The global waste heat recovery system market size is expected to reach USD 102.41 billion by 2030. The market is expected to expand at a CAGR of 9.3% from 2023 to 2030. The upcoming evolution of waste heat recovery systems is expected to be amplified by investments in several industries such as refineries, heavy metals, paper & pulp, petrochemicals, and chemicals. Major manufacturing industries are actively adopting waste heat recovery systems to decrease their dependence on conventional energy and produce in-house power to reduce operational costs. For instance, in October 2022, Kawasaki Heavy Industries delivered a waste heat recovery power generation system to the Saitama cement plant of TAIHEIYO CEMENT CORPORATION located in Japan. The installation of this system was completed by the company in 2022. It carried out everything from the general plant designing to the equipment supplying and commissioning, as well as installation. The new system has a ra
ted output of 7, 850 kW or about 8 MW. By using waste thermal energy to generate electricity for internal usage, the Saitama cement plant can save money on outside power purchases and reduce its annual carbon dioxide (CO2) emissions by around 23, 000 tons.
Rising awareness of clean energy across the industrial sector and availability of energy-saving certificates in developed countries such as the U.S. and regions such as the European Union are expected to boost the demand for waste heat recovery systems over the forecast period. The supportive policies in countries such as China, India, Japan, and Australia are expected to boost the market growth in Asia Pacific over the forecast period.
Moreover, government regulations such as the Energy Conservation (Amendment) Bill, 2022, and incentives related to deploying energy-efficient devices play a pivotal role in promoting energy efficiency across the world. A number of countries have established energy efficiency standards and labeling programs for various products, which encourage manufacturers and consumers to prioritize energy-efficient devices over traditional devices.
The market is a concentrated market where major companies such as Siemens Energy, Mitsubishi Power, Ltd., General Electric account for significant market share in the market in 2022. These companies apart from equipment supply are also focusing on various strategic initiatives including partnerships, new launches, collaborations, and expansion.
ted output of 7, 850 kW or about 8 MW. By using waste thermal energy to generate electricity for internal usage, the Saitama cement plant can save money on outside power purchases and reduce its annual carbon dioxide (CO2) emissions by around 23, 000 tons.
Rising awareness of clean energy across the industrial sector and availability of energy-saving certificates in developed countries such as the U.S. and regions such as the European Union are expected to boost the demand for waste heat recovery systems over the forecast period. The supportive policies in countries such as China, India, Japan, and Australia are expected to boost the market growth in Asia Pacific over the forecast period.
Moreover, government regulations such as the Energy Conservation (Amendment) Bill, 2022, and incentives related to deploying energy-efficient devices play a pivotal role in promoting energy efficiency across the world. A number of countries have established energy efficiency standards and labeling programs for various products, which encourage manufacturers and consumers to prioritize energy-efficient devices over traditional devices.
The market is a concentrated market where major companies such as Siemens Energy, Mitsubishi Power, Ltd., General Electric account for significant market share in the market in 2022. These companies apart from equipment supply are also focusing on various strategic initiatives including partnerships, new launches, collaborations, and expansion.
Waste Heat Recovery System Market Report Highlights
- Pre-heating emerged as fastest growing application in the global waste heat recovery system with CAGR of 9.6% over the forecast period. One of the primary reasons for the growth of pre-heating applications is the potential for significant cost savings. By using waste heat instead of additional energy sources such as electricity and natural sources, companies can lower their operational expenses, making them more competitive in the market
- Petroleum refining has the largest market share in the end-use segment in the global market with 20.5% of the market in 2022. The significant increase in CO2 emissions underscores the need for oil refineries to take immediate and aggressive action to reduce their carbon footprint. WHRS can play a crucial role in this by capturing and utilizing waste heat, which reduces the overall energy consumption of the facility and subsequently lowers emissions
- Liquid-liquid phase system accounted for largest market share in the phase system segment in the global market with 40.3% of the market in 2022. The rising demand for growing petroleum and power industry across the globe driving the segment growth over the coming years. In the petroleum refining industry, the WHR systems are used for various procedures such as refinement, thermal cracking, and catalytic treatment
- Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in April 2023, Damco Energy chose GE to build a new power plant. GE will offer its potent 9HA.02 natural gas turbine, steam turbine, generator, and heat recovery steam generator to build the new power station of 840 megawatts (MW). The plant will be operational in 2026
Table of Contents
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Waste Heat Recovery System Market: Variables, Trends, & Scope
Chapter 4 Waste Heat Recovery System Market: Application Estimates & Trend Analysis
Chapter 5 Waste Heat Recovery System Market: End-Use Estimates & Trend Analysis
Chapter 6 Waste Heat Recovery System Market: Phase System Estimates & Trend Analysis
Chapter 7 Waste Heat Recovery System Market: Regional Estimates & Trend Analysis
Chapter 8 Waste Heat Recovery System Market: Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Siemens Energy
- Mitsubishi Power, Ltd.
- General Electric
- ABB
- Turboden S.P.A.
- Bosch
- Exergy International Srl
- Forbes Marshall
- IHI Corporation
- Terrapin
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 112 |
| Published | September 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 52.02 Billion |
| Forecasted Market Value ( USD | $ 102.41 Billion |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
