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Market Snapshot

CAGR:7.39

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	7.39

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Report Overview

Waste Heat Recovery System Market Analysis By Application (Industrial, Energy, Others), By Type (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle, Others), and By Region Forecast to 2032:

The Waste Heat Recovery System Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing emphasis on energy efficiency, the need to reduce greenhouse gas emissions, and the growing adoption of waste heat recovery systems across various industries.

Waste Heat Recovery System Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Waste Heat Recovery System Market is the increasing focus on energy conservation and sustainability. Industries are under pressure to reduce energy consumption and minimize their carbon footprint. Waste heat recovery systems allow businesses to capture and utilize excess heat generated during industrial processes, thereby reducing energy costs and emissions.

Furthermore, government regulations and incentives promoting energy-efficient practices and the utilization of waste heat contribute to market growth. Companies are incentivized to invest in waste heat recovery systems to comply with environmental standards.

Trends:

An emerging trend in the Waste Heat Recovery System Market is the adoption of advanced waste heat recovery technologies, such as Organic Rankine Cycle (ORC) and Kalina Cycle systems. These technologies are capable of efficiently converting low-temperature waste heat into usable energy, expanding the range of applications for waste heat recovery across various industries.

Additionally, the integration of waste heat recovery systems into combined heat and power (CHP) plants and district heating systems is positively impacting market growth. These integrated systems enhance overall energy efficiency by utilizing waste heat for both electricity generation and heating purposes.

Restraints:

One of the key challenges hindering the growth of the Waste Heat Recovery System Market is the high initial capital investment required for the installation of waste heat recovery systems. While these systems offer long-term energy savings, the upfront costs can be a barrier for some industries, especially small and medium-sized enterprises.

Moreover, the complexity of retrofitting waste heat recovery systems into existing industrial processes can be a logistical challenge. Industries need to carefully plan and execute the integration of these systems to avoid disruptions to their operations.

Waste Heat Recovery System Market Segmentation By Application:

Industrial: The industrial sector represents a significant application area for waste heat recovery systems. Industries such as manufacturing, chemical processing, and metal production generate substantial waste heat that can be harnessed for various purposes, including electricity generation and process heating.
Energy: The energy sector includes power plants and energy-intensive processes where waste heat recovery is crucial for improving overall energy efficiency and reducing fuel consumption.
Others: This category encompasses emerging applications of waste heat recovery, expanding the potential use cases for waste heat utilization.

Waste Heat Recovery System Market Segmentation By Type:

Steam Rankine Cycle: Steam Rankine Cycle systems are widely used in waste heat recovery applications, particularly in industries where high-temperature waste heat is available. These systems utilize steam turbines to convert heat into electricity.
Organic Rankine Cycle: Organic Rankine Cycle systems are suitable for lower-temperature waste heat sources, making them versatile for a range of industrial processes. They use organic fluids to generate electricity from waste heat.
Kalina Cycle: Kalina Cycle systems are known for their efficiency in converting waste heat into power. They use a combination of ammonia and water to maximize energy recovery.
Others: This category includes various innovative waste heat recovery technologies, each designed for specific applications and temperature ranges.

Regional Overview:

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North America is poised to be a key contributor to the global Waste Heat Recovery System Market, driven by the region's focus on energy efficiency and environmental sustainability. The United States and Canada have implemented policies and initiatives to encourage the adoption of waste heat recovery systems in industries.

Europe is another significant market for waste heat recovery, with countries like Germany and the United Kingdom leading in the implementation of these systems. The European Union's stringent energy efficiency regulations further drive market growth.

Waste Heat Recovery System Market Customer Landscape:

The Waste Heat Recovery System Market serves a diverse customer base, including industrial facilities, power generation companies, energy-intensive industries, and engineering firms specializing in energy-efficient solutions. Customers are increasingly recognizing the economic and environmental benefits of waste heat recovery.

Major Waste Heat Recovery System Companies:

Companies in the waste heat recovery system market are actively involved in the development and supply of waste heat recovery solutions to meet the growing demand for energy-efficient technologies.

Example companies include:

Siemens AG: Siemens offers a range of waste heat recovery solutions, including ORC systems and steam turbines, for industrial applications.
General Electric Company: GE provides advanced waste heat recovery technologies for power generation and industrial processes, contributing to energy savings and emissions reduction.
ABB Ltd: ABB specializes in automation and control systems for waste heat recovery, optimizing the performance of waste heat utilization.

The competitive landscape analysis in the report provides insights into key market players, including:

Honeywell International Inc.
Mitsubishi Electric Corporation
Thermax Limited
Echogen Power Systems, Inc.
Dürr Group
Bosch Thermotechnology Corp.
ABB Group
Ormat Technologies, Inc.
Kawasaki Heavy Industries, Ltd.
Climeon AB

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on focus, dominance, and strength.

Segment Overview:

The Waste Heat Recovery System Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Million, 2019 - 2032):

Industrial
Energy
Others

Type Outlook (USD Million, 2019 - 2032):

Steam Rankine Cycle
Organic Rankine Cycle
Kalina Cycle
Others

Geography Outlook (USD Million, 2019 - 2032):

North America

United States
Canada

Europe

Germany
United Kingdom
Rest of Europe

Asia-Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. WASTE HEAT RECOVERY SYSTEM MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Waste Heat Recovery System Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. WASTE HEAT RECOVERY SYSTEM MARKET BY Application INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Steam and Power Generation

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Pre-heating

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. WASTE HEAT RECOVERY SYSTEM MARKET BY End user INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Petroleum Refining

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Chemical

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.4. Cement

6.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.5. Metal Production and Casting

6.5.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.5.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.6. Paper and Pulp

6.6.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.6.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. WASTE HEAT RECOVERY SYSTEM MARKET REGIONAL OUTLOOK

7.1. Waste Heat Recovery System Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Waste Heat Recovery System Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Waste Heat Recovery System Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Waste Heat Recovery System Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Waste Heat Recovery System Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Waste Heat Recovery System Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. Alstom SA (France)

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2. ABB Ltd. (Switzerland)

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3. Amec Foster Wheeler (U.K.)

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4. Ormat Technologies Inc. (U.S.)

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5. General Electric Co. (U.S.)

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6. Mitsubishi Heavy Industries Ltd. (Japan)

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7. Echogen Power Systems Inc. (U.S.)

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8. Econotherm Ltd. (U.K.)

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9. Thermax Limited (India)

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10. Siemens AG (Germany)

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Waste Heat Recovery System Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032