Waste Heat Recovery System Market Growth, Size, Share, Trends, and Forecast by 2031

Historic Data: 2021-2023   |   Base Year: 2024   |   Forecast Period: 2025-2031

Coverage: Waste Heat Recovery System Market covers analysis by Application (Preheating, Steam and Electricity Generation, Others); End-user (Petroleum Refining, Metal Production, Cement, Chemical, Paper and Pulp, Food and Beverage, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Date : Nov 2025
  • Report Code : TIPRE00009362
  • Category : Manufacturing and Construction
  • Status : Upcoming
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150
Page Updated: Jan 2025

The Waste Heat Recovery System Market is expected to register a CAGR of 7.2% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.

The report is segmented by Application (Preheating, Steam and Electricity Generation, Others). The report further presents analysis based on the End-user (Petroleum Refining, Metal Production, Cement, Chemical, Paper and Pulp, Food and Beverage, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.

Purpose of the Report

The report Waste Heat Recovery System Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

  • Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
  • Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
  • Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Waste Heat Recovery System Market Segmentation

Application

  • Preheating
  • Steam and Electricity Generation
  • Others

End-user

  • Petroleum Refining
  • Metal Production
  • Cement
  • Chemical
  • Paper and Pulp
  • Food and Beverage
  • Others

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Waste Heat Recovery System Market: Strategic Insights

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  • Get Top Key Market Trends of this report.
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Waste Heat Recovery System Market Growth Drivers

  • Rising Demand for Energy Saving Heating and Cooling Solutions: Increasing urbanization and industrialization across the globe is expected to drive the demand for heating and cooling which in turn is expected to drive the demand for waste heat recovery systems market growth in the coming years. In addition, growing temperature rise across the globe owing to the climate change is expected to fuel the demand for energy efficient waste heat recovery systems during the forecast period.
  • Increasing Focus of Sustainability in Industrial Development: The growing emphasis on sustainability and reducing carbon footprints is propelling the waste heat recovery market. Rise in awareness towards the sustainable and smart industrial development across the globe is expected to drive the waste heat recovery system market growth in the coming years.

Waste Heat Recovery System Market Future Trends

  • The growth of power generation industry: The rise in investment towards oil and gas exploration and production projects, geothermel power generation, industrial power generation, and others is expected to drive the growth of waste heat recovery system market in the coming years.
  • Increasing Adoption of Organic Rankine Cycle (ORC) Technology: The adoption of Organic Rankine Cycle (ORC) technology is a significant trend in the WHR market. ORC systems can effectively convert low-grade waste heat into electricity, making them an attractive option for a wide range of industrial applications.

Waste Heat Recovery System Market Opportunities

  • Growing Industrialization in Developing Economies: The increasing industrialization in developing economies is having a positive impact on the energy demand, which is anticpated to propell the growth of oil and gas and power generation industry. Hence, the growing industrialization is anticipated to drive the demand for recovery of waste heat from industrial processes which in turn is anticipated to be the key trend in the market.
  • Expansion into Residential and Commercial Buildings: The growing focus on energy efficiency and sustainability in the residential and commercial building sectors presents opportunities for the WHR market. Integrating WHR systems into building designs and HVAC systems can contribute to reduced energy consumption and carbon footprint.

Waste Heat Recovery System Market Regional Insights

The regional trends and factors influencing the Waste Heat Recovery System Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Waste Heat Recovery System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Waste Heat Recovery System Market Report Scope

Report Attribute Details
Market size in 2024 US$ XX million
Market Size by 2031 US$ XX Million
Global CAGR (2025 - 2031) 7.2%
Historical Data 2021-2023
Forecast period 2025-2031
Segments Covered By Application
  • Preheating
  • Steam and Electricity Generation
  • Others
By End-user
  • Petroleum Refining
  • Metal Production
  • Cement
  • Chemical
  • Paper and Pulp
  • Food and Beverage
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • ABB
  • Bosch Limited
  • Echogen
  • Econotherm (UK) Ltd
  • General Electric Company
  • Mitsubishi Heavy Industries Marine Machinery and Equipment Co., Ltd.
  • Ormat Technologies Inc.
  • Siemens AG
  • Sigma Thermal, Inc.

  • Waste Heat Recovery System Market Players Density: Understanding Its Impact on Business Dynamics

    The Waste Heat Recovery System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.


    waste-heat-recovery-system-market-cagr

    • Get the Waste Heat Recovery System Market top key players overview

    Key Selling Points

    • Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Waste Heat Recovery System Market, providing a holistic landscape.
    • Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
    • Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
    • Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

    The research report on the Waste Heat Recovery System Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.


    Frequently Asked Questions

    1

    What are the options available for the customization of this report?

    Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
    2

    Which are the leading players operating in the Waste Heat Recovery System Market

    The leading players operating in the Waste Heat Recovery System Market include ABB, Bosch Industriekessel GmbH, Echogen, Econotherm Limited, General Electric, MITSUBISHI HEAVY INDUSTRIES, LTD., Ormat, Siemens Energy, Sigma Thermal, Inc., Thermax Limited
    3

    What is the expected CAGR of the Waste Heat Recovery System Market?

    The Waste Heat Recovery System Market is estimated to witness a CAGR of 7.2% from 2023 to 2031
    4

    What is the future trend of the Waste Heat Recovery System Market?

    Growing industrialization in developing economies is the key future trend of the Waste Heat Recovery System Market
    5

    What are the driving factors impacting the global Waste Heat Recovery System Market?

    The major factors driving the Waste Heat Recovery System Market are: Rising Demand for Energy Saving Heating and Cooling Solutions and Increasing Focus of Sustainability in Industrial Development
    6

    What are the deliverable formats of the Waste Heat Recovery System Market report?

    The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
    Nivedita Upadhyay
    Manager,
    Market Research & Consulting

    Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

    With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

    Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

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