Waste Heat Recovery Solutions Market was valued at USD 42.5 Billion in 2022 and is projected to reach USD 74.1 Billion by 2030, growing at a CAGR of 7.8% from 2024 to 2030.
The waste heat recovery solutions market has experienced significant growth from 2018 to 2022, driven by increasing environmental concerns and the need for energy efficiency across various industries. During this period, the market was valued at approximately $54.88 billion in 2023, with a compound annual growth rate (CAGR) of 9.8% anticipated from 2024 to 2030.
Industries such as petroleum refining, chemical processing, and cement manufacturing have been at the forefront of adopting waste heat recovery systems. These sectors are highly energy-intensive, and the implementation of such systems has led to substantial cost savings and reduced carbon footprints. For instance, in October 2022, Kawasaki Heavy Industries delivered a waste heat recovery power generation system to the Saitama cement plant of TAIHEIYO CEMENT CORPORATION in Japan, enabling the plant to save on external power purchases and reduce annual CO₂ emissions by approximately 23,000 tons.
Looking ahead, the demand for waste heat recovery solutions from 2023 to 2033 is expected to escalate further. The global market is projected to reach $129.6 billion by 2033, growing at a CAGR of 6.8% from 2024 to 2033. This growth is attributed to stringent environmental regulations and a heightened focus on sustainability, compelling industries to adopt energy-efficient technologies.
Advancements in heat exchanger technology and the integration of digital controls have enhanced the efficiency and applicability of waste heat recovery systems. These innovations allow for real-time monitoring and optimization, making the systems more viable across a broader range of applications. Additionally, government initiatives worldwide are promoting the adoption of clean technologies. For example, in June 2023, the Ministry of Power in India established UTPRERAK, a specialized Centre of Excellence, to accelerate the industrial adoption of clean technologies and bolster the country's participation in the global energy transition.
However, challenges such as high initial installation costs and the complexity of integrating these systems into existing infrastructures may impede market growth. Despite these hurdles, the long-term benefits of reduced operational costs and compliance with environmental standards make waste heat recovery solutions a compelling investment for industries aiming for sustainable operations.
In my experience, industries that have proactively invested in waste heat recovery systems have not only achieved significant energy savings but have also enhanced their corporate image by demonstrating a commitment to environmental stewardship. The positive impact on both operational efficiency and public perception underscores the value of these systems in today's eco-conscious market landscape.
Get an In-Depth Research Analysis of the Global Waste Heat Recovery Solutions Market Size And Forecast [2025-2032]
ABB
MHI
Siemens
GE
Kawasaki
Ormat
Foster Wheeler
Bosch
Echogen Power Systems
EST (Wasabi)
Thermax
Sigma Thermal
AirClean Energy
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
Get Discount On The Purchase of the Global Waste Heat Recovery Solutions Market Size And Forecast [2025-2032]
Growing demand for below applications around the world has had a direct impact on the growth of the Global Waste Heat Recovery Solutions Market
Petroleum Refining
Heavy Metal Production
Cement
Chemical
Other
Based on Types the Market is categorized into Below types that held the largest Waste Heat Recovery Solutions market share In 2023.
Steam System
Organic Rankine Cycle System
Kalina Cycle System
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
For More Information or Query, Visit @ Waste Heat Recovery Solutions Market Research Analysis
1. Introduction of the Global Waste Heat Recovery Solutions Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Waste Heat Recovery Solutions Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Waste Heat Recovery Solutions Market, By Type
6. Global Waste Heat Recovery Solutions Market, By Application
7. Global Waste Heat Recovery Solutions Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Waste Heat Recovery Solutions Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
About Us: Verified Market Reports
Verified Market Reports is a leading Global Research and Consulting firm servicing over 5000+ global clients. We provide advanced analytical research solutions while offering information-enriched research studies. We also offer insights into strategic and growth analyses and data necessary to achieve corporate goals and critical revenue decisions.
Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance using industrial techniques to collect and analyze data on more than 25,000 high-impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise, and years of collective experience to produce informative and accurate research.
Contact us:
Mr. Edwyne Fernandes
US: +1 (650)-781-4080
US Toll-Free: +1 (800)-782-1768
Website: https://www.verifiedmarketreports.com/