Electricity and Steam Generation Waste Heat Recovery Systems - Global Strategic Business Report

The global market for Electricity and Steam Generation Waste Heat Recovery Systems was estimated at US$58.5 Billion in 2024 and is projected to reach US$102.2 Billion by 2030, growing at a CAGR of 9.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Electricity and Steam Generation Waste Heat Recovery Systems market.

Global Electricity & Steam Generation Waste Heat Recovery Systems Market - Key Trends & Drivers Summarized

Why Are Waste Heat Recovery Systems Becoming Core to Industrial Energy Efficiency and Decarbonization?

Waste heat recovery systems (WHRS) for electricity and steam generation are becoming increasingly central to industrial sustainability strategies as energy-intensive sectors seek to lower fuel consumption, reduce greenhouse gas emissions, and improve overall process efficiency. Large volumes of thermal energy generated during industrial processes - such as in cement, steel, glass, refining, chemicals, and pulp & paper - are typically lost through exhaust gases, kiln surfaces, or process cooling streams. WHRS capture this lost energy and convert it into usable electrical power or steam, offsetting the need for grid-supplied electricity or additional fuel for boilers. The integration of WHRS enhances energy self-sufficiency and improves the economics of continuous and batch production cycles. As industries are compelled to meet emissions reduction targets and adapt to volatile energy markets, WHRS offers a commercially viable solution with rapid payback potential. These systems are particularly valuable in emerging economies where energy access is limited or unreliable, and in mature markets where industrial decarbonization is prioritized under regulatory frameworks. Beyond cost savings, WHRS adoption also helps industries achieve ESG performance goals, enhance equipment utilization, and improve energy KPIs, making them indispensable in long-term energy transition planning.

How Are Technology Innovations Enabling Broader Deployment and System Efficiency Gains?

Technological advancements are expanding the capabilities and cost-efficiency of waste heat recovery systems across diverse industrial settings. Conventional steam-based Rankine Cycle systems remain widespread, but their flexibility has improved through the use of advanced heat exchangers, modular turbines, and hybrid boilers. In parallel, Organic Rankine Cycle (ORC) technology is being deployed in facilities with low-grade or fluctuating heat sources, offering efficient energy recovery even from exhaust streams below 200°C. ORC systems also operate with reduced water usage, minimal maintenance, and greater thermal stability, making them attractive for remote or water-constrained environments. Other innovations include supercritical CO2 cycles and Kalina cycles, which offer higher conversion efficiencies in select applications. Waste heat-to-power units are now being integrated with real-time performance monitoring, smart sensors, and AI-driven analytics for predictive maintenance and load balancing. Plug-and-play WHR modules are enabling faster retrofitting in brownfield sites, while heat storage and hybridization with solar thermal are allowing for round-the-clock energy recovery. Material science is also contributing through corrosion-resistant alloys, self-cleaning surfaces, and compact design solutions that enable WHRS to operate reliably in high-dust, high-humidity, or chemically aggressive environments. These innovations are significantly expanding the applicability and ROI profile of waste heat recovery across multiple process industries.

What Are the Industrial and Policy Drivers Accelerating Global Adoption of WHR Systems?

The expansion of WHRS in industrial environments is being driven by a convergence of operational imperatives, policy mandates, and economic incentives. Rising global energy prices, coupled with supply volatility, are prompting industrial operators to reduce dependency on grid power and fossil fuels through self-generated steam and electricity. Environmental regulations targeting industrial emissions, such as carbon pricing, pollution caps, and energy use disclosure mandates, are accelerating the shift toward energy recovery solutions. Many governments have introduced financial incentives, including tax credits, subsidies, and low-interest loans, to promote WHRS as a clean energy technology. In regions such as the EU, China, and India, WHR adoption is increasingly linked to industrial energy audits and regulatory permitting for new plants or major upgrades. Industries that operate continuous processes - such as cement, steel, petrochemicals, and fertilizers - are recognizing WHRS as a low-risk, high-impact efficiency measure. In addition, the rise of corporate net-zero targets and sustainability-linked financing is driving WHR implementation as a key pillar of decarbonization strategies. Moreover, industrial symbiosis initiatives and heat recovery-as-a-service models are enabling smaller facilities to adopt WHR by sharing infrastructure or accessing third-party capital. These cross-cutting drivers are pushing WHR into the mainstream of industrial energy and environmental management strategies.

What Is Driving the Growth of the Electricity & Steam Generation WHR Systems Market Across Regions and Industries?

The growth in the electricity and steam generation waste heat recovery systems market is driven by increasing industrial demand for energy optimization, rising environmental compliance obligations, and enhanced technology readiness. In Asia-Pacific, particularly China and India, heavy industries are deploying WHR systems at scale as part of national energy efficiency mandates and sectoral emissions reduction plans. Europe is seeing robust adoption due to carbon pricing pressures under the EU Emissions Trading Scheme (ETS), as well as through its circular economy and industrial decarbonization frameworks. In North America, corporate ESG goals, tax incentives like the Inflation Reduction Act (IRA), and energy resiliency objectives are propelling adoption. The Middle East and Africa are targeting WHRS as part of industrial diversification and sustainability roadmaps, while Latin America is leveraging them to improve competitiveness in energy-intensive export industries. Across sectors, cement, glass, chemicals, pulp & paper, and steel remain dominant users, while the food processing, textiles, and bioenergy industries are emerging growth segments due to their significant thermal losses. The convergence of digital plant strategies, industrial electrification, and energy efficiency policies is supporting WHR integration as a modular and scalable solution. These factors collectively position waste heat recovery systems as a cornerstone of sustainable industrial infrastructure development worldwide.

Report Scope

The report analyzes the Electricity and Steam Generation Waste Heat Recovery Systems market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments: Type (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle); Temperature (230 °C, 230 °C - 650 °C, Above 650 °C); End-Use (Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverages, Glass, Others)

Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Steam Rankine Cycle segment, which is expected to reach US$58.7 Billion by 2030 with a CAGR of a 9.2%. The Organic Rankine Cycle segment is also set to grow at 10.6% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $15.9 Billion in 2024, and China, forecasted to grow at an impressive 13.2% CAGR to reach $20.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Electricity and Steam Generation Waste Heat Recovery Systems Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Electricity and Steam Generation Waste Heat Recovery Systems Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Electricity and Steam Generation Waste Heat Recovery Systems Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as ABB Ltd., Alfa Laval AB, Alstom SA, AMSEnergy Corp, Bharat Heavy Electricals Limited (BHEL) and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 32 Featured):

• ABB Ltd.
• Alfa Laval AB
• Alstom SA
• AMSEnergy Corp
• Bharat Heavy Electricals Limited (BHEL)
• Cain Industries
• Climeon AB
• Ducon Technologies Inc.
• Echogen Power Systems
• FLSmidth & Co. A/S
• General Electric Company (GE Vernova)
• HRS Heat Exchangers Ltd.
• Indeck Power Equipment Company
• JFE Engineering Corporation
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Heavy Industries, Ltd. (MHI)
• Nooter/Eriksen
• Ormat Technologies, Inc.
• Sigma Thermal
• Skyven Technologies

Tariff Impact Analysis: Key Insights for 2025

Global tariff negotiations across 180+ countries are reshaping supply chains, costs, and competitiveness. This report reflects the latest developments as of April 2025 and incorporates forward-looking insights into the market outlook.

The analysts continuously track trade developments worldwide, drawing insights from leading global economists and over 200 industry and policy institutions, including think tanks, trade organizations, and national economic advisory bodies. This intelligence is integrated into forecasting models to provide timely, data-driven analysis of emerging risks and opportunities.

What’s Included in This Edition:

• Tariff-adjusted market forecasts by region and segment
• Analysis of cost and supply chain implications by sourcing and trade exposure
• Strategic insights into geographic shifts

Buyers receive a free July 2025 update with:

• Finalized tariff impacts and new trade agreement effects
• Updated projections reflecting global sourcing and cost shifts
• Expanded country-specific coverage across the industry