Europe Waste Heat Recovery Systems Market Size - By Application (Pre-Heating, Electricity & Steam Generation), By End-Use (Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverage, Glass), Temperature & Forecast, 2023 - 2032

Europe Waste Heat Recovery Systems Market Size

Europe Waste Heat Recovery Systems Market was valued at USD 19.8 billion in 2022 and is set to grow at a rate CAGR of over 6.3% from 2023 to 2032. Waste heat recovery systems (WHRS) are technologies designed to capture and utilize waste heat generated during industrial processes or energy production. These systems help improve overall energy efficiency and reduce environmental impact by recovering and reusing heat that would otherwise be wasted.
 

Technological advancements in heat recovery systems and the favorable measures introduced by governments to harness waste heat for energy generation will boost business growth. Waste heat is typically produced as a byproduct of various industrial processes, power generation, and even vehicle exhaust. The waste heat is traditionally released into the environment, resulting in energy wastage. However, waste heat recovery (WHR) systems have the capability to capture and effectively utilize this waste heat, converting it into usable energy, thereby enhancing overall energy efficiency.

The stringent government mandates regarding emissions and the increasing emphasis on energy conservation are set to boost the market's size. Industries such as cement production, glass manufacturing, heavy metal production, chemical manufacturing, and petroleum refining are well-known application sectors with substantial waste heat recovery potential. WHR systems are expected to play an increasingly vital role in the coming years due to their ability to reduce operating costs and generate power and heat on-site. Government initiatives aimed at reducing carbon emissions while enhancing energy efficiency will drive the growth of the WHR systems market.
 

COVID- 19 Impact

COVID-19 pandemic has posed challenges to the large scale-disruptions of supply & demand from the consumers along with wide scale closure of industrial operations has significantly impacted the industry growth specially manufacturing & cement application industry. In addition, operational disruptions in mining of raw materials significantly impacted metal processing & mining and chemical & petrochemical industries, thereby reducing the deployment & retrofitting of systems across the industry verticals.
 

Europe Waste Heat Recovery Systems Market Trends

Waste heat recovery systems have garnered notable attention in various industries, including power generation, oil and gas, chemical, cement, and steel. These systems enable companies to capture and harness waste heat generated during industrial processes, thereby enhancing energy efficiency and mitigating greenhouse gas emissions. The impetus for the waste heat recovery system market primarily stems from the enforcement of stringent environmental regulations and emission reduction targets. Governments and regulatory authorities are actively endorsing the adoption of energy-efficient technologies such as waste heat recovery as a means to diminish carbon footprint and advocate sustainable practices.
 

The growing emphasis on energy efficiency, along with the increasing integration of waste heat recovery with other technologies, is expected to drive the adoption of these systems. Escalating energy costs and the demand for sustainable energy solutions have led to a heightened focus on energy efficiency. Waste heat recovery systems provide an effective means to harness and utilize waste heat that was previously discarded, thereby generating additional power or heat. This heightened emphasis on energy efficiency has resulted in an increased demand for waste heat recovery systems. Furthermore, waste heat recovery systems are being integrated with other renewable energy technologies, such as solar and geothermal, to optimize energy utilization.
 

Europe Waste Heat Recovery Systems Market Analysis

Based on application, the electricity & steam generation application market is anticipated to grow at a CGAR of over 10% through 2032. Reduced greenhouse gas emissions, versatility in applications, and the capacity to deliver high energy efficiency are among the key attributes that are expected to drive increased adoption of waste heat recovery systems. The adoption of Waste Heat Recovery Systems (WHRS) for electricity and steam generation will be influenced by ongoing efforts to curtail greenhouse gas (GHG) emissions and the continuous upward trajectory of electricity prices.
 

• The European Union (EU) has set ambitious emission reduction targets, including the Green Deal and the European Green Deal, which emphasize decarbonization.
   
• Several underlying drivers will contribute to the growth of this sector, including a growing emphasis on enhancing plant efficiency and a rising demand for on-site power production.
   
• Increased investments in the utilization of sustainable waste heat across various industries will further boost the demand for WHR systems.
   
• European governments and the EU provide incentives, subsidies, and funding to encourage the adoption of energy-efficient technologies, including WHRS. These financial incentives are spurring market growth.
   

Based on temperature, the <230 °C temperature system will witness around 6.1% growth rate from 203 to 2023 to 2032. Waste heat recovery (WHR) systems operating at temperatures below 230°C are predominantly employed in medium-sized industrial sectors such as pulp and paper, food processing, and chemicals. The utilization of these solutions enables plant managers to achieve cost savings, enhance energy efficiency at their facilities, and reduce industrial CO2 emissions. The expansion of continuous co-generation units for environmentally friendly waste heat utilization will further support Europe waste heat recovery systems market growth.
 

These WHR systems make use of exhaust heat generated during existing industrial processes. They find applications in sectors like glass and cement, where high-temperature heat recovery equipment is deployed to generate energy. In the coming years, technology implementation in this field will be facilitated by essential qualities such as lower maintenance costs and ease of use. In addition, waste heat recovered from industrial processes is integrated into district heating systems, providing a sustainable heat source for urban areas.
 

Germany waste heat recovery system market will grow at a rate of over 6.5% by 2032. Germany has set ambitious energy efficiency targets to reduce greenhouse gas emissions and conserve energy resources. The country is actively pursuing its energy transition strategy, aiming to phase out nuclear energy and reduce carbon emissions. WHRS plays a crucial role in this transition by improving energy efficiency and contributing to sustainable energy generation. In addition, government initiatives and regulatory measures encourage the adoption of WHRS to achieve energy efficiency and emissions reduction goals. Financial incentives and subsidies further promote WHRS adoption.
 

• Germany's renewable energy sector, particularly wind and solar, integrates WHRS to enhance grid stability and overall energy efficiency.
   
• CHP plants, which utilize waste heat for both electricity and heat generation, are increasingly prevalent in Germany, contributing to higher energy efficiency.
   
• Continuous research and development efforts in Germany drive technological advancements, making WHRS systems more efficient and cost-effective.
   
• Companies and industries in the country places a strong emphasis on sustainability, seeking to reduce their carbon footprint and energy consumption as a result, WHRS aligns with these objectives.
   

Europe Waste Heat Recovery Systems Market Share

Strategic collaborations, overseas business expansion and mergers & acquisitions are few of the significant initiatives undertaken by the eminent industry players. Moreover, the companies are also involved in substantial research & development to gain competitive advantage over other participants.

• BIHL
• Promec Engineering
• HRS
• Climeon
• AURA
• Cochran
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Forbes Marshall
• Sofinter S.p.a
• Siemens Energy
• Bosch Industriekessel GmbH
• Viessman
• General Electric
• EXERGY INTERNATIONAL SRL
• Ormat
• Fortum
• Durr Group

Europe Waste Heat Recovery Systems Market News

• In June 2023, Fortum decided to invest over USD 225 million during 2023-2027 in waste heat projects within the Espoo Clean Heat programme. These will drive decarbonisation and build sustainable waste heat solutions in the Helsinki metropolitan area. Fortum’s district heat in Finland will be produced coal-free already in 2025 and carbon-neutrally before 2030.
   
• In April 2023, Climeon integrated its HeatPower System for a new Rhodesia power plant located in Nottinghamshire, UK. The plant will deliver up to 10 MW of low carbon flexible power with natural gas-powered engines, using Climeon’s HeatPower technology to increase energy efficiency and carbon capture systems to further minimize carbon emissions.
   

This Europe waste heat recovery systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2019 to 2032, for the following segments:

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By Application

• Pre-Heating
• Electricity & Steam Generation
  • Steam Rankine Cycle
  • Organic Rankine Cycle
  • Kalina Cycle
• Other

By Temperature

• <230 °C
• 230-650 °C
• >650 °C

By End Use

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

The above information has been provided for the following countries across the region.

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Belgium
• Poland
• Sweden