.

Asia Pacific: Asia Pacific in the waste heat recovery system market is predicted to obtain the highest CAGR throughout the study period. As a result of increasing construction activities, China has become a hub for waste heat recovery, which is boosting the demand for cement production. In addition, rising knowledge of the advantages of waste heat recovery, including cost savings and sustainability, as well as the rise of energy-intensive businesses like steel manufacturing, are fostering the regional market growth.

Browse the Detail Report “Waste Heat Recovery System Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032” with in-depth TOC:

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Recent Developments

  • In September 2022, Transitional Energy and ElectraTherm signed a Letter of Intent in Sep 2022 to collaborate on converting heat waste into electricity in the oil and gas industry. Transitional Energy installed a custom system utilizing ElectraTherm’s ORC technology to generate electricity from thermal energy produced in the oil and gas sector.
  • In September 2022, Climeon launched HeatPower 300 Maritime, a new waste heat recovery technology. Developed by marine engineers, it enhances energy efficiency in the shipping sector by converting waste heat into clean energy, decreasing CO2 emissions, lowering fuel consumption, and aiding compliance with stricter environmental laws.

Important Questions Answered by Report

  • What is the present size of the market?
  • What are the waste heat recovery system market key players?
  • What are trending strategies utilized by market enterprises to expand their businesses?
  • Which region of the market is expected to show promising expansion avenues in the assessment period?
  • Which product type of the market is in high demand?
  • What is the projected size of the market at the end of the forecast period?
  • What are the opportunities and threats to which players are exposed in the market?

Polaris Market Research has segmented the Waste Heat Recovery System Market report based on application, end-use, and region:

By Application Outlook

  • Steam & Electricity Generation
  • Preheating

By End-use Outlook

  • Petroleum Refining
  • Metal Production
  • Chemical
  • Cement
  • Paper & Pulp
  • Others

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.


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