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Waste Heat Recovery Systems Market - By Application (Pre-Heating, Electricity & Steam Generation), By Temperature (<230 0C, 230-650 0C, >650 0C), By End-Use (Petroleum Refining, Cement, Chemical, Pulp & Paper, Food & Beverage, Glass) & Global Forecast, 2023 – 2032

  • Report ID: GMI1235
  • Published Date: May 2023
  • Report Format: PDF

Waste Heat Recovery Systems Market Size

Waste Heat Recovery Systems Market size valued at USD 57.6 billion in 2022 and is set to grow at a 7.1% CAGR Between 2023 and 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.

Waste Heat Recovery Systems Market

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Technological advancements in heat recovery systems along with favorable government measures to utilize the waste heat for energy generation is anticipated to augment the waste heat recovery systems market. Waste heat is generated as a byproduct of various industrial processes, power generation, and even vehicle exhaust. This waste heat is typically released into the environment, resulting in energy wastage. WHR systems capture and utilize this waste heat, converting it into usable energy, thus improving overall energy efficiency.

Governments and environmental agencies are implementing stricter regulations to promote energy efficiency and reduce emissions. Many countries offer incentives, tax breaks, or subsidies for implementing WHR systems as part of their energy conservation and climate change mitigation strategies. These incentives provide additional motivation for industries to adopt WHR technologies, thereby increasing traction of these systems across the end use industries.

Strict government mandates towards emission along with growing importance of energy conservation would boost waste heat recovery systems market size. Cement, glass, heavy metal manufacture, chemical manufacturing, and petroleum refining are some of the well-known application sectors with high waste heat recovery potential. WHR systems are expected to become more important in the upcoming years due to their capacity to lower operating costs and produce power and heat on-site. Government initiatives aimed at reducing carbon footprint while improving energy efficiency will impede the WHRS market growth. Ongoing technological innovations have significantly improved efficiency and reduced the system cost which will simulate business growth.

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 waste heat recovery systems market 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.

Waste Heat Recovery Systems Market Trends

Waste heat recovery systems have gained significant traction across industries such as power generation, oil and gas, chemical, cement, and steel. These systems allow companies to capture and utilize waste heat from industrial processes, thereby improving energy efficiency and reducing greenhouse gas emissions. The implementation of stringent environmental regulations and emission reduction targets has been a major driving force for the waste heat recovery systems market. Governments and regulatory bodies worldwide are encouraging the adoption of energy-efficient technologies like waste heat recovery to reduce carbon footprint and promote sustainable practices.

Growing focus on energy efficiency coupled with increasing integration of waste heat recovery with other technologies is further anticipated to boost the system adoption across the given timeframe. Rising energy costs and the need for sustainable energy solutions have led to an increased focus on energy efficiency. Waste heat recovery systems offer an effective solution to utilize waste heat, which was previously discarded, to generate additional power or heat. This focus on energy efficiency has propelled waste heat recovery systems market demand.

In addition, waste heat recovery systems are being integrated with other renewable energy technologies like solar and geothermal to maximize energy utilization. This integration allows for combined heat and power generation, providing a comprehensive solution for sustainable energy production.

Waste Heat Recovery Systems Market Analysis

Waste Heat Recovery System Market Size, By Application, 2021 - 2032 (USD Billion)

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Reduced greenhouse gas emissions, application flexibility, and its ability to provide high energy efficiency are some of the key features which will explore product adoption. The implementation of WHRS for electricity and steam generation will be influenced by ongoing attempts to minimize GHG emissions as well as rising power prices. Some of the underlying drivers that will fuel corporate growth include a growing emphasis on improving plant efficiency and a rising need for on-site power production. Increased investment in the use of sustainable waste heat in all industries will increase demand for WHR systems.

Developing countries, particularly in Asia and Africa, are experiencing rapid industrialization and an increasing demand for energy. Waste heat recovery systems offer an attractive opportunity to utilize waste heat and meet the energy demands of these regions. As a result, the waste heat recovery market is expected to witness significant growth in these countries.

Waste Heat Recovery Systems Market Revenue Share, By Temperature, 2022

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<230°C WHR systems are mostly used in medium-sized sectors including pulp & paper, food processing, and chemicals. By using these solutions, plant managers may save operational expenses, boost their locations' energy efficiency, and lower industrial CO2 emissions. Continuous co-generation unit expansion for environmentally friendly waste heat utilization will further support industrial growth.

Utilizing exhaust heat from current industrial processes, including in industries such as glass and cement where high temperature heat recovery machines are deployed in order to produce energy. In the upcoming years, technology implementation will be aided by a few important qualities, including lower maintenance costs and simplicity of use.

Asia Pacific Waste Heat Recovery Systems Market, 2021 - 2032 (USD Billion)

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Asia Pacific waste heat recovery systems market have set ambitious energy efficiency targets to reduce greenhouse gas emissions and conserve energy resources. Waste heat recovery systems play a vital role in achieving these goals by recovering and utilizing the wasted heat, thereby improving overall energy efficiency. In addition, the region is home to a significant number of energy-intensive industries such as manufacturing, chemicals, petrochemicals, and steel production. These industries generate substantial amounts of waste heat during their operations. With the region's rapid industrial growth, there is a greater focus on adopting waste heat recovery systems to optimize energy use and enhance competitiveness.

There is a growing awareness among businesses about the benefits of waste heat recovery systems. Increased knowledge about energy conservation, sustainability, and the potential for cost savings has prompted industries to explore and implement these technologies. Waste heat recovery systems offer economic benefits by reducing energy consumption and operating costs. Recovering waste heat and using it for power generation or other applications can result in significant energy savings and lower fuel consumption, leading to cost reductions for industries.

Asia Pacific is the most coal-consuming region as most of the power generation plants and other industrial plants including cement, chemicals, and metal processing utilize huge amounts of coal for their respective processes. Growing dependency on fossil fuels for several industrial processes has led to an immense threat of carbon emissions; thus, most of the developed nations are now focusing on introducing new & advanced alternatives for power generating facilities to curb air pollution.

Waste Heat Recovery Systems Market Share

Prominent industry players operating across waste heat recovery systems market include

  • BIHL
  • Promec Engineering
  • HRS
  • Climeon
  • AURA
  • IHI Corporation
  • Cochran
  • John Wood Group PLC
  • Forbes Marshall
  • Sofinter S.p.a
  • Siemens Energy
  • Thermax Limited
  • Rentech Boilers
  • Bosch Industriekessel GmbH
  • Viessman
  • General Electric
  • Ormat
  • Dürr Group


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.

Waste Heat Recovery Systems Market News

  • 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.
  • In February 2021, Siemens Energy signed a strategic agreement to construct waste heat-to-power facility in Canada. The pilot installation will convert waste heat from a gas turbine into emissions-free power using supercritical carbon dioxide (sCO2). In addition, the plant will generate electricity to power over 10,000 homes, resulting in an estimated reduction in 44,000 tons per year in greenhouse gas emissions.

This 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 regions across the regions.

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Latin America
    • Brazil
    • Argentina


Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of waste heat recovery systems was valued at over USD 57.6 billion in 2022 and will record more than 7.1% CAGR from 2023 to 2032.

The <230°C WHR systems are in high demand as they are mostly used in medium-sized sectors including pulp & paper, food processing, and chemicals.

Asia Pacific market for waste heat recovery systems will expand at a decent pace by 2032 as the region has set ambitious energy efficiency targets to reduce greenhouse gas emissions and conserve energy resources.

BIHL, Promec Engineering, HRS, Climeon, AURA, IHI Corporation, Cochran, John Wood Group PLC, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens Energy, Thermax Limited, Rentech Boilers, Bosch Industriekessel GmbH, and Viessman.

Waste Heat Recovery Systems Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 493
  • Countries covered: 18
  • Pages: 380
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