Waste Heat Recovery System Market Size, Growth, Trends | Report 2022-2030
The global waste heat recovery system market size was estimated at around USD 59.9 billion in 2021 and it is projected to hit around USD 129 billion by 2030, growing at a CAGR of 8.9% from 2022 to 2030.
Rising energy costs and stringent regulations concerning energy efficiency are expected to drive the global market.
Growing demand from major end-use industries, such as cement and metal production, is projected to drive the waste heat recovery system (WHRS) market. Furthermore, rising investments in emerging economies coupled with rapid developments in the construction sector are boosting the growth of this market.
Asia Pacific is expected to progress at the highest CAGR during the forecast period due to ongoing innovations in the field of industrialization. Recent years have witnessed rising demand for consistent and continuous electricity across the globe underpinned by strict emission standards, thereby encouraging product penetration. In addition, rising popularity of food processing units in conjunction with decreasing costs of low-temperature heat consumption is expected to offer a growth prospect.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 59.9 billion |
| Revenue Forecast by 2030 | USD 129 billion |
| Growth rate from 2022 to 2030 | CAGR of 8.9% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Application, end user, and region |
| Companies Covered |
Siemens AG; Mitsubishi Heavy Industries, Ltd.; General Electric; ABB; Boustead International Heaters; Forbes Marshall; Promec Engineering; Terrapin; Wood Plc (Amec Foster Wheeler); Climeon; Bosch Industriekessel GmbH; AURA GmbH & Co.; Exergy S.p.A.; IHI Corporation |
Application Insights
Power and steam generation was the dominant application segment in the market owing to the rising demand across the globe. Increasing prices of electricity along with ongoing efforts to reduce GHG emissions will boost the WHRS deployment for power and steam generation. Rising demand for onsite power generation and focus on the improvement of plant efficiency are also the key factors driving the segment growth.
Preheating is estimated to be the fastest-growing application segment from 2022 to 2030. Waste heat recovery systems are majorly used for preheating of combustion air, furnace loads, boiler feed water, and space heating. Cascade system of WHR is bolstering the product demand. The system uses a high-temperature stage for air pre-heating and low-temperature stage for processing feedwater heating, thereby minimizing operational costs and increasing the overall efficiency.
According to the U.S. Department of Energy, combustion air preheat can increase furnace efficiency by as much as 50%. Moreover, preheating combustion exhaust gases can potentially eliminate the need for additional space heating equipment, thereby reducing capital and overhead costs. These trends present a potential growth landscape for the waste heat recovery system market.
End-User Insights
The petroleum refinery segment accounted for the largest market share in 2021. It is estimated to expand further at the fastest CAGR over the forecast period owing to a rise in the drilling activities. In this sector, the WHR systems are used for procedures, such as refinement, thermal cracking, and catalytic treatment.
Various government initiatives to conserve energy and reduce energy costs are anticipated to drive the market further. Rising demand for WHRS in industries, such as petroleum refineries, pulp & paper, heavy metals, petrochemical, and chemicals, for pre-heating, electricity generation, and steam generation is expected to further complement the market growth.
Cement end-user segment is anticipated to have significant growth during the forecast period due to the rapid expansion of the construction sector. In addition, the increasing number of cement plants in developing nations, such as India and China, will result in an upsurge in WHRS installations, thereby boosting the segment growth.
Regional Insights
North America is anticipated to be the largest regional market over the forecast period owing to the increasing demand for onsite power generation along with growing initiatives for the deployment of energy-efficient technologies. Stringent government regulations regarding the toxic gas emission have led to retrofitting of the existing industrial facilities, which will further propel the product demand.
Europe is expected to be the second-largest regional market in the future. Growing awareness regarding WHR systems and initiatives undertaken by the European Union to produce energy through waste have been key driving factors for the market growth in this region.
Germany is the largest contributor in the Europe WHRS market owing to stringent emission standards to lower GHG emissions. Technological innovations, declining costs, and supportive policy environment are some of the underlying factors that will fuel product demand over the coming years.
Asia Pacific is projected to be the fastest-growing region at a CAGR of 10.3% over the forecast period. According to the UNCTAD 2018 world investment report, Asia Pacific was positioned as the largest FDI recipient in the manufacturing sector. Rapid industrialization along with increasing awareness about the significance of sustainable energy in emerging markets of India and China is likely to bolster the market growth in this region.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Waste Heat Recovery System Market
5.1. COVID-19 Landscape: Waste Heat Recovery System Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Waste Heat Recovery System Market, By Application
8.1. Waste Heat Recovery System Market, by Application, 2022-2030
8.1.1. Pre Heating
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Steam & Electricity Generation
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Others
8.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Waste Heat Recovery System Market, By End-User
9.1. Waste Heat Recovery System Market, by End-User, 2022-2030
9.1.1. Petroleum Refinery
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Power
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Cement
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. Chemical
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Metal Production
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Pulp & Paper
9.1.6.1. Market Revenue and Forecast (2017-2030)
9.1.7. Other
9.1.7.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Waste Heat Recovery System Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Application (2017-2030)
10.1.2. Market Revenue and Forecast, by End-User (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Application (2017-2030)
10.1.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Application (2017-2030)
10.1.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Application (2017-2030)
10.2.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Application (2017-2030)
10.2.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Application (2017-2030)
10.2.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Application (2017-2030)
10.2.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Application (2017-2030)
10.2.6.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Application (2017-2030)
10.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Application (2017-2030)
10.3.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Application (2017-2030)
10.3.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Application (2017-2030)
10.3.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Application (2017-2030)
10.3.6.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Application (2017-2030)
10.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Application (2017-2030)
10.4.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Application (2017-2030)
10.4.4.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Application (2017-2030)
10.4.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Application (2017-2030)
10.4.6.2. Market Revenue and Forecast, by End-User (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Application (2017-2030)
10.5.2. Market Revenue and Forecast, by End-User (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Application (2017-2030)
10.5.3.2. Market Revenue and Forecast, by End-User (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Application (2017-2030)
10.5.4.2. Market Revenue and Forecast, by End-User (2017-2030)
Chapter 11. Company Profiles
11.1. Siemens AG
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Mitsubishi Heavy Industries, Ltd.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. General Electric
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. ABB
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Boustead International Heaters
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Forbes Marshall
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Promec Engineering
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Terrapin
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Wood Plc (Amec Foster Wheeler)
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Climeon
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers