Waste Heat Recovery System Market Size, Share, Growth Analysis, By Application(Pre Heating, Steam & Electricity Generation, Others), By End-User(Petroleum Refinery, Power, Cement, Chemical), By Region - Industry Forecast 2024-2031

Waste Heat Recovery System Market size was valued at USD 62.9 billion in 2019 and is poised to grow from USD 68.6 billion in 2023 to USD 127.2 billion by 2031, growing at a CAGR of 9.2% in the forecast period (2024-2031).

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 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. 'ABB', 'Alfa Laval AB', 'Amec Foster Wheeler plc', 'Bosch Industrial Boilers', 'Clean Energy Technologies Inc.', 'Cochran Ltd', 'Danfoss A/S', 'Echogen Power Systems Inc.', 'Econotherm Ltd', 'General Electric Company', 'Mitsubishi Heavy Industries Ltd.', 'Ormat Technologies Inc.', 'Regenerate Power', 'Siemens AG', 'Sigma Thermal Inc.', 'Thermax Ltd', 'Viessmann Werke GmbH & Co. KG', 'Walchandnagar Industries Limited', 'Waste Heat Recovery Systems International LLC', 'ZEG Power AS'

The major growth drivers for the waste heat recovery systems market are rising population, strict energy emission regulations, and rapid mechanization. Increasing the demand for energy and electricity at reasonable prices is the primary driver of the waste heat recovery market.

Continuous Technological Developments to Surge Adoption of Waste Heat Recovery System

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.