Waste Heat Recovery Market Report 2025 (Global Edition)

Global Waste Heat Recovery Market Report 2025 Market Size Split by Technology (Organic Rankine Cycle (ORC), Steam Rankine Cycle, Heat Exchangers, Thermoelectric Generators, Others), by Application (Po...

Waste Heat Recovery Market Report Description

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Waste Heat Recovery Market Insights Video

Competitive Landscape of the Waste Heat Recovery Market

Major players like Siemens AG, General Electric, ABB Ltd., and Mitsubishi Heavy Industries are visible in the competitive landscape of the Waste Heat Recovery (WHR) market. To improve their product portfolios, these businesses concentrate on technology advancements, strategic alliances, and mergers. Additionally, newcomers are gaining traction by providing affordable options. As industries embrace WHR systems more and more to improve sustainability and energy efficiency, the market rivalry is growing.

In September 2022, WSP Global Inc. completed the previously disclosed purchase of John Wood Group PLC's environment and infrastructure (E&I) division through a sale and purchase agreement. (Source:https://www.wsp.com/en-in/news/2022/wsp-completes-acquisition-of-the-environment-infrastructure-business-of-john-wood-group-plc) In November 2021, RBC acquired USD 2.9 billion in cash to purchase rival Asea Brown Boveri's (ABB) DODGE Mechanical Power Transmission division. (Source: https://investor.rbcbearings.com/news-releases/news-release-details/rbc-bearings-incorporated-completes-acquisition-abbs-dodge) In December 2020, Con Edison Development's shovel-ready energy storage asset in Upton County, Texas, was acquired by Ormat Technologies Inc. (Source:https://investor.ormat.com/news-events/news/news-details/2020/Ormat-Expands-Energy-Storage-Presence-Acquires-a-Shovel-Ready-Project-in-Upton-County-Texas/default.aspx)

Top Companies Market Share in Waste Heat Recovery Industry: (In no particular order of Rank)

• ABB Ltd. (Switzerland)
• Wood (John Wood Group Plc) (UK)
• Mitsubishi Heavy Industries Ltd. (Japan)
• Echogen Power Systems Inc. (US)
• Ormat Technologies Inc. (US)
• General Electric Co. (US)
• Econotherm Ltd. (UK)
• Cool Energy Inc. (Colorado)
• Thermax Limited (India)
• Siemens AG (Germany)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Waste Heat Recovery Market

Which Region Dominates the Waste Heat Recovery Market in 2024?

According to Cognitive Market Research, North America currently dominates the Waste Heat Recovery market, and the region is expected to have significant growth during the projected period. The Waste Heat Recovery (WHR) market is expected to develop highest in North America due to the region's increased efforts to minimize industrial carbon emissions and strict environmental regulations like the U.S. Clean Air Act. In order to boost energy efficiency and decrease operating costs, the well-established industries in the region, manufacturing, power production, and oil and gas, are progressively implementing WHR technology. Tax credits and government incentives for energy-efficient systems additionally support the rise of the market. Furthermore, North America is a major growth driver for WHR solutions as businesses are being forced to invest by increased energy costs and a heightened consciousness of sustainability.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Because of its rapid industrialization and rising energy demands, the Asia Pacific area is expected to be a major driver of the waste heat recovery (WHR) industry. In order to achieve national and international sustainability goals, nations like China and India, with their sizable manufacturing and energy sectors, are concentrating on increasing energy efficiency. The use of WHR technologies is being aided by government programs that encourage energy conservation and by growing public awareness of environmental issues. Waste heat recovery systems are in high demand. They are further fueled by the region's efforts to minimize the usage of fossil fuels and greenhouse gas emissions, which makes the Asia Pacific a major market growth driver.

The current report Scope analyzes Waste Heat Recovery Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Waste Heat Recovery

According to Cognitive Market Research, the global Waste Heat Recovery market size was estimated at USD 68245.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 27298.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Waste Heat Recovery market with a market size of USD 21538.19 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. In the US, industry mandates energy-efficient technology due to strict rules pertaining to greenhouse gas emissions.
• The Canada Waste Heat Recovery market had a market share of USD 3275.77 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. In Canada, industries are encouraged to invest in WHR technologies with a significant emphasis on sustainability and carbon reduction.
• The Mexico Waste Heat Recovery market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 2484.13 million in 2024.

Europe Waste Heat Recovery

According to Cognitive Market Research, the global Waste Heat Recovery market size was estimated at USD 68245.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 20473.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

• The United Kingdom Waste Heat Recovery market had a market share of USD 3439.56 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period. In the UK, WHR adoption is fueled by initiatives to increase industrial processes' energy efficiency.
• The France Waste Heat Recovery market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 1883.57 million in 2024.
• According to Cognitive Market Research, the German Waste Heat Recovery market size was valued at USD 4053.76 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period. The development and application of cutting-edge WHR systems are encouraged by Germany's strength in engineering and technology.
• The Italy Waste Heat Recovery market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 1760.73 million in 2024.
• The Russia Waste Heat Recovery market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 3173.40 million in 2024.
• The Spain Waste Heat Recovery market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 1678.83 million in 2024
• The Luxembourg Waste Heat Recovery market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 634.68 million in 2024.
• The Portugal Waste Heat Recovery market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 429.94 million in 2024.
• The Greece Waste Heat Recovery market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 245.68 million in 2024.
• The Rest of Europe's Waste Heat Recovery market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 3173.40 million in 2024.

Asia Pacific Waste Heat Recovery

According to Cognitive Market Research, the global Waste Heat Recovery market size was estimated at USD 68245.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 15696.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Waste Heat Recovery market size was valued at USD 7063.38 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Waste Heat Recovery sales have surged in China due to the growing need for effective recovery systems due to the substantial waste heat generated by rapid industrial growth.
• The Japan Waste Heat Recovery market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 2166.10 million in 2024.
• The India Waste Heat Recovery market had a market share of USD 1883.57 million in 2024 and is projected to grow at a CAGR of 10.8% during the forecast period. India is focusing on WHR to improve energy security and lessen reliance on fossil fuels in response to growing energy demand.
• The South Korean Waste Heat Recovery market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 1569.64 million in 2024.
• The Australian Waste Heat Recovery market is projected to witness growth at a CAGR of 8.7% during the forecast period, with a market size of USD 816.21 million in 2024.
• The South East Asia Waste Heat Recovery market is projected to witness growth at a CAGR of 10.0% during the forecast period, with a market size of USD 1083.05 million in 2024.
• The Rest of Asia Pacific Waste Heat Recovery market is projected to witness growth at a CAGR of 8.8% during the forecast period, with a market size of USD 1114.44 million in 2024.

South America Waste Heat Recovery

According to Cognitive Market Research, the global Waste Heat Recovery market size was estimated at USD 68245.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 3412.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Waste Heat Recovery market size was valued at USD 1460.45 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Waste Heat Recovery flourished in Brazil because Brazil's industries are looking for ways to reduce expenses, which makes WHR a desirable option.
• Argentina's Waste Heat Recovery market had a market share of USD 573.26 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. In Argentina, WHR provides a workable way for enterprises to optimize energy use and reduce waste in the face of energy shortages.
• Colombia's Waste Heat Recovery market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 303.69 million in 2024.
• Peru Waste Heat Recovery market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 279.81 million in 2024.
• Chile's Waste Heat Recovery market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 245.68 million in 2024.
• The Rest of Latin America's Waste Heat Recovery market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 549.37 million in 2024.

Middle East and Africa Waste Heat Recovery

According to Cognitive Market Research, the global Waste Heat Recovery market size was estimated at USD 68245.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 1364.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031..

• The GCC Countries Waste Heat Recovery market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 584.18 million in 2024. Waste Heat Recovery sales flourish in GCC countries due to the GCC countries, being significant oil producers, are putting WHR into practice to improve energy efficiency in the oil and gas industry.
• The Egypt Waste Heat Recovery market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 143.31 million in 2024.
• The South Africa Waste Heat Recovery market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 215.65 million in 2024. Waste Heat Recovery sales flourished in South Africa due to corporate social responsibility (CSR) activities, such as investing in energy-efficient technologies like WHR, which are becoming more and more popular among South African companies.
• The Turkey Waste Heat Recovery market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 117.38 million in 2024.
• The Nigeria Waste Heat Recovery market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 143.31 million in 2024.
• The Rest of the MEA Waste Heat Recovery market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 161.06 million in 2024.

Waste Heat Recovery Market Analysis

Waste Heat Recovery Market Technology Segment Analysis

According to Cognitive Market Research, the organic Rankine cycle (ORC) is likely to dominate the Waste Heat Recovery Market over the forecast period. The waste heat recovery market is experiencing a sharp increase in demand for Organic Rankine Cycle (ORC) technology because of its effectiveness in converting low-grade waste heat into useful energy, such as electricity. Industries that utilize geothermal, biomass, and industrial processes, all of which have waste heat sources with moderate temperatures, benefit greatly from ORC systems. Technology breakthroughs, economic viability, and the demand for renewable energy sources are driving their growing acceptance. ORC technology is becoming the go-to option for efficient waste heat recovery as enterprises strive to increase energy efficiency and lower carbon footprints.

The steam Rankine cycle is the fastest-growing segment in the Waste Heat Recovery Market. Because Steam Rankine Cycle (SRC) technology is so good at turning waste heat with high temperatures into electricity, its demand in the Waste Heat Recovery market is growing. In sectors where a lot of heat is produced, such as cement, chemical processing, and power generation, SRC systems are frequently utilized. Due to its efficiency and dependability, the technique is preferred for large-scale applications. SRC technology use for waste heat recovery is anticipated to increase, improving overall operational efficiency as the industry looks to maximize energy utilization and minimize emissions.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Waste Heat Recovery Industry. Request a Free Sample PDF!

Waste Heat Recovery Market Application Segment Analysis

According to Cognitive Market Research, the power generation segment holds the largest share of the market. The market for waste heat recovery's power generation application is expanding significantly as businesses look to reduce emissions and increase energy efficiency. Systems for recovering waste heat, especially those that use the Organic Rankine Cycle (ORC) and Steam Rankine Cycle (SRC) technologies, are efficient in converting surplus heat from industrial operations into electrical power. This decreases operating expenses and lessens dependency on conventional energy sources. Waste heat recovery systems are being more widely used in the power production industry, which raises total energy productivity. This is partly due to government subsidies for clean energy sources and the increasing focus on sustainable practices.

In the Waste Heat Recovery Market, the category of heating has been growing quickly. Due to industry efforts to increase energy efficiency by utilizing excess heat from operations, the heating application in the Waste Heat Recovery market is growing. In a variety of industries, such as district heating, food processing, and manufacturing, waste heat is captured and repurposed through waste heat recovery systems. This application decreases energy expenses and greenhouse gas emissions because it uses less fuel than before. The growing emphasis on sustainability and energy efficiency by enterprises is anticipated to drive a surge in the utilization of waste heat recovery in heating applications, hence substantially propelling the market's expansion.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Waste Heat Recovery End-Use Industry Segment Analysis

Waste Heat Recovery Market End-Use Industry Segment Analysis

According to Cognitive Market Research, the oil & gas segment holds the largest market share. The need for increased energy efficiency and lower emissions is driving a significant expansion in the waste heat recovery market in the oil and gas end-use sector. Large volumes of oil and gas produce waste heat activities; waste heat recovery systems are an efficient way to collect and repurpose this waste heat. By enhancing the total energy efficiency of processing facilities and refineries, these technologies reduce operating expenses and their negative environmental effects. Waste heat recovery technology used in the oil and gas industry is anticipated to increase dramatically in response to tightening laws aimed at reducing emissions and a move toward more environmentally friendly practices.

Chemical is anticipated to be the fastest-growing segment in the Waste Heat Recovery market. The chemical industry's waste heat recovery market is growing as businesses look to save expenses and improve energy efficiency. Significant waste heat is produced throughout the chemical manufacturing process, which can be collected and used for power generation, heating, or other purposes. Facilities can reduce energy use, greenhouse gas emissions, and overall sustainability by putting waste heat recovery systems in place. Technologies for recovering waste heat are anticipated to be adopted more widely in the chemical industry as a result of tightening environmental laws and the rising need for energy-efficient solutions, which will propel market expansion.

• Oil & Gas
• Power Generation
• Manufacturing
• Chemical
• Food & Beverage
• Others

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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