Product Code: PM3126
The global waste heat recovery system market size is expected to reach USD 144.57 billion by 2032, according to a new study by Polaris Market Research. The report "Waste Heat Recovery Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing adoption of cogeneration systems, which generate electricity and heat simultaneously, drives demand for waste heat recovery solutions as these systems produce significant amounts of waste heat that can be recovered and utilized. As awareness of the benefits of waste heat recovery grows, more businesses are likely to adopt these technologies. According to a South Korean environmental Research institute, up to 73.5 percent of the heat produced during the burning process may be recycled in trash incinerators facilities equipped with waste heat recovery systems. These WHR systems in trash incineration facilities in South Korea transfer the steam they produce to a local district heating system. Additionally, electricity is produced by turning small turbines using high-pressure gas.
Businesses are becoming increasingly aware of the need to reduce their carbon footprint and adopt sustainable practices, and waste heat recovery is seen to achieve this. With the rise of energy prices and the growing focus on sustainability, there is increasing interest in improving energy efficiency in industrial processes, positively influencing the waste heat recovery market. For instance, in August 2022, at its cement facility in Fujairah, Lafarge Emirates Cement stated that it intends to build an organic Rankine cycle (ORC) waste heat recovery (WHR) plant.
Waste Heat Recovery System Market Report Highlights:
- Steam & Electricity generation segment held the dominant position in global market in 2022 owing to rising prices of electricity worldwide.
- Cement Industry segment is anticipated to exhibit fastest CAGR during the forecast period. In order to reduce production costs, cement manufacturing facilities are using waste heat recovery systems for power generation.
- Asia-Pacific is expected to register the highest CAGR over the study period. Increasing construction activities in this region is leading to high demand for cement which is augmenting the demand for waste heat recovery solutions in this region.
- The global players include ABB, Amec Foster Wheeler, Cool Energy, Boustead International, Forbes Marshall, John Wood Group, Echogen Power Systems, and others
Polaris Market Research has segmented the Waste Heat Recovery System Market report based on application, end-use and region:
Waste Heat Recovery System Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Steam & Electricity Generation
- Preheating
Waste Heat Recovery System Market, End-use Outlook (Revenue - USD Billion, 2019 - 2032)
- Petroleum Refining
- Metal Production
- Chemical
- Cement
- Paper & Pulp
- Others
Waste Heat Recovery System Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Waste Heat Recovery System Market Insights
- 4.1. Waste Heat Recovery System Market - Industry Snapshot
- 4.2. Waste Heat Recovery System Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. High usage of waste heat recovery system in power and steam generation
- 4.2.1.2. Multiple factors associated with waste heat recovery system market
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Issues associated with Waste Heat Recovery System system
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Waste Heat Recovery System Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Waste Heat Recovery System Market, by End-use
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Waste Heat Recovery System, by End-use, 2019-2032 (USD Billion)
- 5.3. Petroleum Refining
- 5.3.1. Global Waste Heat Recovery System Market, by Petroleum Refining, by Region, 2019-2032 (USD Billion)
- 5.4. Metal Production
- 5.4.1. Global Waste Heat Recovery System Market, by Metal Production, by Region, 2019-2032 (USD Billion)
- 5.5. Chemical
- 5.5.1. Global Waste Heat Recovery System Market, by Chemical, by Region, 2019-2032 (USD Billion)
- 5.6. Cement
- 5.6.1. Global Waste Heat Recovery System Market, by Cement, by Region, 2019-2032 (USD Billion)
- 5.7. Paper & Pulp
- 5.7.1. Global Waste Heat Recovery System Market, by Paper & Pulp, by Region, 2019-2032 (USD Billion)
- 5.8. Others
- 5.8.1. Global Waste Heat Recovery System Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Waste Heat Recovery System Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 6.3. Steam & Electricity Generation
- 6.3.1. Global Waste Heat Recovery System Market, by Steam & Electricity Generation, by Region, 2019-2032 (USD Billion)
- 6.4. Preheating
- 6.4.1. Global Waste Heat Recovery System Market, by Preheating, by Region, 2019-2032 (USD Billion)
7. Global Waste Heat Recovery System Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. Waste Heat Recovery System Market Assessment, By Geography, 2019-2032 (USD Billion)
- 7.3. Waste Heat Recovery System Market - North America
- 7.3.1. North America: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.3.2. North America: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.3.3. Waste Heat Recovery System Market - U.S.
- 7.3.3.1. U.S.: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.3.3.2. U.S.: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.3.4. Waste Heat Recovery System Market - Canada
- 7.3.4.1. Canada: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.3.4.2. Canada: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4. Waste Heat Recovery System Market - Europe
- 7.4.1. Europe: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.2. Europe: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.3. Waste Heat Recovery System Market - UK
- 7.4.3.1. UK: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.3.2. UK: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.4. Waste Heat Recovery System Market - France
- 7.4.4.1. France: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.4.2. France: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.5. Waste Heat Recovery System Market - Germany
- 7.4.5.1. Germany: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.5.2. Germany: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.6. Waste Heat Recovery System Market - Italy
- 7.4.6.1. Italy: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.6.2. Italy: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.7. Waste Heat Recovery System Market - Spain
- 7.4.7.1. Spain: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.7.2. Spain: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.8. Waste Heat Recovery System Market - Netherlands
- 7.4.8.1. Netherlands: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.8.2. Netherlands: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.9. Waste Heat Recovery System Market - Russia
- 7.4.9.1. Russia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.9.2. Russia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5. Waste Heat Recovery System Market - Asia Pacific
- 7.5.1. Asia Pacific: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.3. Waste Heat Recovery System Market - China
- 7.5.3.1. China: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.3.2. China: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.4. Waste Heat Recovery System Market - India
- 7.5.4.1. India: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.4.2. India: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.5. Waste Heat Recovery System Market - Malaysia
- 7.5.5.1. Malaysia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.5.2. Malaysia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.6. Waste Heat Recovery System Market - Japan
- 7.5.6.1. Japan: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.6.2. Japan: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.7. Waste Heat Recovery System Market - Indonesia
- 7.5.7.1. Indonesia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.7.2. Indonesia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.8. Waste Heat Recovery System Market - South Korea
- 7.5.8.1. South Korea: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.8.2. South Korea: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6. Waste Heat Recovery System Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.3. Waste Heat Recovery System Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.3.2. Saudi Arabia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.4. Waste Heat Recovery System Market - UAE
- 7.6.4.1. UAE: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.4.2. UAE: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.5. Waste Heat Recovery System Market - Israel
- 7.6.5.1. Israel: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.5.2. Israel: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.6. Waste Heat Recovery System Market - South Africa
- 7.6.6.1. South Africa: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.6.2. South Africa: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7. Waste Heat Recovery System Market - Latin America
- 7.7.1. Latin America: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7.3. Waste Heat Recovery System Market - Mexico
- 7.7.3.1. Mexico: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.3.2. Mexico: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7.4. Waste Heat Recovery System Market - Brazil
- 7.7.4.1. Brazil: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.4.2. Brazil: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7.5. Waste Heat Recovery System Market - Argentina
- 7.7.5.1. Argentina: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.5.2. Argentina: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. Siemens
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Form Benchmarking
- 9.1.4. Recent Development
- 9.2. Mitsubishi Heavy Industries
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Form Benchmarking
- 9.2.4. Recent Development
- 9.3. General Electric
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Form Benchmarking
- 9.3.4. Recent Development
- 9.4. ABB
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Form Benchmarking
- 9.4.4. Recent Development
- 9.5. Boustead International
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Form Benchmarking
- 9.5.4. Recent Development
- 9.6. Forbes Marshall
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Form Benchmarking
- 9.6.4. Recent Development
- 9.7. John Wood Group
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Form Benchmarking
- 9.7.4. Recent Development
- 9.8. Ormat Technologies
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Form Benchmarking
- 9.8.4. Recent Development
- 9.9. Thermax
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Form Benchmarking
- 9.9.4. Recent Development
- 9.10. Cool Energy
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Form Benchmarking
- 9.10.4. Recent Development
- 9.11. Climeon AB
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Form Benchmarking
- 9.11.4. Recent Development
- 9.12. AURA GmbH
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Form Benchmarking
- 9.12.4. Recent Development
- 9.13. Promec Engineering
- 9.13.1. Company Overview
- 9.13.2. Financial Performance
- 9.13.3. Form Benchmarking
- 9.13.4. Recent Development