Global Waste Heat Recovery System Market Size & Outlook

Petroleum refinery was the largest segment with a revenue share of 20.84% in 2022. Horizon Databook has segmented the Global waste heat recovery system market based on petroleum refinery, chemical, cement, metal production & casting, paper & pulp, power covering the revenue growth of each sub-segment from 2018 to 2030.

Rising environmental concerns related to the increase in carbon emissions owing to the use of conventional fuels for industrial, transportation, and power generation applications have prompted countries across the world to opt for clean and efficient sources and methods for power generation and industrial activities. Major countries such as the U.S., Canada, Germany, China, and India are giving impetus to the growth of clean and low carbon-intensive energy technologies as a part of their long-term goals of reducing carbon emission.

For instance, in May 2023, the Government of the U.S. revealed a comprehensive plan to reduce greenhouse gas emissions from the power generation industry of the country. This plan of the Government of the U.S. is expected to put the industry on a long year course to either adopt new technologies or halt the usage of existing technologies, thereby limiting the utilization of carbon dioxide-based power plants. These plants are the source of more than a quarter of emissions in the U.S. that are pumped into the atmosphere.

The emphasis of the government of the country on reducing carbon dioxide emissions from power plants indicates a shift toward clean and highly sustainable energy generation. To comply with emission reduction targets of governments of different countries, power companies are making efforts to improve the energy efficiency of their plants and reduce waste heat generated, thereby driving the demand for waste heat recovery systems (WHRS).