Asia Pacific Waste Heat Recovery System Market Size & Outlook
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Asia Pacific waste heat recovery system market highlights
- The Asia Pacific waste heat recovery system market generated a revenue of USD 10,803.7 million in 2023.
- The market is expected to grow at a CAGR of 10.4% from 2024 to 2030.
- In terms of segment, petroleum refinery was the largest revenue generating end user in 2023.
- 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 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 10,803.7 million |
| Market revenue in 2030 | USD 21,557.9 million |
| Growth rate | 10.4% (CAGR from 2024 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Petroleum Refinery |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Petroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power |
| Key market players worldwide | Siemens 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 19.7% of the global waste heat recovery system market in 2023.
- 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 19.09% in 2023. 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 Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Terna SpA | View profile | 5927 | Viale Egidio Galbani, 70, Rome, Italy, 00156 | https://www.terna.it |
| Siemens Energy AG Ordinary Shares | View profile | 97000 | Otto-Hahn-Ring 6, Munich, BY, Germany, 81739 | https://www.siemens-energy.com |
| IHI Corp | View profile | 28486 | 1-1, Toyosu 3-chome, Koto-ku, Tokyo, Japan, 135-8710 | http://www.ihi.co.jp |
| Molson Coors Beverage Co Class A | View profile | 16500 | NH353, P.O. Box 4030, Golden, CO, United States, 80401 | https://www.molsoncoors.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
Asia Pacific waste heat recovery system market size, by country, 2018-2030 (US$M)
Asia Pacific Waste Heat Recovery System Market Outlook Share, 2023 & 2030 (US$M)
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