Global Waste Heat Recovery System Market size was valued at USD 62.9 billion in 2021 and is poised to grow from USD 68.6 billion in 2022 to USD 127.2 billion by 2030, growing at a CAGR of 9.2% in the forecast period (2023-2030).
A waste heat recovery system (WHRS) is an energy recovery heat exchanger that transfers heat from a hot process output to another part of the process, usually for efficiency purposes. WHRU is a tool related to cogeneration. Waste heat can be recovered from sources such as hot diesel generator flue gas, steam from cooling towers, or effluent from cooling processes such as steel cooling. Despite efforts by ORC companies, waste heat of low temperature (0-120 °C, or typically less than 100 °C) has traditionally not been used for electricity generation. primarily due to the low Carnot efficiency (maximum 18% for 90°C heating and 20°C cooling, minus losses, typically yielding 5-7% net electricity). Growth in concerns about greenhouse gas (GHG) emissions and stringent regulations to reduce carbon dioxide emissions are expected to be the key factors behind the growth of global waste heat recovery system market.
Domestic demand for WHR systems in North America is showing strong growth due to tightening global energy efficiency regulations. The United States is the largest contributor to the North American market revenue due to the increasing use of her WHRS to optimize emissions from coal-fired power plants and provide zero-emission electricity. Such systems enable the reuse of flue gas for pre-drying and cogeneration in thermal power plants, increasing the thermal efficiency of the system and thereby boosting product demand. The presence of major industry players such as General Electric and Terrapin in the region further fuels the market growth.
US Waste Heat Recovery System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 62.9 billion
Largest Segment
Electricity generation and Steam
Fastest Growth
Pre Heating
Growth Rate
9.2% CAGR
Global Waste Heat Recovery System Market, 2021-2028 ($ Mn)
Country Share for North AmericaRegion- 2021 (%)
Global Waste Heat Recovery System Market By Application, 2021-2028 (%)
Global Waste Heat Recovery System Market By Application, 2021-2028 (%)
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Global Waste Heat Recovery System Market is segmented based on the Application, End-user, and region. Based on application, the Waste Heat Recovery System Market is segmented into Pre Heating, Steam & Electricity Generation, and Others. Based on End-user, the Waste Heat Recovery System Market is segmented into Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, and Other. By region, the Waste Heat Recovery System Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Waste Heat Recovery System Market Analysis by Application
Electricity generation and steam generation has been the dominant application segment in the market due to increasing global demand. Rising electricity prices and continued efforts to reduce greenhouse gas emissions will lead to the use of WHRS for electricity and steam generation. Increased demand for on-site power generation and focus on improving plant efficiency are also important drivers of segment growth.
Preheating is analysed to be the fastest growing application segment in forecasting period. Waste heat recovery systems are primarily used for preheating combustion air, furnace load, boiler feed water and heating. The system uses a hot stage for air preheating and a cold stage for feed water heating to minimize operating costs and increase overall efficiency.
According to the US Department of Energy, preheating combustion air can improve furnace efficiency by up to 50%. Additionally, preheating the flue gas may eliminate the need for additional heating equipment, reducing capital costs and overhead. These trends represent the potential growth landscape of the Global Waste Heat Recovery System Market.
Waste Heat Recovery System Market Analysis by End-User
The petroleum refining segment accounted for the largest market share in 2021. It is estimated to continue to expand at the fastest CAGR over the forecast period due to increased drilling activity. The sector uses WHR plant for processes such as refining, pyrolysis and catalytic treatment.
Many government initiatives to conserve energy and reduce energy bills are expected to further drive the market. Increasing demand for WHRS in industries such as petroleum refining, pulp and paper, heavy metals, petrochemicals, preheating chemicals, power generation, and steam generation is expected to further complement market growth.
Significant growth is expected for the cement end-use segment during the forecast period, owing to the rapid expansion of the construction sector. Moreover, increasing number of cement plants in developing countries such as India and China will lead to an increase in WHRS installations, which will boost the growth of the segment.
Global Waste Heat Recovery System Market By Application, 2021 (%), 2021 (%)
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North America is expected to be the largest regional market during the forecast period owing to increase in demand for on-site power generation and increasing initiatives for deployment of energy efficient technologies. Strict government regulations on toxic gas emissions will lead to retrofitting of existing industrial plants, further increasing demand for our products.
Europe will become the second largest regional market in the future. Growing awareness of the WHR system and the European Union's waste-to-energy initiative are key drivers of market growth in the region. Germany is the biggest contributor to her WHRS market in Europe due to strict emission standards to reduce greenhouse gas emissions. Technological innovation, falling costs, and a favorable political environment are some of the potential factors that will boost product demand in the coming years.
Asia Pacific is projected to be the fastest-growing region at a certain CAGR over the forecast period. Asia-Pacific ranked as the largest recipient of FDI in the manufacturing sector. Rapid industrialization, along with growing awareness of the importance of sustainable energy in the emerging economies of India and China, should support market growth in the region.
The oil and natural gas industry in Latin America is expected to grow at a decent pace in the coming years owing to the oil reserves in Venezuela which in turn is likely to aid in the growth of the waste heat recovery systems market in the region.
Global Waste Heat Recovery System Market By Region, 2021-2028, 2023-2030
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Global Waste Heat Recovery System Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector are expected to spur industry growth in the coming years. Overall, the global market is highly competitive and dependent on product development and technological advancements. Large companies invest in research and development activities to gain a competitive advantage over others. Mergers and acquisitions, expansion of overseas operations, and strategic collaborations are other business strategies pursued by market players. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers.
Waste Heat Recovery System Market Top Player's Company Profiles
Waste Heat Recovery System Market Recent Developments
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According to our global Waste Heat Recovery System market analysis, Asia Pacific region holds the highest share in 2021. Emerging Waste heat recovery technologies, and emerging economies can drive the market in future. Industrial waste treatment and recovery is one of the major concerns of various processing industries. To address this issue, companies have introduced various products and systems related to industrial waste treatment and recycling, as well as the recovery of energy from industrial waste. Products and services include wastewater treatment plants, waste heat recovery systems and flue gas desulfurization systems. These systems are commonly used to capture or recover heat that escapes with wastewater, air, or other products. This process allows companies to recover heat and use it for various operations.
Report Metric Details Market size value in 2021 USD 62.9 billion Market size value in 2030 USD 68.6 billion Growth Rate 9.2% Base year 2021 Forecast period 2023-2030 Forecast Unit (Value) USD Billion Segments coveredFree report customization with purchase. Customization includes:-
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