# Waste Heat Recovery Market > Waste Heat Recovery Market Size, Share & Growth Analysis Report By Technique (Heat Exchangers, Heat Wheels, Recuperators, Regenerators, Boilers, and Others), By Application (Temperature Control, Pre-Heating Systems, Electricity Generation, and Others), By Industries (Chemical & Petrochemical, Oil & Gas, Energy & Power, Food & Beverages, Cement, Paper & Pulp, and Others), and By Region – Trends & Industry Forecast to 2035 - **Forecast Period:** 2025 - 2035 - **CAGR:** 8.29% - **2024:** $ 80.45 Billion - **2025:** $ 87.11 Billion - **2035:** $ 193.18 Billion - **Key Players:** General Electric (US), Siemens (DE), Schneider Electric (FR), Mitsubishi Heavy Industries (JP), ABB (CH), Bosch (DE), Caterpillar (US), Clyde Bergemann (DE), Ceres Media (US), Ormat Technologies (US) **Report ID:** MRFR/EnP/0847-HCR · **Pages:** 188 · **Author:** Chitranshi Jaiswal · **Last Updated:** April 06, 2026 **URL:** https://www.marketresearchfuture.com/reports/waste-heat-recovery-market-1355 --- ## Market Summary ## **Global Waste Heat Recovery Market Overview:** Waste Heat Recovery Market Size was valued at USD 62.9 billion in 2021. The waste heat recovery market industry is projected to grow from USD 68.6 Billion in 2022 to USD 127.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.2% during the forecast period (2024 - 2030). The rising concerns about greenhouse gas (GHG) emissions and rigorous laws to reduce carbon footprint are the major market drivers enhancing the market growth. Additionally, ongoing technological developments like waste heat recovery with an organic rankine cycle will further expand the waste heat recovery market. Source: MRFR Database, primary research, secondary research, and analyst review ## **Waste Heat Recovery Market Trends** The increasing need for energy, economic growth, and rising electricity prices are some of the key factors driving the global industry. Numerous industries are using more energy than ever before to produce goods. The primary energy usage was 93 quadrillion Btu, based on U.S. Energy Information Administration statistics. The developed world's industrialization has led to a rise in energy demand. Companies are developing various methods to turn waste heat into electricity in response to the growing need for energy. As a result, it is fueling the expansion of the waste heat recovery sector. Thus the growing energy demand has enhanced the waste heat recovery market CAGR globally in recent years. **Figure 1: Worldwide Primary Energy Usage From 2000 To 2021** Source: MRFR Database, primary research, secondary research, and analyst review Countries have helped to recover and utilize waste heat directly or indirectly. In Denmark, several policies encourage waste heat recovery systems, including laws on [district cooling](../../../reports/district-cooling-market-11091), electrical heating, taxation, subsidies, and heat price regulation. The Italian Energy Management Authority (ARERA) adopted the eligibility of Waste Heat Recovery in the White Certificate Scheme in 2011, with the EEN 9-11, giving a 5-year advantage. Therefore, increased government initiatives to curb greenhouse gases are another factor driving the growth of the waste heat recovery market revenue. ## **Waste Heat Recovery Market Segment Insights:** ### **Waste Heat Recovery Technique Insights** The Waste Heat Recovery Market segmentation, based on technique, includes heat exchangers, heat wheels, recuperators, regenerators, boilers, and others. During the forecast period, the demand for heat exchangers is anticipated to increase due to the increased focus on effective thermal management in several industries, including oil & gas, power generation, chemical & petrochemical, food & beverage, and HVAC & refrigeration. ### **Waste Heat Recovery Application Insights** The Waste Heat Recovery Market data has been bifurcated by application into temperature control, pre-heating systems, electricity generation, and others. Power and steam generation accounted for the majority of application segments with respect to the Waste Heat Recovery Market revenue. The deployment of waste heat recovery for power and steam generation will be aided by rising electricity costs and continued attempts to minimize GHG emissions. The demand for onsite power generation is increasing, and improving plant efficiency is a major focus. **Figure 2: Waste Heat Recovery Market, by Application, 2024 & 2030 (USD Billion)** Source: MRFR Database, primary research, secondary research, and analyst review The second fastest-growing segment in the waste heat recovery industry is the preheating system. The main uses of waste heat recovery systems are preheating combustion air, furnace loads, boiler feed water, and space heating. The waste heat recovery cascade system is boosting product demand. ### **Waste Heat Recovery Industries Insights** Based on Industries, the global waste heat recovery industry has been segmented into chemical & petrochemical, oil & gas, energy & power, food & beverages, and others. A major portion went to chemicals and petrochemical. This industry uses waste heat recovery technologies for thermal cracking, refining, and catalytic treatment. However, the cement end-user category is anticipated to develop significantly during the projected period. The growing number of cement plants in developing nations like China and India will lead to more waste heat recovery installations, fueling sector growth. Hence, the rising use of waste heat recovery in the cement industry positively impacts market growth. ## **Waste Heat Recovery Regional Insights** By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Waste Heat Recovery market accounted for USD 27.12 billion in 2021 and is expected to exhibit a significant CAGR of 43.2 percent growth during the study period. The demand for this region's waste heat recovery market has expanded due to rising onsite power generation and solid economic stability. About 4.11 trillion kilowatt-hours (kWh) of energy were produced by utility-scale electricity-producing facilities in the US in 2021, which is approximately 4,108 billion kWh. Further, the key countries studied in the market report are The U.S, Germany, Canada, UK, France, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. **Figure 3: Waste Heat Recovery Market Share By The Region 2021 In (%)** Source: MRFR Database, primary research, secondary research, and analyst review Europe's waste heat recovery market accounts for the second-largest market share. The European Union's measures to produce electricity from waste and the growing public awareness of waste heat recovery systems have been major waste heat recovery market growth drivers in this region. Germany's new administration, with encouragement from its coalition partner, the Greens party, toughened its climate protection law last year and has set the ambitious aim of accelerating the spread of renewable energy to 80% of electricity by 2030. Further, the German waste heat recovery market held the largest market share, and the UK waste heat recovery market was the fastest-growing market in the European region. The Asia-Pacific Waste Heat Recovery Market is expected to grow at the fastest CAGR from 2022 to 2030. The abundance of cement, paper and pulp, metal processing, and production sectors in this area also fuels the demand for Industrial Waste Heat Recovery Systems. By a wide margin, China will produce the most cement in the world in 2021, with an estimated 2.5 billion metric tonnes produced. Moreover, China's waste heat recovery market held the largest market share, and the Indian waste heat recovery market was the fastest-growing market in the Asia-Pacific region. ## **Waste Heat Recovery Key Market Players & Competitive Insights** The market will rise due to major market players investing a lot of money in R&D to broaden the range of products they provide. Along with significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are participating in several strategic initiatives to increase their global reach. Waste heat recovery industry rivals must provide competitively priced items to grow and remain in this increasingly competitive market. Local production to cut operational costs is one of the main business methods manufacturers use in the global waste heat recovery industry to help customers and increase the market sector. Some of the most significant medical advances have come from the waste heat recovery industry. The waste heat recovery market major player such as, including Ormat Technologies Inc. (U.S.), Siemens AG (Germany), Thermax Limited (India), and ABB Ltd. (Switzerland), is attempting to increase market demand by funding R&D projects. Boyd Corporation is a company that offers superior sealing, thermal management, and protection systems. Bonding, adhesive systems, extrusions, linear, gasket seals, air, conduction, liquid cooling, and related accessories are all available from the company. In January 2021, BOYD Corporation opened a new production plant in Juarez, Mexico, to extend its North American activities. The company will manufacture thermal systems and diverse engineered materials in an automated facility fueled by renewable energy. The quality management system will be accredited for the 40,000 square-meter facility. Also, Ormat Technologies, Inc. is a multinational corporation headquartered in Reno, Nevada. Ormat provides geothermal energy technology that is both alternative and renewable. The company has constructed over 190 power plants and installed over 3,200 MW capacity. It owned and operated 933 MW of geothermal and recovered energy-based power facilities as of January 2021. In December 2020, Ormat Technologies Inc. finalized the acquisition of a 25-MW shovel-ready energy storage project in Upton County, Texas, from Consolidated Edison Inc. subsidiary Consolidated Edison Development Inc. According to a Dec. 16 news release, the project is co-located with a 157-MW solar photovoltaic complex owned and operated by CED Upton County Solar LLC. ### **List of Key Companies in the waste heat recovery market include** ### **Waste Heat Recovery Industry Developments** **December 2022:** Mutares SE & Co. KGaA has finalized the acquisition of Siemens Energy B.V.'s Heat Transfer Technology. This new platform investment will operate under NEM Energy B.V. and boost the Engineering & Technology section. **February 2021:** Siemens Energy has agreed to commission an innovative waste heat-to-power pilot plant in Alberta with Canada-based TC Energy Corporation (TC Energy). The facility will transform waste heat from a gas-fired turbine at a pipeline compression station into emissions-free power. ## **Waste Heat Recovery Market Segmentation** ### **Waste Heat Recovery Technique Outlook** ### **Waste Heat Recovery Application Outlook** ### **Waste Heat Recovery Industries Outlook** ### **Waste Heat Recovery Regional Outlook** ## Market Drivers ### Rising Energy Costs The rising costs of energy are a significant driver for The Global Waste Heat Recovery Industry. As energy prices continue to escalate, industries are compelled to seek alternative solutions to mitigate expenses. Waste heat recovery systems offer a viable option by allowing companies to harness and utilize excess heat that would otherwise be wasted. This not only reduces energy costs but also enhances overall operational efficiency. Market analysis suggests that the implementation of waste heat recovery technologies can lead to substantial savings, making them an attractive investment for businesses facing rising energy costs. ### Growing Industrial Demand The demand for waste heat recovery solutions is on the rise, particularly in energy-intensive industries such as manufacturing, oil and gas, and power generation. The Global Waste Heat Recovery Industry is witnessing increased interest from these sectors as they strive to enhance energy efficiency and reduce operational costs. Data indicates that industries can recover between 20 to 50% of waste heat generated during production processes. This growing industrial demand is expected to propel the market forward, as companies recognize the financial and environmental benefits associated with waste heat recovery. ### Technological Advancements The Global Waste Heat Recovery Industry is experiencing a surge in technological advancements that enhance the efficiency of heat recovery systems. Innovations such as organic Rankine cycle (ORC) technology and advanced heat exchangers are becoming increasingly prevalent. These technologies allow for the conversion of low-temperature waste heat into usable energy, thereby improving overall energy efficiency. According to recent data, the implementation of these advanced systems can lead to energy savings of up to 30% in industrial applications. As industries seek to optimize their energy consumption and reduce operational costs, the adoption of these technologies is likely to accelerate, driving growth in the market. ### Regulatory Support and Incentives Regulatory frameworks and incentives play a crucial role in shaping The Global Waste Heat Recovery Industry. Governments worldwide are implementing policies aimed at promoting energy efficiency and reducing greenhouse gas emissions. For instance, various countries have introduced tax credits, grants, and subsidies for companies that invest in waste heat recovery technologies. This regulatory support not only encourages investment but also fosters innovation within the industry. As a result, the market is projected to witness a compound annual growth rate (CAGR) of approximately 8% over the next five years, driven by favorable government policies and incentives. ### Environmental Sustainability Initiatives Environmental sustainability initiatives are becoming increasingly important in The Global Waste Heat Recovery Industry. As organizations strive to meet corporate social responsibility goals, the focus on reducing carbon footprints and enhancing energy efficiency is intensifying. Waste heat recovery systems contribute significantly to these initiatives by minimizing energy waste and lowering emissions. The market is likely to benefit from this trend, as more companies adopt sustainable practices. Furthermore, the integration of waste heat recovery technologies aligns with global efforts to combat climate change, potentially leading to increased investments in this sector. ## Future Outlook The Waste Heat Recovery Market is projected to grow at an 8.29% CAGR from 2025 to 2035, driven by increasing energy efficiency regulations and rising industrial energy costs. **New opportunities:** - Development of advanced heat exchangers for industrial applications. Integration of waste heat recovery systems in renewable energy projects. Expansion of waste heat recovery solutions in urban infrastructure. By 2035, the market is expected to be robust, driven by innovation and strategic investments. ## Segment Insights ### By Technique: Heat Exchangers (Largest) vs. Recuperators (Fastest-Growing) In The Waste Heat Recovery Market, Heat Exchangers hold the largest market share, serving as essential components in various industrial applications. Following closely are Recuperators, which are witnessing significant growth, driven by increasing energy efficiency demands. Other notable segments include Heat Wheels and Regenerators, which contribute to diverse cooling and heating applications, enriching the overall market dynamics. Heat Exchangers (Dominant) vs. Recuperators (Emerging) Heat Exchangers dominate The Waste Heat Recovery Market by enabling efficient thermal energy conversion, serving industries such as chemical, manufacturing, and power generation. Their robust performance ensures effective energy use, thereby enhancing sustainability. On the other hand, Recuperators are rapidly emerging as essential technologies due to their ability to recover and reuse heat in industrial processes. This trend is fueled by stringent regulations on energy consumption and a shift towards renewable energy sources, making Recuperators vital in meeting modern energy efficiency standards. ### By Application: Electricity Generation (Largest) vs. Temperature Control (Fastest-Growing) In The Waste Heat Recovery Market, the Application segment showcases varied values, with Electricity Generation holding the largest share. This segment has established a strong foothold, leveraging the ability to convert waste heat into electrical energy, which has become increasingly pertinent in energy-intensive industries. Conversely, Temperature Control is emerging rapidly, reflecting a shift in emphasis towards maintaining optimal conditions within manufacturing processes, thus capturing a growing portion of the market share. Temperature Control (Dominant) vs. Others (Emerging) Temperature Control is a dominant player within the Application segment, reflecting its critical role in enhancing operational efficiency across various industrial applications. By optimizing temperatures, it helps in reducing energy costs and ensuring system reliability. In contrast, the 'Others' category, while currently emerging, indicates the potential for new technologies and innovative solutions gaining traction in the market. These may include novel applications such as waste heat recovery systems in commercial HVAC and refrigeration, suggesting a bright future as industries continue to seek effective methods for redirection and reuse of waste heat. ### By Industries: Oil & Gas (Largest) vs. Energy & Power (Fastest-Growing) The Waste Heat Recovery Market is significantly influenced by various industries, with Oil & Gas retaining the largest market share due to its intensive energy consumption and growing focus on sustainable practices. The substantial waste heat generation in oil refining and natural gas processing necessitates the integration of waste heat recovery systems to enhance energy efficiency and lower operational costs. Industries such as the Food & Beverages and Cement sectors also contribute to the market, but they trail behind the leading segments in terms of share. Oil & Gas (Dominant) vs. Energy & Power (Emerging) The Oil & Gas sector stands out as the dominant force in The Waste Heat Recovery Market, primarily due to the high levels of waste heat generated during the extraction and refining processes. Companies in this sector are increasingly investing in waste heat recovery systems to improve their operational efficiency and reduce environmental impact. Meanwhile, the Energy & Power sector is emerging rapidly, driven by an increasing need for energy efficiency and the integration of renewable energy sources, which are expected to amplify waste heat recovery implementations in power generation facilities. Both sectors play crucial roles in shaping the landscape of waste heat recovery technologies, with a strong push towards sustainable and economically viable solutions. ## Regional Market Share Analysis By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Waste Heat Recovery Market accounted for USD 27.12 billion in 2021 and is expected to exhibit a significant CAGR of 43.2 percent growth during the study period. The demand for this region's waste heat recovery market has expanded due to rising onsite power generation and solid economic stability. About 4.11 trillion kilowatt-hours (kWh) of energy were produced by utility-scale electricity-producing facilities in the US in 2021, which is approximately 4,108 billion kWh. Further, the key countries studied in the market report are The U.S, Germany, Canada, UK, France, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil. **Figure 3: Waste Heat Recovery Market Share By The Region 2021 In (%)** Europe's waste heat recovery market accounts for the second-largest market share. The European Union's measures to produce electricity from waste and the growing public awareness of waste heat recovery systems have been major waste heat recovery market growth drivers in this region. Germany's new administration, with encouragement from its coalition partner, the Greens party, toughened its climate protection law last year and has set the ambitious aim of accelerating the spread of renewable energy to 80% of electricity by 2030. Further, the German waste heat recovery market held the largest market share, and the UK waste heat recovery market was the fastest-growing market in the European region. The Asia-Pacific Waste Heat Recovery Market is expected to grow at the fastest CAGR from 2022 to 2030. The abundance of cement, paper and pulp, metal processing, and production sectors in this area also fuels the demand for Industrial Waste Heat Recovery Market Systems. By a wide margin, China will produce the most cement in the world in 2021, with an estimated 2.5 billion metric tonnes produced. Moreover, China's waste heat recovery market held the largest market share, and the Indian waste heat recovery market was the fastest-growing market in the Asia-Pacific region. ## Competitive Benchmarking The market will rise due to major market players investing a lot of money in R&D to broaden the range of products they provide. Along with significant market developments like introducing new products, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are participating in several strategic initiatives to increase their global reach. Waste heat recovery industry rivals must provide competitively priced items to grow and remain in this increasingly competitive market. Local production to cut operational costs is one of the main business methods manufacturers use in the global waste heat recovery industry to help customers and increase the market sector. Some of the most significant medical advances have come from the waste heat recovery industry. The waste heat recovery market major player such as, including Ormat Technologies Inc. (U.S.), Siemens AG (Germany), Thermax Limited (India), and ABB Ltd. (Switzerland), is attempting to increase market demand by funding R&D projects. Boyd Corporation is a company that offers superior sealing, thermal management, and protection systems. Bonding, adhesive systems, extrusions, linear, gasket seals, air, conduction, liquid cooling, and related accessories are all available from the company. In January BOYD Corporation opened a new production plant in Juarez, Mexico, to extend its North American activities. The company will manufacture thermal systems and diverse engineered materials in an automated facility fueled by renewable energy. The quality management system will be accredited for the 40,000 square-meter facility. Also, Ormat Technologies, Inc. is a multinational corporation headquartered in Reno, Nevada. Ormat provides geothermal energy technology that is both alternative and renewable. The company has constructed over 190 power plants and installed over 3,200 MW capacity. It owned and operated 933 MW of geothermal and recovered energy-based power facilities as of January 2021. In December Ormat Technologies Inc. finalized the acquisition of a 25-MW shovel-ready energy storage project in Upton County, Texas, from Consolidated Edison Inc. subsidiary Consolidated Edison Development Inc. According to a Dec. 16 news release, the project is co-located with a 157-MW solar photovoltaic complex owned and operated by CED Upton County Solar LLC. ## Recent News & Developments **December 2022:** Mutares SE & Co. KGaA has finalized the acquisition of Siemens Energy B.V.'s Heat Transfer Technology. This new platform investment will operate under NEM Energy B.V. and boost the Engineering & Technology section. **February 2021:** Siemens Energy has agreed to commission an innovative waste heat-to-power pilot plant in Alberta with Canada-based TC Energy Corporation (TC Energy). The facility will transform waste heat from a gas-fired turbine at a pipeline compression station into emissions-free power. ## Report Scope | MARKET SIZE 2024 | 80.45(USD Billion) | | --- | --- | | MARKET SIZE 2025 | 87.11(USD Billion) | | MARKET SIZE 2035 | 193.18(USD Billion) | | COMPOUND ANNUAL GROWTH RATE (CAGR) | 8.29% (2025 - 2035) | | REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | | BASE YEAR | 2024 | | Market Forecast Period | 2025 - 2035 | | Historical Data | 2019 - 2024 | | Market Forecast Units | USD Billion | | Key Companies Profiled | General Electric (US), Siemens (DE), Schneider Electric (FR), Mitsubishi Heavy Industries (JP), ABB (CH), Bosch (DE), Caterpillar (US), Clyde Bergemann (DE), Ceres Media (US), Ormat Technologies (US) | | Segments Covered | Technique, Application, Industries, Region – Market Forecast Till 2035 | | Key Market Opportunities | Integration of advanced technologies for enhanced efficiency in The Global Waste Heat Recovery. | | Key Market Dynamics | Rising regulatory pressures and technological advancements drive the adoption of waste heat recovery systems across various industries. | | Countries Covered | North America, Europe, APAC, South America, MEA | ## Frequently Asked Questions **Q: What is the projected market valuation of The Global Waste Heat Recovery by 2035?** A: The projected market valuation for The Global Waste Heat Recovery by 2035 is 193.18 USD Billion. **Q: What was the market valuation of The Global Waste Heat Recovery in 2024?** A: The overall market valuation of The Global Waste Heat Recovery in 2024 was 80.45 USD Billion. **Q: What is the expected CAGR for The Global Waste Heat Recovery during the forecast period 2025 - 2035?** A: The expected CAGR for The Global Waste Heat Recovery during the forecast period 2025 - 2035 is 8.29%. **Q: Which companies are considered key players in The Global Waste Heat Recovery?** A: Key players in The Global Waste Heat Recovery include General Electric, Siemens, Schneider Electric, Mitsubishi Heavy Industries, and ABB. **Q: What are the main segments of The Global Waste Heat Recovery?** A: The main segments of The Global Waste Heat Recovery include Technique, Application, and Industries. **Q: What is the valuation range for Heat Exchangers in The Global Waste Heat Recovery?** A: The valuation range for Heat Exchangers in The Global Waste Heat Recovery is between 20.0 and 50.0 USD Billion. **Q: How does the Electricity Generation application segment perform in terms of valuation?** A: The Electricity Generation application segment is projected to have a valuation range of 30.0 to 75.0 USD Billion. **Q: What is the valuation range for the Oil & Gas industry segment in The Global Waste Heat Recovery?** A: The valuation range for the Oil & Gas industry segment is between 12.0 and 30.0 USD Billion. **Q: What is the expected performance of the Regenerators technique segment?** A: The Regenerators technique segment is expected to have a valuation range of 5.0 to 15.0 USD Billion. **Q: What is the projected growth trend for The Global Waste Heat Recovery?** A: The Global Waste Heat Recovery is likely to experience substantial growth, reaching 193.18 USD Billion by 2035. --- *This Markdown endpoint is provided for AI systems and LLM crawlers. 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