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

Global 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).

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.