USD 71.50 billion
Waste Heat Recovery Market Size, Share, Growth Analysis, By Phase System (Liquid-liquid Phase System, Liquid-gas Phase System), By Application (Preheating, Steam & Electricity Generation), By End-use Industry (Petroleum Refining, Metal Production), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25S2052 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
95
|Figures:
76
Waste Heat Recovery Market Insights
Waste Heat Recovery Market size was valued at USD 76.65 Billion in 2023 and is poised to grow from USD 82.17 Billion in 2024 to USD 143.3 Billion by 2032, growing at a CAGR of 7.20% during the forecast period (2025-2032).
The global waste heat recovery marketplace is experiencing extensive insights pushed by using the imperative to beautify power efficiency and sustainability. As industries are trying to find to lessen carbon footprints and optimize power usage, waste warmness recovery structures have won prominence. These structures capture and reuse extra warmth generated throughout commercial procedures, contributing to price financial savings and environmental conservation. Government initiatives promoting sustainable practices and stringent emission regulations further improve marketplace boom. Key sectors adopting waste warmness recovery consist of manufacturing, chemical, and electricity generation. The marketplace is marked via technological improvements, innovative answers, and a developing consciousness of the economic and environmental benefits of harnessing wasted thermal power.
Moreover, growing energy expenses and the growing attention of the monetary advantages associated with waste warmth healing are encouraging companies to invest in those structures. Waste warmth restoration offers a feasible solution for reinforcing electricity efficiency and reducing dependency on fossil fuels, thereby improving standard competitiveness and profitability.
Furthermore, technological improvements, such as the development of superior warmness exchangers, natural Rankine cycle structures, and thermoelectric turbines, are increasing the skills and applicability of waste heat recovery solutions throughout various industries.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Power
Fastest Growth
Petroleum Refining
Growth Rate
7.20% CAGR
Global Waste Heat Recovery Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Waste Heat Recovery Market Segmental Analysis
Global Waste Heat Recovery Market is segmented by Phase System, Application, End-use Industry, and region. Based on Phase System, the market is segmented into Liquid-liquid Phase System, Liquid-gas Phase System, and Thermal Regeneration. Based on Application, the market is segmented into Preheating, Steam & Electricity Generation, and Others. Based on End-use Industry, the market is segmented into Petroleum Refining, Metal Production, Cement, Chemicals, Pulp & Paper, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Type
The power technology application segment is expected to dominate the waste warmth restoration marketplace. The increasing consciousness on sustainable electricity solutions and the growing demand for energy force the adoption of waste heat healing systems. Industries are more and more trying to harness and convert waste heat into strength, thereby improving usual electricity efficiency and reducing environmental impact.
The fastest-developing utility phase is likely to be steam generation. With developing industrialization, diverse sectors including production, chemical, and paper and pulp industries extensively make use of steam for tactics. Waste heat healing systems catering to steam era provide widespread opportunities for performance improvements, making it an unexpectedly growing phase in the waste warmth restoration market.
Analysis by End User
The business quarter is expected to dominate the waste warmth recovery marketplace. Industries together with manufacturing, chemical, and metal manufacturing generate vast waste heat for the duration of their methods. The imperative to beautify power performance and reduce operational costs drives the adoption of waste heat healing structures in these industries. Additionally, stringent environmental policies encourage the implementation of sustainable practices, further boosting the demand for waste heat recovery answers inside the commercial area.
The fastest-developing end-consumer industry section is likely to be the cement enterprise. Cement manufacturing is electricity-in depth, and waste warmth recuperation provides a huge possibility for efficiency enhancements and fee financial savings. As the cement industry faces growing pressure to reduce carbon emissions, the adoption of waste heat recuperation structures will become essential for sustainable operations. Therefore, the cement industry is predicted to experience rapid boom inside the implementation of waste warmth recuperation answers.
Global Waste Heat Recovery Market By End Use
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Waste Heat Recovery Market Regional Insights
Asia-Pacific is anticipated to dominate the waste warmness recovery market. The location's dominance may be attributed to the fast industrialization in international locations like China and India, in which substantial production and industrial sports generate enormous waste warmth. The recognition on strength efficiency, coupled with supportive government initiatives and policies selling sustainable practices, further propels the adoption of waste warmness healing structures within the area.
The Middle East and Africa is predicted to be the fastest-developing region inside the waste warmness recuperation marketplace. The place is witnessing a surge in commercial sports, mainly in sectors like oil and fuel, in which sizeable waste warmness is generated. Additionally, the increasing recognition of electricity conservation and the implementation of stringent environmental policies contribute to the increased boom of waste warmness restoration answers inside the Middle East and Africa.
Global Waste Heat Recovery Market By Region
- Largest
- Fastest
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Waste Heat Recovery Market Dynamics
Drivers
Increasing Demand for Energy Efficiency and Sustainability
- The escalating calls for strength performance and sustainability across numerous industries propels the adoption of waste warmth recuperation systems. Industries recognize the financial and environmental blessings of harnessing and utilizing formerly wasted thermal strength from approaches.
Increasing Stringent Environmental Policies
- Stringent environmental policies and authorities' projects international further force the implementation of waste warmness recuperation technologies as groups purpose to lessen carbon footprints.
Restraints
High Initial Costs Associated with Installation of Waste Heat Recovery Systems
- One of the primary market restraints is the excessive preliminary expenses associated with the installation of waste warmness restoration structures pose a tremendous task for industries, particularly for small and medium-sized establishments.
High Payback Duration for These Structures May Deter A Few Organizations
- The payback duration for these structures may deter a few organizations from making instant investments. Additionally, the variety of industrial tactics and the variety in waste warmness traits require customized solutions, leading to complexities in gadget layout and deployment.
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Waste Heat Recovery Market Competitive Landscape
The aggressive surroundings of the Waste Heat Recovery market are dynamic and characterised via the presence of key players and a dynamic enterprise striving for innovation. Strategic collaborations, partnerships, and mergers and acquisitions are commonplace tendencies as corporations aim to increase their product portfolios and beef up their marketplace positions.
Top Player’s Company Profiles
- BB Ltd.
- Wood (John Wood Group plc)
- Ormat Technologies Inc.
- General Electric Co.
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- Thermax Limited
- Echogen Power Systems, LLC
- Econotherm Ltd.
- Cool Energy, Inc.
- Transparent Energy Systems Pvt. Ltd.
- JP Steel Plantech Co. (Steel Plantech)
- TMEIC
- Clyde Bergemann Power Group
- Kilburn Engineering Limited
- Sigma Thermal
- Penta Engineering Corporation
- Unidyne
- Thermal Systems (Hyderabad) Pvt. Ltd.
- Esteem Power Equipment India Pvt. Ltd.
Recent Developments
- July 2023: Solex Thermal Science Inc., a Canadian organization focusing on thermal and bulk materials engineering, is thrilled to announce its successful acquisition of Econotherm Ltd., a distinguished UK-based totally business enterprise focusing on waste warmth recuperation generation.
- December 2023: BB introduces its most modern Turbex® K series business turbochargers, specifically crafted for waste heat healing programs inside the cement and steel sectors. This modern-day collection boasts more suitable performance and diminished emissions, catering to the evolving needs of those industries.
- October 2023: Amec Foster Wheeler has secured a contract to engineer and supply a waste warmth recuperation system tailored for a petrochemical facility located inside the Middle East. This system is projected to supply 50 megawatts (MW) of electrical electricity, thereby slicing down electricity usage through 15%.
Waste Heat Recovery Key Market Trends
- Rising Emphasis on Integration of Advanced Technologies: The growing emphasis on the combination of advanced technology which includes Artificial Intelligence (AI) and Internet of Things (IoT) in waste warmness healing systems. These technologies allow real-time monitoring and optimization, improving usual machine performance. Another super fashion is the increasing adoption of organic Rankine cycle (ORC) generation, specifically in smaller-scale packages, supplying flexibility and performance improvements. Additionally, there is a growing hobby in modular and customizable waste warmth restoration solutions to cater to various industrial methods.
Waste Heat Recovery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Waste Heat Recovery market evaluation exhibits a dynamic market with some of standout developments and difficulties. The marketplace is pushed with the aid of the vital for energy efficiency and sustainable practices, with industries more and more adopting structures to seize and reuse wasted thermal electricity. High initial charges and various business processes pose restraints, requiring customized solutions. Product kind analysis shows a shift closer to advanced technology like organic Rankine cycle (ORC) and the mixing of AI and IoT for real-time tracking. Regionally, Asia-Pacific dominates because of speedy industrialization, whilst the Middle East
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 71.50 billion |
| Market size value in 2031 | USD 133.68 billion |
| Growth Rate | 7.20% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Waste Heat Recovery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Waste Heat Recovery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Waste Heat Recovery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Waste Heat Recovery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Waste Heat Recovery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Waste Heat Recovery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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