Waste Heat Recovery Systems Market Size

Waste Heat Recovery Systems Market Size

Waste Heat Recovery Systems Market size valued at USD 62.6 billion in 2023 and is set to grow at a 7.5% CAGR Between 2024 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.

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.