Asia Pacific Waste Heat Recovery System Market Size & Outlook

The waste heat recovery system market in Asia Pacific is expected to reach a projected revenue of US$ 21,557.9 million by 2030. A compound annual growth rate of 9.9% is expected of Asia Pacific waste heat recovery system market from 2023 to 2030.
Revenue, 2022 (US$M)
$10,115.2
Forecast, 2030 (US$M)
$21,557.9
CAGR, 2023 - 2030
9.9%
Report Coverage
Asia Pacific

Asia Pacific waste heat recovery system market highlights

  • The Asia Pacific waste heat recovery system market generated a revenue of USD 10,115.2 million in 2022.
  • The market is expected to grow at a CAGR of 9.9% from 2023 to 2030.
  • In terms of segment, petroleum refinery was the largest revenue generating end user in 2022.
  • Petroleum Refinery is the most lucrative end user segment registering the fastest growth during the forecast period.
  • Country-wise, India is expected to register the highest CAGR from 2023 to 2030.


Asia Pacific data book summary

Market revenue in 2022USD 10,115.2 million
Market revenue in 2030USD 21,557.9 million
Growth rate9.9% (CAGR from 2022 to 2030)
Largest segmentPetroleum refinery
Fastest growing segmentPetroleum Refinery
Historical data covered2018 - 2021
Base year for estimation2022
Forecast period covered2023 - 2030
Quantitative unitsRevenue in USD million
Market segmentationPetroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power
Key market players worldwideSiemens Energy AG Ordinary Shares, Mitsubishi Corp, GE Aerospace, ABB Ltd, Terna SpA, IHI Corp, Molson Coors Beverage Co Class A


Other key industry trends

  • In terms of revenue, Asia Pacific region accounted for 19.4% of the global waste heat recovery system market in 2022.
  • Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
  • Asia Pacific is the fastest growing regional market and is projected to reach USD 21,557.9 million by 2030.

Petroleum refinery was the largest segment with a revenue share of 19.05% in 2022. Horizon Databook has segmented the Asia Pacific 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.


The presence of a large number of manufacturing companies in India, China, and Japan has driven the market for waste heat recovery systems in the region. Asia Pacific includes some of the world's fastest growing and most densely populated countries, has witnessed a remarkable expansion in electricity production. However, the predominant source of this electricity has been coal.

Approximately 60% of the electricity generated in the Asia-Pacific region comes from coal, which has led to the region being the primary contributor to global carbon dioxide emissions. However, heightened environmental awareness and stringent regulations aimed at reducing greenhouse gas emissions are driving the adoption of WHRS in the region.

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Waste Heat Recovery System Market Companies

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Asia Pacific waste heat recovery system market size, by country, 2018-2030 (US$M)

Asia Pacific Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)

Asia Pacific waste heat recovery system market size, by country, 2018-2030 (US$M)

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