Waste Heat Recovery System Market Report: Information by Application (Steam and Power Generation, and Pre-heating), End-User (Petroleum Refining, Chemical, Cement, Metal Production and Casting, Paper and Pulp, others), and Region - Forecast Till 2030

Waste Heat Recovery Market Overview

Waste Heat Recovery System Market is projected to be worth USD 114.67 Billion by 2028, registering a CAGR of 9.21% during the forecast period (2021 - 2028)., The market was valued at USD 59.44 Billion in 2020.

Waste heat is the energy generated in the industries or other commercial sectors, and the heat goes to waste instead of re-utilization. Various companies are taking effective steps to harvest this energy in utilize in future. They are using heat recovery systems to reduce energy loss and using it effectively. Various heat recovery methods are used for recycling energy, and due to this, the demand for waste heat recovery technology is increasing.

The main goal of heat recovery technology is to minimize the waste of energy in industries. Now the heat recovery system is used in the ceramic, iron, and food & beverages industries. The use of advanced technology has helped industries by saving energy. The key technologies used in the heat recovery process are regenerators, recuperators, waste heat boilers, and plate heat exchangers. The Waste Heat Recovery market has generated huge revenue from sales of heat pump systems and heat pumps. Advanced technology has converted heat to power and propelled the Waste Heat Recovery market size. 

Increasing energy consumption in various industries and high electricity consumption across the globe positively impacts the Waste Heat Recovery market growth. Additionally, the increasing global population has increased electricity consumption, driving the Waste Heat Recovery market. With the help of a heat recovery system, the industry is cost-effective than setting up new power plants, and it helps the Waste Heat Recovery market grow. The waste recovery technology is one of the best methods to increase power production, and it will help the Waste Heat Recovery market to grow in the forecast period. 

Covid-19 analysis

The spread of coronavirus in Wuhan City caused a global pandemic, and it has affected various industries. Due to this, the demand for the Waste Heat Recovery market has declined. The imposition of various restrictions and lockdown to reduce the spread of the virus has created problems for the Waste Heat Recovery market growth. Covid-19 has stopped the production of various products, and it hampered the Waste Heat Recovery market significantly. The pandemic has affected the sale of machines and equipment, and it had a bad impact on the Waste Heat Recovery market. The major countries with big manufacturing units, such as the UK, Germany, the U.S., and China, are affected due to the pandemic. Apart from that, the lockdown affected the financial state of the companies, so they are not investing money in machinery and equipment. The key players are playing their part to keep the Waste Heat Recovery market trends stable, and the market is expected to come back to normal after the covid-19 situation. 

Market dynamics

• Drivers in the Waste Heat Recovery market

One of the major drivers in the Waste Heat Recovery market is the rising use of energy, economic development, and rising electricity prices. The use of energy is rapidly increasing in various sectors to manufacture products. With industrialization in the developed regions, the need for energy has also increased. With the increasing use of energy, companies are coming up with various techniques to convert waste heat into energy. As a result, it is driving the Waste Heat Recovery market growth. According to the U.S. Energy Information Administration data, the primary energy consumption was equal to 93 quadrillion Btu.

Apart from economic development has also played a part in driving the Waste Heat Recovery market. The government has taken many steps and implemented regulations regarding saving energy, and due to it, the adoption of Waste Heat Recovery technologies has increased. Due to environmental concerns, the government is taking the initiative to save energy; as a result, the Waste Heat Recovery market is gaining huge demand. The need for energy-efficient technology has become crucial for industries to save money. All these factors are playing a huge role in driving the Waste Heat Recovery market trends.  

• Opportunities in the Waste Heat Recovery market

The companies opt for heat recovery technologies to generate more energy and use it in the manufacturing process. Heat recovery technology plays a big part in saving the waste heat and turning it into energy, and it will generate opportunities for the Waste Heat Recovery market. 

• Restraints in the Waste Heat Recovery market

The initial investment for the Waste Heat Recovery market is huge, so few companies are not ready to make a huge investment. It has become a major restraint for the Waste Heat Recovery market. Rising electricity prices, cost restrictions, and temperature restraints also hamper the Waste Heat Recovery market.

• Challenges in the Waste Heat Recovery market

The presence of an alternative cost-efficient heat recovery system has become a challenge for the Waste Heat Recovery market. Apart from that, the underdeveloped regions are unaware of this technology, and lack of awareness has become another challenge.

Cumulative growth analysis

The Waste Heat Recovery market has shown significant growth over the years and is growing at a CAGR rate of 7.79%, and the market will see many opportunities in the coming years. 

Market segmentation

 

The Waste Heat Recovery market is segmented based on techniques, application, and industry.

• By technique

Based on technique, the Waste Heat Recovery market is segmented into heat exchangers, boilers, regenerators, recuperators, heat wheels, and others. 

• By industry

Based on industry, the Waste Heat Recovery market is segmented into chemical & petrochemical, energy and power, food & beverages, oil & gas, and others. Chemical & petrochemical was accounted for the highest Waste Heat Recovery market share in 2020. The chemical & petrochemical had 31% share. Waste Heat Recovery technology is used in this sector for thermal cracking, refinement, and catalytic treatment. Heating process fluid is required in the floating production storage, offshore process, onshore processing, and offloading vessels in the oil and gas market. This process is done by capturing waste from gases. The Waste Heat Recovery market trends will rise with the increasing demand for waste heat recovery systems in various industries. 

• By application

The Waste Heat Recovery market is divided into temperature control, pre-heating systems, electricity generation, and application. 

Regional analysis

The major regions in the Waste Heat Recovery market are North America, South America, Europe, Middle East & Africa. North America is dominating the market, and it was responsible for the highest market share in 2020 with 33% share. Increasing onsite power generation has and strong economic stability has increased the demand for the Waste Heat Recovery market in this region. Apart from that, companies in North America are investing highly in implementing energy-efficient systems; as a result, North America’s share will help ruse. The Asia-Pacific region is also showing rapid growth in the Waste Heat Recovery market due to industrialization and economic development. Due to government environmental concerns, the European region will also have a great place for the Waste Heat Recovery market. The use of energy-efficient technology is driving the demand for the Waste Heat Recovery market. 

Competitive landscape

The major key players in the Waste Heat Recovery market are

• General Electric Co. (U.S.), 


• Mitsubishi Heavy Industries Ltd. (Japan).


• Econotherm Ltd. (U.K.), 


• Thermax Limited (India), 


• Siemens AG (Germany), 


• Echogen Power Systems Inc. (U.S.), 


• Alstom S.A. (France), 


• ABB Ltd. (Switzerland), 


• Amec Foster Wheeler (U.K.), 


• Ormat Technologies Inc. (U.S.)


• China Energy Recovery Inc. (China), 


• Cool Energy Inc. (U.S.)

All these key players are playing a crucial role in increasing the Waste Heat Recovery industry demand. General Electric Co. (U.S.) is the leading contributor in the Waste Heat Recovery industry. 

Recent developments 

• In August 2016, G.E. Power acquired the HRSGs for $ 250 million. HRSGs is a business of Doosan Engineering & Construction.


• In July 2015, Echogen Power Systems signed an agreement with the Doosan Heavy Industries & Construction.

Report overview

This global Waste Heat Recovery industry report is based on the qualitative and quantitative analysis of the market. This report highlights the Waste Heat Recovery market on the market overviews, covid-19 analysis, market dynamics, and Waste Heat Recovery industry analysis. This Waste Heat Recovery market report also highlights the data about regional analysis, competitive landscape, and recent market development.

Segmental table

By technique

• Heat Exchangers


• Heat Wheels


• Recuperators


• Regenerators


• Boilers


• others

By application

• Temperature Control


• Pre-Heating Systems


• Electricity Generation


• Others

By industries

• Chemical & Petrochemical


• Oil & Gas


• Energy & Power


• Food & Beverages


• Others

Report Scope:

Report Attribute/Metric	Details
Market Size	2028: USD 114.67 Billion 2030 : Significant value
CAGR	9.21% CAGR (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Application and End-User
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Alstom SA (France), ABB Ltd. (Switzerland), Amec Foster Wheeler (U.K.), Ormat Technologies Inc. (U.S.), General Electric Co. (U.S.), and Mitsubishi Heavy Industries Ltd. (Japan). Echogen Power Systems Inc. (U.S.), Econotherm Ltd. (U.K.), Thermax Limited (India), Siemens AG (Germany), China Energy Recovery Inc. (China), and Cool Energy Inc. (U.S.)
Key Market Opportunities	New product launches and R&D Amongst major key Players
Key Market Drivers	Increasing electricity consumption Growing global population has led to a rise in the electricity consumption

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