Driving Sustainability with Waste Heat Recovery – Meet the Market’s Top Innovators

The report "Waste Heat Recovery System Market by Application (Preheating and Steam & Electricity Generation), End-Use Industry (Petroleum Refining, Metal Production, Cement, Chemicals, Pulp & Paper), and Region - Global Forecast to 2027", size is expected to grow from USD 72.5 billion in 2022 to USD 102.1 billion by 2027 at a compound annual growth rate (CAGR) of 7.1% during the forecast period. The main factor driving the WHRS market during the forecast period includes the government regulations, awareness towards fighting climate change and global warming. Also, increase in interests related to energy efficient options and related technology across the globe is providing momentum to the growth of the market.

Browse in-depth TOC on "Waste Heat Recovery System Market"

208 – Tables
38 – Figures
222 – Pages

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Growing environmental concerns and surging need for energy efficient systems are a key to market growth

The greatest challenge to countries around the world in terms of economics, politics, development, and the environment is global climate change. Improving energy efficiency is the most cost-effective and dependable means of reducing carbon emissions and thereby saving money. Energy supply for long-term economic development is an objective shared by both industrialized and developing countries. The heat generated by the exhaust manufacturing plants increases the carbon footprint and has a detrimental influence on the environment. Waste heat recovery systems are a reasonable option for increasing the total energy efficiency of industrial manufacturing processes, hence increasing WHRS demand.

Energy security and sustainable development are significant in every industry, as the worldwide price of electricity and other energy sources has risen. To resolve these obstacles, industries are moving toward self-sufficiency in energy generation by using any useful fuel, such as biomass, household waste, or waste heat from an industrial operation. The expansion of the waste heat recovery system market is being supported by all of these factors, and this trend is anticipated to continue during the forecast period.

Steam & electricity generation is expected to have highest CAGR in the forecast period

The WHRS are used in a variety of sectors to generate steam and electricity. Companies can considerably lower their energy expenditures by adopting these WHRS systems to generate steam or electricity. The increased demand for energy, as well as the emphasis on making operations more energy efficient, is driving the market for WHRS in steam and electricity generation applications in sectors such as metal manufacturing, chemical, petroleum refining, and cement.

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The Europe to be the biggest market during the projection period.

Due to the strict government regulations and rising interest in energy efficient methods, Europe has become the largest growing and profitable market for "WHRS market". The development of modern technology and implementation of sustainable practices especially in Germany, Russia, France, UK is a key driver for growth in this market.

Waste Heat Recovery System Market Players

The major key players in the WHRS market are ABB Ltd. (Switzerland), Wood (John Wood Group Plc) (UK), Ormat Technologies Inc. (U.S.), General Electric Co. (US), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (US), Econotherm Ltd. (UK), Thermax Limited (India), Siemens AG (Germany), Cool Energy Inc. (Colorado) and others.

1. ABB Ltd. (Switzerland)

ABB is a global leader in automation and energy technologies, offering highly efficient waste heat recovery solutions for industrial and power generation applications. The company specializes in systems that convert thermal energy into electrical power, contributing to reduced energy consumption in cement, steel, and chemical industries.

2. Siemens Energy AG (Germany)

Siemens Energy is a pioneer in industrial efficiency and sustainability. It provides advanced WHRS technologies such as steam turbines, heat exchangers, and Organic Rankine Cycle (ORC) systems for sectors including oil & gas, utilities, and manufacturing. Siemens' integration of digital monitoring solutions adds a competitive edge.

3. General Electric Company (GE) (USA)

GE is known for its wide-ranging energy solutions. Its WHRS offerings include gas turbines integrated with heat recovery steam generators (HRSGs) for combined cycle operations. GE’s focus on reducing CO₂ emissions through waste heat recovery aligns with global decarbonization goals.

4. Mitsubishi Heavy Industries Ltd. (Japan)

Mitsubishi offers customized waste heat recovery systems for heavy industries like petrochemical, steel, and power plants. Their Combined Heat and Power (CHP) systems are recognized for high thermal efficiency and robust performance under harsh industrial conditions.

5. Bosch Industriekessel GmbH (Germany)

A subsidiary of the Bosch Group, Bosch Industriekessel specializes in industrial boiler systems, including WHRS that utilize flue gas heat to preheat feedwater or generate steam. Their modular design allows easy integration into existing plant setups, particularly in food processing and pharmaceuticals.

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6. Kelvion Holding GmbH (Germany)

Kelvion is a global heat exchanger manufacturer providing specialized WHRS equipment. Their plate heat exchangers, shell-and-tube, and air-cooled heat exchangers are widely used across energy-intensive industries for efficient heat recovery from process gases and exhaust streams.

7. Ormat Technologies Inc. (USA)

Ormat is a major player in geothermal and waste heat recovery power plants. Their proprietary ORC systems are used to generate electricity from low- to medium-temperature heat sources. Ormat’s WHRS installations are prominent in oil & gas and industrial manufacturing sectors.

8. Echogen Power Systems (USA)

Echogen specializes in Supercritical CO₂ (sCO₂) heat recovery systems, which offer higher efficiency and compact size compared to traditional steam-based systems. Their technology is particularly valuable in data centers, maritime, and distributed generation applications.

9. Thermax Limited (India)

Thermax is a leading energy and environment solutions provider. The company designs and installs turnkey WHRS solutions, including exhaust gas boilers and absorption chillers for cement, steel, and refinery operations. Thermax’s strong presence in emerging markets is a key advantage.

10. BORSIG GmbH (Germany)

BORSIG, a subsidiary of KNM Group, specializes in custom-engineered waste heat recovery boilers and heat exchangers. Their expertise lies in petrochemical and refining industries, offering highly durable systems that can withstand extreme pressures and temperatures.