India Waste Heat Recovery System Market Size & Outlook
India waste heat recovery system market, 2018-2030 (US$M)
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India waste heat recovery system market highlights
- The India waste heat recovery system market generated a revenue of USD 2,004.6 million in 2022 and is expected to reach USD 4,785.9 million by 2030.
- The India market is expected to grow at a CAGR of 11.5% from 2023 to 2030.
- In terms of segment, petroleum refinery was the largest revenue generating end user in 2022.
- Metal Production & Casting 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 2022 | USD 2,004.6 million |
| Market revenue in 2030 | USD 4,785.9 million |
| Growth rate | 11.5% (CAGR from 2022 to 2030) |
| Largest segment | Petroleum refinery |
| Fastest growing segment | Metal Production & Casting |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 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, India accounted for 3.9% of the global waste heat recovery system market in 2022.
- 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 18.73% in 2022. Horizon Databook has segmented the India 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.
India is one of the fastest-growing economies owing to growth in middle-income groups, increasing disposable income, and business-friendly government reforms. Growing government support for waste heat recovery systems in the form of incentives and subsidies.
In June 2022, Vedanta announced the modification of its waste heat recovery plant located in Goa to increase power generation by 5 MW. Vedanta also unveiled plans to install a waste recovery power plant at its coke oven batteries manufacturing facilities located in Gujarat and Maharashtra.
Growing demand for energy-efficient waste heat recovery systems and deployment of the PAT scheme aimed at reducing harmful emissions are anticipated to have a positive impact on the waste heat recovery system market in India over the forecast period.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
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India waste heat recovery system market size, by end user, 2018-2030 (US$M)
India Waste Heat Recovery System Market Outlook Share, 2022 & 2030 (US$M)
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