Waste Heat Recovery System Market To Reach $102.41 Billion By 2030

Waste Heat Recovery System Market Growth & Trends

The global waste heat recovery system market size is expected to reach USD 102.41 billion by 2030, registering a CAGR of 9.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The upcoming evolution of waste heat recovery systems is expected to be amplified by investments in several industries such as refineries, heavy metals, paper & pulp, petrochemicals, and chemicals. Major manufacturing industries are actively adopting waste heat recovery systems to decrease their dependence on conventional energy and produce in-house power to reduce operational costs. For instance, in October 2022, Kawasaki Heavy Industries delivered a waste heat recovery power generation system to the Saitama cement plant of TAIHEIYO CEMENT CORPORATION located in Japan. The installation of this system was completed by the company in 2022. It carried out everything from the general plant designing to the equipment supplying and commissioning, as well as installation. The new system has a rated output of 7,850 kW or about 8 MW. By using waste thermal energy to generate electricity for internal usage, the Saitama cement plant can save money on outside power purchases and reduce its annual carbon dioxide (CO2) emissions by around 23,000 tons.

Rising awareness of clean energy across the industrial sector and availability of energy-saving certificates in developed countries such as the U.S. and regions such as the European Union are expected to boost the demand for waste heat recovery systems over the forecast period. The supportive policies in countries such as China, India, Japan, and Australia are expected to boost the market growth in Asia Pacific over the forecast period.

Moreover, government regulations such as the Energy Conservation (Amendment) Bill, 2022, and incentives related to deploying energy-efficient devices play a pivotal role in promoting energy efficiency across the world. A number of countries have established energy efficiency standards and labeling programs for various products, which encourage manufacturers and consumers to prioritize energy-efficient devices over traditional devices.

The market is a concentrated market where major companies such as Siemens Energy, Mitsubishi Power, Ltd., General Electric account for significant market share in the market in 2022. These companies apart from equipment supply are also focusing on various strategic initiatives including partnerships, new launches, collaborations, and expansion.

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Waste Heat Recovery System Market Report Highlights 

• Preheating segment is anticipated to grow at the fastest rate over the forecast period. One of the primary reasons for the growth of pre-heating applications is the potential for significant cost savings. By using waste heat instead of additional energy sources such as electricity and natural sources, companies can lower their operational expenses, making them more competitive in the market

• Petroleum refinery segment emerged as the largest segment with a market share of 20.9% in 2023 and is expected to register the fastest growth over the forecast period. The significant increase in CO2 emissions underscores the need for oil refineries to take immediate and aggressive action to reduce their carbon footprint. WHRS can play a crucial role in this by capturing and utilizing waste heat, which reduces the overall energy consumption of the facility and subsequently lowers emissions

• Liquid-liquid phase system emerged as the largest segment with a market share of 40.2% in 2023 and is expected to register robust growth over the forecast period. The rising demand for the growing petroleum and power industry across the globe driving the segment growth over the coming years. In the petroleum refining industry, the WHR systems are used for various procedures such as refinement, thermal cracking, and catalytic treatment

• Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in April 2023, Damco Energy chose GE to build a new power plant. GE will offer its potent 9HA.02 natural gas turbine, steam turbine, generator, and heat recovery steam generator to build the new power station of 840 megawatts (MW). The plant will be operational in 2026

Waste Heat Recovery System Market Segmentation

Grand View Research has segmented the global waste heat recovery system market on the basis of on end-use, application, phase system, and region:

Waste Heat Recovery System Application Outlook (Revenue, USD Million, 2018 - 2030)

• Pre Heating

• Power & Steam Generation

• Others

Waste Heat Recovery System End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Petroleum Refinery

• Power

• Cement

• Chemical

• Metal Production & Casting

• Pulp & Paper

• Other

Waste Heat Recovery System Phase System Outlook (Revenue, USD Million, 2018 - 2030)

• Liquid-liquid Phase System

• Liquid-gas Phase System

• Thermal Regeneration

Waste Heat Recovery System Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

• Central and South America

  • Brazil

• Middle East and Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Waste Heat Recovery System Market

• Siemens Energy

• Mitsubishi Power, Ltd.

• General Electric

• ABB

• Turboden S.p.A.

• Bosch Industriekessel GmbH

• Exergy International Srl

• Forbes Marshall

• IHI Corporation

• Terrapin