China Waste Heat Recovery System Market Size & Outlook
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China waste heat recovery system market highlights
- The China waste heat recovery system market generated a revenue of USD 4,691.8 million in 2023 and is expected to reach USD 9,238.6 million by 2030.
- The China market is expected to grow at a CAGR of 10.2% 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.
Waste heat recovery system market data book summary
| Market revenue in 2023 | USD 4,691.8 million |
| Market revenue in 2030 | USD 9,238.6 million |
| Growth rate | 10.2% (CAGR from 2024 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Petroleum Refinery |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, China accounted for 8.5% of the global waste heat recovery system market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China waste heat recovery system market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 4,785.9 million by 2030.
Petroleum refinery was the largest segment with a revenue share of 20.51% in 2023. Horizon Databook has segmented the China 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.
China is recognized as one of the fastest-growing economies in the region owing to the rapidly growing manufacturing sector owing to government support. China accounted for the largest market share in 2023 in the Asia Pacific region and is projected to register a significant CAGR over the forecast period.
In November 2021, Jiangyin Xingjia New Material Co. awarded a waste to heat recovery project to ENERGY to develop a 5.8 MWe waste heat recovery project in China. The contract includes the supply of two ORC units, 2.9 MWE each which will be part of the company’s investment in a greenfield PET production facility located in Jiangyin, in the Jiangsu Province, China.
The government has been actively investing in energy-efficient power generation and clean energy projects and has also opened channels for foreign investments in the country, which is expected to further propel the waste heat recovery market 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 |
China waste heat recovery system market size, by end user, 2018-2030 (US$M)
China Waste Heat Recovery System Market Outlook Share, 2023 & 2030 (US$M)
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