Global Waste Heat Recovery System Market

Global Waste Heat Recovery System Market Size, Share, Growth Analysis, By Application(Pre Heating, Steam & Electricity Generation), By End-User(Petroleum Refinery, Power) - Industry Forecast 2023-2030


Report ID: SQMIG20I2106 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 67 | Figures: 75

Global Waste Heat Recovery System Market Insights

Global Waste Heat Recovery System Market size was valued at USD 62.9 billion in 2021 and is poised to grow from USD 68.6 billion in 2022 to USD 127.2 billion by 2030, growing at a CAGR of 9.2% in the forecast period (2023-2030).

A waste heat recovery system (WHRS) is an energy recovery heat exchanger that transfers heat from a hot process output to another part of the process, usually for efficiency purposes. WHRU is a tool related to cogeneration. Waste heat can be recovered from sources such as hot diesel generator flue gas, steam from cooling towers, or effluent from cooling processes such as steel cooling. Despite efforts by ORC companies, waste heat of low temperature (0-120 °C, or typically less than 100 °C) has traditionally not been used for electricity generation. primarily due to the low Carnot efficiency (maximum 18% for 90°C heating and 20°C cooling, minus losses, typically yielding 5-7% net electricity). Growth in concerns about greenhouse gas (GHG) emissions and stringent regulations to reduce carbon dioxide emissions are expected to be the key factors behind the growth of global waste heat recovery system market.

Domestic demand for WHR systems in North America is showing strong growth due to tightening global energy efficiency regulations. The United States is the largest contributor to the North American market revenue due to the increasing use of her WHRS to optimize emissions from coal-fired power plants and provide zero-emission electricity. Such systems enable the reuse of flue gas for pre-drying and cogeneration in thermal power plants, increasing the thermal efficiency of the system and thereby boosting product demand. The presence of major industry players such as General Electric and Terrapin in the region further fuels the market growth.

US Waste Heat Recovery System Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 62.9 billion

Largest Segment

Electricity generation and Steam

Fastest Growth

Pre Heating

Growth Rate

9.2% CAGR

Global Waste Heat Recovery System Market, 2021-2028 ($ Mn)
Country Share for North AmericaRegion- 2021 (%)
Global Waste Heat Recovery System Market By Application, 2021-2028 (%)
Global Waste Heat Recovery System Market By Application, 2021-2028 (%)

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Global Waste Heat Recovery System Market Segmental Analysis

Global Waste Heat Recovery System Market is segmented based on the Application, End-user, and region. Based on application, the  Waste Heat Recovery System Market is segmented into Pre Heating, Steam & Electricity Generation, and Others. Based on End-user, the Waste Heat Recovery System Market is segmented into Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, and Other. By region, the Waste Heat Recovery System Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.

Waste Heat Recovery System Market Analysis by Application

Electricity generation and steam generation has been the dominant application segment in the market due to increasing global demand. Rising electricity prices and continued efforts to reduce greenhouse gas emissions will lead to the use of WHRS for electricity and steam generation. Increased demand for on-site power generation and focus on improving plant efficiency are also important drivers of segment growth.

Preheating is analysed to be the fastest growing application segment in forecasting period. Waste heat recovery systems are primarily used for preheating combustion air, furnace load, boiler feed water and heating. The system uses a hot stage for air preheating and a cold stage for feed water heating to minimize operating costs and increase overall efficiency.

According to the US Department of Energy, preheating combustion air can improve furnace efficiency by up to 50%. Additionally, preheating the flue gas may eliminate the need for additional heating equipment, reducing capital costs and overhead. These trends represent the potential growth landscape of the Global Waste Heat Recovery System Market.

Waste Heat Recovery System Market Analysis by End-User

The petroleum refining segment accounted for the largest market share in 2021. It is estimated to continue to expand at the fastest CAGR over the forecast period due to increased drilling activity. The sector uses WHR plant for processes such as refining, pyrolysis and catalytic treatment.

Many government initiatives to conserve energy and reduce energy bills are expected to further drive the market. Increasing demand for WHRS in industries such as petroleum refining, pulp and paper, heavy metals, petrochemicals, preheating chemicals, power generation, and steam generation is expected to further complement market growth.

Significant growth is expected for the cement end-use segment during the forecast period, owing to the rapid expansion of the construction sector. Moreover, increasing number of cement plants in developing countries such as India and China will lead to an increase in WHRS installations, which will boost the growth of the segment.

Global Waste Heat Recovery System Market By Application, 2021 (%), 2021 (%)

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Global Waste Heat Recovery System Market Regional Insights

North America is expected to be the largest regional market during the forecast period owing to increase in demand for on-site power generation and increasing initiatives for deployment of energy efficient technologies. Strict government regulations on toxic gas emissions will lead to retrofitting of existing industrial plants, further increasing demand for our products.

Europe will become the second largest regional market in the future. Growing awareness of the WHR system and the European Union's waste-to-energy initiative are key drivers of market growth in the region. Germany is the biggest contributor to her WHRS market in Europe due to strict emission standards to reduce greenhouse gas emissions. Technological innovation, falling costs, and a favorable political environment are some of the potential factors that will boost product demand in the coming years.

Asia Pacific is projected to be the fastest-growing region at a certain CAGR over the forecast period. Asia-Pacific ranked as the largest recipient of FDI in the manufacturing sector. Rapid industrialization, along with growing awareness of the importance of sustainable energy in the emerging economies of India and China, should support market growth in the region.

The oil and natural gas industry in Latin America is expected to grow at a decent pace in the coming years owing to the oil reserves in Venezuela which in turn is likely to aid in the growth of the waste heat recovery systems market in the region.

Global Waste Heat Recovery System Market By Region, 2021-2028, 2023-2030
  • Largest
  • Fastest

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Global Waste Heat Recovery System Market Dynamics

Waste Heat Recovery System Market Driver

  • The major growth drivers for the waste heat recovery systems market are rising population, strict energy emission regulations, and rapid mechanization. Increasing the demand for energy and electricity at reasonable prices is the primary driver of the waste heat recovery market.
  • Rising demand for diesel vehicles, particularly in the commercial vehicle segment, to support the expansion of EHR systems.

Waste Heat Recovery System Market Restraint

  • High capital cost for waste heat recovery system units is limiting the growth of the waste heat recovery market.
  • Shifting trend toward electric propulsion in light-duty vehicles in developed countries.

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Global Waste Heat Recovery System Market Competitive Landscape

Global Waste Heat Recovery System Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector are expected to spur industry growth in the coming years. Overall, the global market is highly competitive and dependent on product development and technological advancements. Large companies invest in research and development activities to gain a competitive advantage over others. Mergers and acquisitions, expansion of overseas operations, and strategic collaborations are other business strategies pursued by market players. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers.

Waste Heat Recovery System Market Top Player's Company Profiles

  • ABB
  • Alfa Laval AB
  • Amec Foster Wheeler plc
  • Bosch Industrial Boilers
  • Clean Energy Technologies Inc.
  • Cochran Ltd
  • Danfoss A/S
  • Echogen Power Systems Inc.
  • Econotherm Ltd
  • General Electric Company
  • Mitsubishi Heavy Industries Ltd.
  • Ormat Technologies Inc.
  • Regenerate Power
  • Siemens AG
  • Sigma Thermal Inc.
  • Thermax Ltd
  • Viessmann Werke GmbH & Co. KG
  • Walchandnagar Industries Limited
  • Waste Heat Recovery Systems International LLC
  • ZEG Power AS

Waste Heat Recovery System Market Recent Developments

  • In September 2022, Transitional Energy and ElectraTherm formed a partnership to convert oil and gas waste heat to power following a successful demonstration of producing geothermal energy from an oil field.
  • In September 2022, SAI Tech reveals 2 new liquid cooling bitcoin mining containers built for overclocking flexibility, SAI Tech’s founder and CEO Arthur Lee explained that the containers further provide a waste heat recovery system. “Tankbox and Rackbox are compatible with all air-cooling and liquid-cooling miners on the market with our unique waste heat recovery capability”.

Global Waste Heat Recovery System Key Market Trends

  • Continuous Technological Developments to Surge Adoption of Waste Heat Recovery System
  • Future industry development will be bolstered by investments in multiple industries such as refineries, heavy metals, paper and pulp, petrochemicals and chemicals. Large manufacturing industries are actively using WHRS to reduce their dependence on conventional energy and generate their own power to reduce labor costs. Moreover, continuing technological inventions like WHR with organic Rankine cycle will further drive the growth of the market. Increasing application of EGR and turbochargers in HEVs and PHEVs is widely seen in North America and Europe due to their willingness to adopt cutting-edge technology and stringent emission standards. With more ways to recover heat from both the battery and the motor, future technologies like TEG could become promising technologies for hybrid vehicles.

Global Waste Heat Recovery System Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global Waste Heat Recovery System market analysis, Asia Pacific region holds the highest share in 2021. Emerging Waste heat recovery technologies, and emerging economies can drive the market in future. Industrial waste treatment and recovery is one of the major concerns of various processing industries. To address this issue, companies have introduced various products and systems related to industrial waste treatment and recycling, as well as the recovery of energy from industrial waste. Products and services include wastewater treatment plants, waste heat recovery systems and flue gas desulfurization systems. These systems are commonly used to capture or recover heat that escapes with wastewater, air, or other products. This process allows companies to recover heat and use it for various operations.

Report Metric Details
Market size value in 2021 USD 62.9 billion
Market size value in 2030 USD 127.2 billion
Growth Rate 9.2%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Pre Heating, Steam & Electricity Generation, Others
  • End-User
    • Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper, Other.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB
  • Alfa Laval AB
  • Amec Foster Wheeler plc
  • Bosch Industrial Boilers
  • Clean Energy Technologies Inc.
  • Cochran Ltd
  • Danfoss A/S
  • Echogen Power Systems Inc.
  • Econotherm Ltd
  • General Electric Company
  • Mitsubishi Heavy Industries Ltd.
  • Ormat Technologies Inc.
  • Regenerate Power
  • Siemens AG
  • Sigma Thermal Inc.
  • Thermax Ltd
  • Viessmann Werke GmbH & Co. KG
  • Walchandnagar Industries Limited
  • Waste Heat Recovery Systems International LLC
  • ZEG Power AS
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Waste Heat Recovery System Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Waste Heat Recovery System Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Waste Heat Recovery System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Waste Heat Recovery System Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Waste Heat Recovery System Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Waste Heat Recovery System Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Waste Heat Recovery System Market size was valued at USD 62.9 billion in 2021 and is poised to grow from USD 68.6 billion in 2022 to USD 127.2 billion by 2030, growing at a CAGR of 9.2% in the forecast period (2023-2030).

Global Waste Heat Recovery System Market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector are expected to spur industry growth in the coming years. Overall, the global market is highly competitive and dependent on product development and technological advancements. Large companies invest in research and development activities to gain a competitive advantage over others. Mergers and acquisitions, expansion of overseas operations, and strategic collaborations are other business strategies pursued by market players. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers. 'ABB', 'Alfa Laval AB', 'Amec Foster Wheeler plc', 'Bosch Industrial Boilers', 'Clean Energy Technologies Inc.', 'Cochran Ltd', 'Danfoss A/S', 'Echogen Power Systems Inc.', 'Econotherm Ltd', 'General Electric Company', 'Mitsubishi Heavy Industries Ltd.', 'Ormat Technologies Inc.', 'Regenerate Power', 'Siemens AG', 'Sigma Thermal Inc.', 'Thermax Ltd', 'Viessmann Werke GmbH & Co. KG', 'Walchandnagar Industries Limited', 'Waste Heat Recovery Systems International LLC', 'ZEG Power AS'

The major growth drivers for the waste heat recovery systems market are rising population, strict energy emission regulations, and rapid mechanization. Increasing the demand for energy and electricity at reasonable prices is the primary driver of the waste heat recovery market.

Continuous Technological Developments to Surge Adoption of Waste Heat Recovery System

North America is expected to be the largest regional market during the forecast period owing to increase in demand for on-site power generation and increasing initiatives for deployment of energy efficient technologies. Strict government regulations on toxic gas emissions will lead to retrofitting of existing industrial plants, further increasing demand for our products.

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Global Waste Heat Recovery System Market

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