Waste Heat Recovery Systems Market: By Application Analysis(Pre- Heating, Electricity & Steam Generatio and Others) By Temperature Analysis(<230 0C, 230-650 0C, >650 0C) By End User (Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverage , Glass and Others ) and Geography

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Waste Heat Recovery Systems Market size was valued at USD 68.3 billion in 2023. It is expected to reach a value of USD 101.7 billion by 2030, growing at a CAGR of 6.3%  from 2024 to 2024. The global market provides a detailed overview of the Waste Heat Recovery Systems Market, which has been segmented into application analysis, temperature analysis, and end user. By application analysis, the market has been segmented into Pre- Heating, Electricity & Steam Generation, and Others. The Electricity & Steam Generation segment is likely the most significant and fastest-growing segment in application analysis. By temperature analysis, the Waste Heat Recovery Systems market has been segmented into <230 0C, 230-650 0C, and>650 0C. The <230 0C segment holds a significant revenue share in the market. Based on the end user, the Waste Heat Recovery Systems are segmented into Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper Chemicals, Food & Beverage, Glass, and Others. According to precision business insights, the Petroleum Refining segment is predicted to register the fastest growth rate during the forecast period.

Waste Heat Recovery Systems Market Key developments:
  • In March 2022, Alfa Laval has launched the E-PowerPack waste heat recovery system for ships. Able to convert waste heat directly into electrical power, the E-PowerPack uses Organic Rankine Cycle (ORC) technology to reduce ship fuel consumption and CO2 emissions.

Waste Heat Recovery Systems Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

6.8%

Largest Market

North American

Fastest Growing Market

Asia-Pacific

Waste Heat Recovery Systems Market Dynamics

Global waste heat recovery system (WHRS) market expansion is anticipated to be primarily driven by rising concerns about greenhouse gas (GHG) emissions and stringent laws to reduce carbon footprint.

Waste Heat Recovery Systems Market Segmentation

By Application Analysis

  • Pre- Heating
  • Electricity & Steam Generatio
  • Others

By Temperature Analysis

  • <230 0C
  • 230-650 0C
  • >650 0C

By End User

  • Petroleum Refining
  • Cement
  • Heavy Metal Manufacturing
  • Chemical
  • Pulp & Paper
  • Food & Beverage
  • Glass
  • Others

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Frequently Asked Questions

The waste heat recovery systems market size was valued at USD 68.3 billion in 2023

The waste heat recovery systems market key players are: Sigma Thermal Echogen Power Ststems Inc. Thermax Limited General Electric Co. Siemens Energy Mitsubishi Heavy Industries LTD Kemco Stystems Endotherm Ltd Ormat Technolgies ABB Ltd.

The waste heat recovery systems market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

Key Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
1. Executive Summary
2. Global Waste Heat Recovery Systems Market Introduction
2.1. Global Waste Heat Recovery Systems Market Taxonomy
2.2. Global Waste Heat Recovery Systems Market Definitions
2.2.1. By Application
2.2.2. By Temperature
2.2.3. By End User
2.2.4. By Region
3. Global Waste Heat Recovery Systems Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Waste Heat Recovery Systems Market Dynamic Factors - Impact Analysis
3.6. Global Waste Heat Recovery Systems Market Competition Landscape
4. Global Waste Heat Recovery Systems Market Analysis, 2019 - 2023 and Forecast, 2024 -2030
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Waste Heat Recovery Systems Market, By Application, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
5.1. Pre- Heating
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Electricity & Steam Generation
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
5.3. Others
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
6. Global Waste Heat Recovery Systems Market, By Temperature, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
6.1. <230 0C
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. 230-650 0C
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. >650 0C
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
7. Global Waste Heat Recovery Systems Market, By End User, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
7.1. Petroleum Refining
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Cement
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Heavy Metal Manufacturing
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Chemical
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
7.5. Pulp & Paper
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3. Market Opportunity Analysis
7.6. Food & Beverages
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.6.3. Market Opportunity Analysis
7.7. Glass
7.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.7.3. Market Opportunity Analysis
7.8. Others
7.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
7.8.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.8.3. Market Opportunity Analysis
8. Global Waste Heat Recovery Systems Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, End User, and Region, 2024 -2030
9. North America Waste Heat Recovery Systems Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
9.1. Application Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Pre- Heating
9.1.2. Electricity & Steam Generation
9.1.3. Others
9.2. Temperature Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. <230 0C
9.2.2. 230-650 0C
9.2.3. >650 0C
9.3. End User Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.3.1. Petroleum Refining
9.3.2. Cement
9.3.3. Heavy Metal Manufacturing
9.3.4. Chemical
9.3.5. Pulp & Paper
9.3.6. Food & Beverage
9.3.7. Glass
9.3.8. Others
9.4. Country Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2024 -2030
9.6. North America Waste Heat Recovery Systems Market Dynamics Trends
10. Europe Waste Heat Recovery Systems Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
10.1. Application Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Pre- Heating
10.1.2. Electricity & Steam Generation
10.1.3. Others
10.2. Temperature Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. <230 0C
10.2.2. 230-650 0C
10.2.3. >650 0C
10.3. End User Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.3.1. Petroleum Refining
10.3.2. Cement
10.3.3. Heavy Metal Manufacturing
10.3.4. Chemical
10.3.5. Pulp & Paper
10.3.6. Food & Beverage
10.3.7. Glass
10.3.8. Others
10.4. Country Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Rest of Europe
10.5. Europe Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2024 -2030
10.6. Europe Waste Heat Recovery Systems Market Dynamics Trends
11. Asia-Pacific Waste Heat Recovery Systems Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
11.1. Application Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Pre- Heating
11.1.2. Electricity & Steam Generation
11.1.3. Others
11.2. Temperature Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. <230 0C
11.2.2. 230-650 0C
11.2.3. >650 0C
11.3. End User Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.3.1. Petroleum Refining
11.3.2. Cement
11.3.3. Heavy Metal Manufacturing
11.3.4. Chemical
11.3.5. Pulp & Paper
11.3.6. Food & Beverage
11.3.7. Glass
11.3.8. Others
11.4. Country Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature, End User, and Country, 2024 -2030
11.6. Asia-Pacific Waste Heat Recovery Systems Market Dynamics Trends
12. Latin America Waste Heat Recovery Systems Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
12.1. Application Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Pre- Heating
12.1.2. Electricity & Steam Generation
12.1.3. Others
12.2. Temperature Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. <230 0C
12.2.2. 230-650 0C
12.2.3. >650 0C
12.3. End User Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.3.1. Petroleum Refining
12.3.2. Cement
12.3.3. Heavy Metal Manufacturing
12.3.4. Chemical
12.3.5. Pulp & Paper
12.3.6. Food & Beverage
12.3.7. Glass
12.3.8. Others
12.4. Country Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature,  End User, and Country, 2024 -2030
12.6. Latin America Waste Heat Recovery Systems Market Dynamics Trends
13. Middle East and Africa Waste Heat Recovery Systems Market Analysis, 2019 - 2023 and Forecast, 2024 -2030 (Revenue, USD Mn) 
13.1. Application Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Pre- Heating
13.1.2. Electricity & Steam Generation
13.1.3. Others
13.2. Temperature Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. <230 0C
13.2.2. 230-650 0C
13.2.3. >650 0C
13.3. End User Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.3.1. Petroleum Refining
13.3.2. Cement
13.3.3. Heavy Metal Manufacturing
13.3.4. Chemical
13.3.5. Pulp & Paper
13.3.6. Food & Beverage
13.3.7. Glass
13.3.8. Others
13.4. Country Analysis 2019 - 2023 and Forecast 2024 -2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Waste Heat Recovery Systems Market - Opportunity Analysis Index, By Application, By Temperature,  End User, and Country, 2024 -2030
13.6. MEA Waste Heat Recovery Systems Market Dynamics Trends
14. Competition Landscape 
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Application Offerings, Key Developments, Strategies, and SWOT Analysis)
14.2.1. Sigma Thermal
14.2.2. Echogen Power Ststems Inc.
14.2.3. Thermax Limited
14.2.4. General Electric Co.
14.2.5. Siemens Energy
14.2.6. Mitsubishi Heavy Industries LTD
14.2.7. Kemco Stystems
14.2.8. Endotherm Ltd
14.2.9. Ormat Technolgies
14.2.10. ABB Ltd.
15. Research Methodology
16. Key Assumptions and Acronyms
  • Sigma Thermal
  • Echogen Power Ststems Inc.
  • Thermax Limited
  • General Electric Co.
  • Siemens Energy
  • Mitsubishi Heavy Industries LTD
  • Kemco Stystems
  • Endotherm Ltd
  • Ormat Technolgies
  • ABB Ltd.

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