Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Waste Heat Recovery Market by Application (Steam and Power Generation, Pre-Heating, Space Heating), by End Use (Petroleum Refining, Chemical, Cement, Metal Production and Casting, Natural Gas Compression, Paper and Pulp, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "waste heat recovery market" was valued at $67.2 billion in 2023, and is estimated to reach $129.6 billion by 2033, growing at a CAGR of 6.8% from 2024 to 2033.
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Prime determinants of waste heat recovery market growth
The increase in focus on carbon emission reduction drives the demand for waste heat recovery (WHR) systems. As global awareness of climate change intensifies, governments, industries, and consumers prioritize the reduction of greenhouse gas emissions to meet international climate targets. Waste heat recovery plays a crucial role in this effort by capturing and reusing heat that would otherwise be released into the atmosphere, thereby reducing the overall carbon footprint of industrial processes. By improving energy efficiency, WHR systems enable companies to lower their reliance on fossil fuels, which are the primary source of carbon emissions. This helps in meeting regulatory requirements and aligns with broader corporate sustainability goals, making WHR an essential component in the transition to a low-carbon economy. All these factors are expected to drive the demand for the waste heat recovery during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $67.2 billion |
| Market Size in 2033 | $129.6 billion |
| CAGR | 6.8% |
| No. of Pages in Report | 296 |
| Segments Covered | Application, End Use, and Region. |
| Regional Scope | North America, Europe, Asia-Pacific, Middle East, and Latin America. |
| Drivers |
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| Opportunity |
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| Restraint |
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The steam and power generation segment held the highest market share in 2023.
By application, the steam and power generation segment accounted for 65.2% of the waste heat recovery market share in 2023 and is expected to maintain its dominance during the forecast period. Environmental regulations and sustainability goals drive the adoption of WHR systems for steam and power generation. Many governments around the world, including those in the U.S., Europe, and China, have implemented stringent emissions and energy-efficiency regulations. In addition, the rise in focus on sustainability and the shift toward a circular economy motivate industries to integrate energy-saving technologies that contribute to reduced carbon footprints.
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The chemical segment held the highest market share in 2023.
By end use, the chemical segment accounted for 28.7% of the waste heat recovery market share in 2023 and is expected to maintain its dominance during the forecast period. The chemical industry is highly energy-intensive, with significant energy losses occurring through heat dissipation during various processes such as distillation, cracking, and reaction processes. By implementing WHR systems, companies recover and reuse this lost energy, significantly reducing fuel consumption. This leads to lower operational costs, improving profitability. The recovered heat is used to pre-heat feedstocks, generate steam, or drive turbines for power generation, further reducing the demand for external energy sources.
Asia-Pacific is expected to grow faster throughout the forecast period.
By region, the Asia-Pacific region is anticipated to grow at the fastest CAGR of 7.4% during the forecast period. Technological advancements are improving the feasibility and effectiveness of waste heat recovery in the region. Innovations in heat exchangers, organic Rankine cycle (ORC) systems, and new materials have expanded the range of temperatures and industries that benefit from WHR. This is particularly important in the Asia-Pacific, where diverse climatic conditions and industrial processes require adaptable and robust WHR solutions. Moreover, the region’s robust investment in R&D drives the growth of waste heat recovery systems, ensuring that both small- and large-scale industries are capitalized on the technology.
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Leading Market Players:
- ABB Ltd.
- Mitsubishi Heavy Industries Ltd
- TLV CO., LTD
- Thermax Ltd
- Siemens AG
- Robert Bosch GmbH
- General Electric Company
- Echogen Power System
- Schneider Electric SE
- Kawasaki Heavy Industries, Ltd.
The report provides a detailed analysis of these key players in the global waste heat recovery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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