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

September 2024 | 296 pages | ID: W0EBD0355120EN
Allied Market Research

Abstracts

The global 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.

Waste heat recovery is the process of capturing and utilizing thermal energy which is lost in industrial processes or power generation. This excess heat, often expelled through exhaust gases, cooling systems, or hot surfaces, is redirected and converted into useful forms of energy such as electricity, steam, or hot water. By recovering and repurposing this heat, waste heat recovery systems enhance overall energy efficiency, reduce fuel consumption, and lower operational costs. In addition, this process helps decrease greenhouse gas emissions, contributing to more sustainable and environmentally friendly industrial practices.

As industries seek to improve operational efficiency and reduce expenses, waste heat recovery offers a practical solution by capturing and repurposing heat that would otherwise be wasted. This process lowers energy consumption and decreases fuel costs, contributing to substantial savings over time. Moreover, advancements in technology and increased competition among manufacturers have made waste heat recovery systems more affordable and accessible. These systems are tailored to various industrial processes, from large-scale manufacturing to smaller operations that makes them a viable option for a broad range of industries. All these factors are expected to drive the demand for the waste heat recovery market during the forecast period.

However, high initial investment costs pose a significant challenge to the widespread adoption of waste heat recovery (WHR) systems, potentially hampering their growth. Implementing WHR technologies requires substantial upfront capital for the purchase and installation of specialized equipment, such as heat exchangers, boilers, and turbines. In addition, the integration of these systems into existing industrial processes involves complex engineering work, which escalates costs. For many businesses, especially small and medium-sized enterprises (SMEs), these initial financial outlays are prohibitive, making it difficult to justify the investment despite the long-term energy savings and environmental benefits. The high capital expenditure (CapEx) associated with WHR systems lead to a longer payback period, which deters companies from committing to such projects, particularly in industries with tight profit margins or uncertain market conditions. All these factors hamper the waste heat recovery market growth.

The integration of smart technologies, such as IoT sensors and advanced control systems, is enhancing the performance and efficiency of WHR systems. These technologies enable real-time monitoring and optimization of heat recovery processes, ensuring that energy is captured and reused with maximum efficiency. This increases the economic viability of WHR projects and makes them more adaptable to varying industrial conditions. In addition, modular and scalable WHR solutions are becoming more prevalent, allowing businesses to tailor systems to their specific needs and gradually expand their capacity as their operations grow. These innovations reduce the complexity and cost of implementing WHR systems, making them more attractive to a broader range of industries. All these factors are anticipated to offer new growth opportunities for the global waste heat recovery market.

The waste heat recovery market is segmented into application, end use and region. On the basis of application, the market is classified into steam and power generation, pre-heating, and space heating. By end use, the market is segmented into petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.

On the basis of application, the market is classified into steam and power generation, pre-heating, and space heating. The steam and power generation segment accounted for less than two-thirds of the waste heat recovery market share in 2023 and is expected to maintain its dominance during the forecast period. Waste heat recovery in steam and power generation is a critical strategy for improving energy efficiency and reducing fuel consumption in industrial processes. In steam generation, waste heat recovery systems capture heat from exhaust gases or other waste heat sources that would otherwise be lost to the environment. Moreover, in power generation, waste heat recovery plays a vital role in enhancing the overall efficiency of power plants. Combined Heat and Power (CHP) systems utilize waste heat from power generation processes to produce additional electricity or to provide heating and cooling for industrial or residential application.

By end use, the market is segmented into petroleum refining, chemical, cement, metal production and casting, natural gas compression, paper and pulp, and others. The chemical segment accounted for less than one-third of the waste heat recovery market share in 2023 and is expected to maintain its dominance during the forecast period. Waste heat recovery in the chemical industry plays a critical role in enhancing energy efficiency and reducing operational costs. The chemical sector is energy-intensive, with numerous processes generating substantial amounts of heat that are released into the environment. By implementing waste heat recovery systems, chemical plants capture this excess heat and repurpose it for other processes, such as preheating raw materials, generating steam, or producing electricity. This optimizes energy use and reduces the dependency on external energy sources, thereby lowering overall energy costs.

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. The Asia-Pacific region accounted for less than of the waste heat recovery market share in 2023 and is expected to maintain its dominance 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.

Key players in the waste heat recovery market include 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, and Kawasaki Heavy Industries, Ltd.

Key Findings of the Study

On the basis of application, the pre-heating segment is anticipated to grow at the fastest CAGR of 7.3% during the forecast period.

On the basis of end use, the natural gas compression segment is anticipated to grow at the fastest CAGR of 8.2% during the forecast period.

Region-wise, Asia-Pacific has the highest share in 2023 in terms of revenue.

Additional benefits you will get with this purchase are:

• Quarterly Update and* (only available with a corporate license, on listed price)
• 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
• Free Upcoming Version on the Purchase of Five and Enterprise User License.
• 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
• 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
• Free data Pack on the Five and Enterprise User License. (Excel version of the report)
• Free Updated report if the report is 6-12 months old or older.
• 24-hour priority response*
• Free Industry updates and white papers.

Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)

• Investment Opportunities
• Regulatory Guidelines
• Additional company profiles with specific to client's interest
• Historic market data
• List of customers/consumers/raw material suppliers- value chain analysis

Key Market Segments

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

By Region

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia-Pacific
• LAMEA
• Brazil
• South Africa,
• Saudi Arabia
• Rest of LAMEA
• Key Market Players
• ABB Ltd.
• Echogen Power Systems
• General Electric Company
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Heavy Industries Ltd.
• Robert Bosch GmbH
• Schneider Electric SE.
• Siemens AG
• Thermax Limited
• TLV CO., LTD

Contents

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
  1.4.1. Primary research
  1.4.2. Secondary research
  1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
  3.2.1. Top impacting factors
  3.2.2. Top investment pockets
3.3. Porter’s five forces analysis
  3.3.1. Moderate bargaining power of suppliers
  3.3.2. Moderate threat of new entrants
  3.3.3. Moderate threat of substitutes
  3.3.4. Moderate intensity of rivalry
  3.3.5. Moderate bargaining power of buyers
3.4. Market dynamics
  3.4.1. Drivers
    3.4.1.1. Cost reduction and economic benefits
    3.4.1.2. Increase in focus on carbon emission reduction
  3.4.2. Restraints
    3.4.2.1. High initial investment cost
  3.4.3. Opportunities
    3.4.3.1. Development of advanced waste heat recovery technologies
3.5. Value Chain Analysis
3.6. Regulatory Guidelines

CHAPTER 4: WASTE HEAT RECOVERY MARKET, BY APPLICATION

4.1. Overview
  4.1.1. Market size and forecast
4.2. Steam and Power Generation
  4.2.1. Key market trends, growth factors and opportunities
  4.2.2. Market size and forecast, by region
  4.2.3. Market share analysis by country
4.3. Pre-Heating
  4.3.1. Key market trends, growth factors and opportunities
  4.3.2. Market size and forecast, by region
  4.3.3. Market share analysis by country
4.4. Space Heating
  4.4.1. Key market trends, growth factors and opportunities
  4.4.2. Market size and forecast, by region
  4.4.3. Market share analysis by country

CHAPTER 5: WASTE HEAT RECOVERY MARKET, BY END USE

5.1. Overview
  5.1.1. Market size and forecast
5.2. Petroleum Refining
  5.2.1. Key market trends, growth factors and opportunities
  5.2.2. Market size and forecast, by region
  5.2.3. Market share analysis by country
5.3. Chemical
  5.3.1. Key market trends, growth factors and opportunities
  5.3.2. Market size and forecast, by region
  5.3.3. Market share analysis by country
5.4. Cement
  5.4.1. Key market trends, growth factors and opportunities
  5.4.2. Market size and forecast, by region
  5.4.3. Market share analysis by country
5.5. Metal Production and Casting
  5.5.1. Key market trends, growth factors and opportunities
  5.5.2. Market size and forecast, by region
  5.5.3. Market share analysis by country
5.6. Natural Gas Compression
  5.6.1. Key market trends, growth factors and opportunities
  5.6.2. Market size and forecast, by region
  5.6.3. Market share analysis by country
5.7. Paper and Pulp
  5.7.1. Key market trends, growth factors and opportunities
  5.7.2. Market size and forecast, by region
  5.7.3. Market share analysis by country
5.8. Others
  5.8.1. Key market trends, growth factors and opportunities
  5.8.2. Market size and forecast, by region
  5.8.3. Market share analysis by country

CHAPTER 6: WASTE HEAT RECOVERY MARKET, BY REGION

6.1. Overview
  6.1.1. Market size and forecast By Region
6.2. North America
  6.2.1. Key market trends, growth factors and opportunities
  6.2.2. Market size and forecast, by Application
  6.2.3. Market size and forecast, by End Use
  6.2.4. Market size and forecast, by country
    6.2.4.1. U.S.
      6.2.4.1.1. Market size and forecast, by Application
      6.2.4.1.2. Market size and forecast, by End Use
    6.2.4.2. Canada
      6.2.4.2.1. Market size and forecast, by Application
      6.2.4.2.2. Market size and forecast, by End Use
    6.2.4.3. Mexico
      6.2.4.3.1. Market size and forecast, by Application
      6.2.4.3.2. Market size and forecast, by End Use
6.3. Europe
  6.3.1. Key market trends, growth factors and opportunities
  6.3.2. Market size and forecast, by Application
  6.3.3. Market size and forecast, by End Use
  6.3.4. Market size and forecast, by country
    6.3.4.1. Germany
      6.3.4.1.1. Market size and forecast, by Application
      6.3.4.1.2. Market size and forecast, by End Use
    6.3.4.2. France
      6.3.4.2.1. Market size and forecast, by Application
      6.3.4.2.2. Market size and forecast, by End Use
    6.3.4.3. UK
      6.3.4.3.1. Market size and forecast, by Application
      6.3.4.3.2. Market size and forecast, by End Use
    6.3.4.4. Spain
      6.3.4.4.1. Market size and forecast, by Application
      6.3.4.4.2. Market size and forecast, by End Use
    6.3.4.5. Italy
      6.3.4.5.1. Market size and forecast, by Application
      6.3.4.5.2. Market size and forecast, by End Use
    6.3.4.6. Rest of Europe
      6.3.4.6.1. Market size and forecast, by Application
      6.3.4.6.2. Market size and forecast, by End Use
6.4. Asia-Pacific
  6.4.1. Key market trends, growth factors and opportunities
  6.4.2. Market size and forecast, by Application
  6.4.3. Market size and forecast, by End Use
  6.4.4. Market size and forecast, by country
    6.4.4.1. China
      6.4.4.1.1. Market size and forecast, by Application
      6.4.4.1.2. Market size and forecast, by End Use
    6.4.4.2. India
      6.4.4.2.1. Market size and forecast, by Application
      6.4.4.2.2. Market size and forecast, by End Use
    6.4.4.3. Japan
      6.4.4.3.1. Market size and forecast, by Application
      6.4.4.3.2. Market size and forecast, by End Use
    6.4.4.4. South Korea
      6.4.4.4.1. Market size and forecast, by Application
      6.4.4.4.2. Market size and forecast, by End Use
    6.4.4.5. Australia
      6.4.4.5.1. Market size and forecast, by Application
      6.4.4.5.2. Market size and forecast, by End Use
    6.4.4.6. Rest of Asia-Pacific
      6.4.4.6.1. Market size and forecast, by Application
      6.4.4.6.2. Market size and forecast, by End Use
6.5. LAMEA
  6.5.1. Key market trends, growth factors and opportunities
  6.5.2. Market size and forecast, by Application
  6.5.3. Market size and forecast, by End Use
  6.5.4. Market size and forecast, by country
    6.5.4.1. Brazil
      6.5.4.1.1. Market size and forecast, by Application
      6.5.4.1.2. Market size and forecast, by End Use
    6.5.4.2. South Africa,
      6.5.4.2.1. Market size and forecast, by Application
      6.5.4.2.2. Market size and forecast, by End Use
    6.5.4.3. Saudi Arabia
      6.5.4.3.1. Market size and forecast, by Application
      6.5.4.3.2. Market size and forecast, by End Use
    6.5.4.4. Rest of LAMEA
      6.5.4.4.1. Market size and forecast, by Application
      6.5.4.4.2. Market size and forecast, by End Use

CHAPTER 7: COMPETITIVE LANDSCAPE

7.1. Introduction
7.2. Top winning strategies
7.3. Product mapping of top 10 player
7.4. Competitive dashboard
7.5. Competitive heatmap
7.6. Top player positioning, 2023

CHAPTER 8: COMPANY PROFILES

8.1. ABB Ltd.
  8.1.1. Company overview
  8.1.2. Key executives
  8.1.3. Company snapshot
  8.1.4. Operating business segments
  8.1.5. Product portfolio
  8.1.6. Business performance
8.2. Mitsubishi Heavy Industries Ltd.
  8.2.1. Company overview
  8.2.2. Key executives
  8.2.3. Company snapshot
  8.2.4. Operating business segments
  8.2.5. Product portfolio
  8.2.6. Business performance
  8.2.7. Key strategic moves and developments
8.3. TLV CO., LTD
  8.3.1. Company overview
  8.3.2. Key executives
  8.3.3. Company snapshot
  8.3.4. Operating business segments
  8.3.5. Product portfolio
8.4. Thermax Limited
  8.4.1. Company overview
  8.4.2. Key executives
  8.4.3. Company snapshot
  8.4.4. Operating business segments
  8.4.5. Product portfolio
  8.4.6. Business performance
8.5. Siemens AG
  8.5.1. Company overview
  8.5.2. Key executives
  8.5.3. Company snapshot
  8.5.4. Operating business segments
  8.5.5. Product portfolio
  8.5.6. Business performance
8.6. Robert Bosch GmbH
  8.6.1. Company overview
  8.6.2. Key executives
  8.6.3. Company snapshot
  8.6.4. Operating business segments
  8.6.5. Product portfolio
  8.6.6. Business performance
8.7. General Electric Company
  8.7.1. Company overview
  8.7.2. Key executives
  8.7.3. Company snapshot
  8.7.4. Operating business segments
  8.7.5. Product portfolio
  8.7.6. Business performance
8.8. Schneider Electric SE.
  8.8.1. Company overview
  8.8.2. Key executives
  8.8.3. Company snapshot
  8.8.4. Operating business segments
  8.8.5. Product portfolio
  8.8.6. Business performance
8.9. Kawasaki Heavy Industries, Ltd.
  8.9.1. Company overview
  8.9.2. Key executives
  8.9.3. Company snapshot
  8.9.4. Operating business segments
  8.9.5. Product portfolio
  8.9.6. Business performance
8.10. Echogen Power Systems
  8.10.1. Company overview
  8.10.2. Key executives
  8.10.3. Company snapshot
  8.10.4. Operating business segments
  8.10.5. Product portfolio