Global Waste Heat Recovery System Market Size Study & Forecast, by Application (Preheating and Steam & Electricity Generation), by End-Use Industry (Petroleum Refining, Metal Production, Cement, Chemicals, Pulp & Paper), and Regional Forecasts 2025-2035

The Global Waste Heat Recovery System Market is valued at approximately USD 83.16 billion in 2024 and is poised to expand at a robust CAGR of 7.10% over the forecast period from 2025 to 2035. As industries increasingly prioritize energy efficiency and cost reduction, waste heat recovery (WHR) systems have emerged as a powerful tool to harness residual thermal energy and convert it into usable forms such as electricity or process heat. These systems allow industrial players to tap into what was once considered lost energy, enhancing operational efficiency while reducing environmental footprints. Driven by rising energy prices, stricter emission regulations, and a global emphasis on sustainability, the adoption of WHR technologies has seen a rapid upsurge across power-intensive sectors like refining, cement, and heavy manufacturing.

As industrial processes become more sophisticated, the amount of heat generated and wasted also grows, providing a fertile ground for WHR integration. The market is witnessing increased deployment in facilities equipped with high-temperature operations-particularly in the preheating of combustion air and steam/electricity generation applications. Major manufacturing hubs are modernizing their infrastructure to capitalize on these innovations. For instance, metal production and petroleum refining industries are leveraging WHR systems to reduce dependency on external power sources and meet internal energy demands more sustainably. Simultaneously, the proliferation of circular economy principles and industrial decarbonization initiatives is encouraging governments and corporations to invest in waste heat reuse systems.

Regionally, North America has solidified its dominance in the waste heat recovery system market due to its mature industrial infrastructure, aggressive decarbonization goals, and favorable policy frameworks incentivizing energy-efficient technologies. Europe is another influential player, with stringent environmental regulations and high energy costs fostering rapid adoption, particularly in countries like Germany, the UK, and France. Meanwhile, the Asia Pacific region is projected to experience the fastest growth during the forecast period, powered by massive industrialization in China, India, and Southeast Asia. The burgeoning demand for electricity, expanding manufacturing sector, and increasing government efforts to reduce energy intensity are key growth drivers across these emerging markets. Latin America and the Middle East & Africa are also showing a gradual uptake, particularly in oil refineries and cement production facilities.

Major market player included in this report are:

• Siemens AG
• General Electric Company
• Mitsubishi Power, Ltd.
• ABB Ltd.
• Bosch Industriekessel GmbH
• Thermax Limited
• Alfa Laval AB
• Ormat Technologies, Inc.
• Forbes Marshall Pvt. Ltd.
• Echogen Power Systems
• Amec Foster Wheeler plc
• Clean Energy Technologies, Inc.
• Exergy S.p.A
• Turboden S.p.A
• Waste Heat Recovery Solutions Ltd.

Global Waste Heat Recovery System Market Report Scope:

• Historical Data - 2023, 2024
• Base Year for Estimation - 2024
• Forecast period - 2025-2035
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope - Free report customization (equivalent up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segments of the market are explained below:

By Application:

• Preheating
• Steam & Electricity Generation

By End-Use Industry:

• Petroleum Refining
• Metal Production
• Cement
• Chemicals
• Pulp & Paper

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.