Global Waste Heat Recovery System Market Size & Outlook
Global waste heat recovery system market, 2018-2030 (US$M)
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Global waste heat recovery system market highlights
- The global waste heat recovery system market generated a revenue of USD 52,018.3 million in 2022 and is expected to reach USD 102,412.9 million by 2030.
- The market is expected to grow at a CAGR (2023 - 2030) of 8.8% by 2030.
- In terms of segment, petroleum refinery accounted for a revenue of USD 10,840.1 million in 2022.
- Petroleum Refinery is the most lucrative end user segment registering the fastest growth during the forecast period.
- In terms of region, Europe was the largest revenue generating market in 2022.
- Country-wise, Mexico is expected to register the highest CAGR from 2023 to 2030.
Global data book summary
| Market revenue in 2022 | USD 52,018.3 million |
| Market revenue in 2030 | USD 102,412.9 million |
| Growth rate | 8.8% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Petroleum Refinery |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Petroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power |
Other key industry trends
- In terms of revenue, the North America accounted for 27.4% of the global waste heat recovery system market in 2022.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, Mexico is the fastest growing regional market and is projected to reach USD 1,534.8 million by 2030.
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.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global waste heat recovery system market size, by regions, 2018-2030 (US$M)
Top 10 countries: Waste heat recovery system market size, 2022 (US$M)
Global waste heat recovery system market share, by end user, 2022 & 2030 (%, US$M)
Waste heat recovery system market: Opportunity assessment by country
Global waste heat recovery system market, by region, 2022 (US$M)
| End User | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 13,261.5 | 14,132.1 | 13,377.0 | 13,728.4 | 14,253.0 | 14,982.1 | 15,932.3 | 17,111.8 | 18,480.8 | 20,198.3 | 22,256.3 | 24,590.2 | 27,272.5 | 8.5% |
| Europe | 14,462.7 | 15,421.5 | 14,606.4 | 14,999.2 | 15,581.8 | 16,389.0 | 17,439.2 | 18,742.1 | 20,254.2 | 22,150.6 | 24,423.1 | 27,001.4 | 30,007.0 | 8.5% |
| Asia Pacific | 8,816.4 | 9,552.0 | 9,191.2 | 9,587.2 | 10,115.2 | 10,803.7 | 11,672.3 | 12,734.9 | 13,969.5 | 15,505.4 | 16,800.2 | 18,935.3 | 21,557.9 | 9.9% |
| Latin America | 4,674.9 | 4,923.3 | 4,604.4 | 4,667.7 | 4,785.7 | 4,966.6 | 5,213.1 | 5,525.0 | 5,886.5 | 6,344.8 | 7,690.8 | 8,281.3 | 8,664.1 | 7.7% |
| MEA | 6,487.6 | 6,989.5 | 6,688.5 | 6,939.1 | 7,282.6 | 7,738.0 | 8,317.6 | 9,029.5 | 9,856.4 | 10,887.6 | 11,875.6 | 13,289.8 | 14,911.3 | 9.4% |
| Overall | 47,703.1 | 51,018.4 | 48,467.6 | 49,921.5 | 52,018.3 | 54,879.3 | 58,574.5 | 63,143.3 | 68,447.4 | 75,086.8 | 83,045.9 | 92,097.9 | 102,412.9 | 8.8% |
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