Waste Heat Recovery System Market Size Worth $144.57 Billion By 2032 | CAGR: 7.40%

The global waste heat recovery system market size is expected to reach USD 144.57 billion by 2032, according to a new study by Polaris Market Research. The report “Waste Heat Recovery Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing adoption of cogeneration systems, which generate electricity and heat simultaneously, drives demand for waste heat recovery solutions as these systems produce significant amounts of waste heat that can be recovered and utilized. As awareness of the benefits of waste heat recovery grows, more businesses are likely to adopt these technologies. According to a South Korean environmental Research institute, up to 73.5 percent of the heat produced during the burning process may be recycled in trash incinerators facilities equipped with waste heat recovery systems. These WHR systems in trash incineration facilities in South Korea transfer the steam they produce to a local district heating system. Additionally, electricity is produced by turning small turbines using high-pressure gas.

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Businesses are becoming increasingly aware of the need to reduce their carbon footprint and adopt sustainable practices, and waste heat recovery is seen to achieve this. With the rise of energy prices and the growing focus on sustainability, there is increasing interest in improving energy efficiency in industrial processes, positively influencing the waste heat recovery market. For instance, in August 2022, at its cement facility in Fujairah, Lafarge Emirates Cement stated that it intends to build an organic Rankine cycle (ORC) waste heat recovery (WHR) plant.  

Waste Heat Recovery System Market Report Highlights

• Steam & Electricity generation segment held the dominant position in global market in 2022 owing to rising prices of electricity worldwide.
• Cement Industry segment is anticipated to exhibit fastest CAGR during the forecast period. In order to reduce production costs, cement manufacturing facilities are using waste heat recovery systems for power generation.
• Asia-Pacific is expected to register the highest CAGR over the study period. Increasing construction activities in this region is leading to high demand for cement which is augmenting the demand for waste heat recovery solutions in this region.
• The global players include ABB, Amec Foster Wheeler, Cool Energy, Boustead International, Forbes Marshall, John Wood Group, Echogen Power Systems, and others

Polaris Market Research has segmented the Waste Heat Recovery System Market report based on application, end-use and region:

Waste Heat Recovery System Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Steam & Electricity Generation
• Preheating

Waste Heat Recovery System Market, End-use Outlook (Revenue - USD Billion, 2019 - 2032)

• Petroleum Refining
• Metal Production
• Chemical
• Cement
• Paper & Pulp
• Others

Waste Heat Recovery System Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa