Electricity & Steam Generation Waste Heat Recovery Systems Market Size - By Type, By End-Use, Temperature & Forecast, 2024 - 2032

Global Electricity & Steam Generation Waste Heat Recovery Systems Market size will register a 10.9% CAGR from 2024 to 2032 due to increasing energy demand and the imperative for energy efficiency. As industries seek to optimize energy utilization and reduce operational costs, waste heat recovery systems offer a compelling solution. By capturing and repurposing waste heat from industrial processes, these systems improve energy efficiency and contribute to sustainability goals. With a growing emphasis on resource conservation and environmental responsibility, the electricity & steam generation waste heat recovery systems industry will expand significantly.

For instance, in September 2022, Climeon introduced a new waste heat recovery technology, HeatPower 300 Marine, engineered by marine experts. This innovative solution enhances energy efficiency throughout the shipping sector, thus offering promising advancements in sustainable marine operations.

The electricity & steam generation waste heat recovery systems industry is classified based on type, end-use, and region.

The Organic Rankine Cycle segment will capture a remarkable share by 2032 owing to its versatility in harnessing low to medium-temperature waste heat from various industrial processes. Besides, the organic Rankine cycle offers advantages such as high efficiency, scalability, and compatibility with diverse heat sources. With an increasing focus on energy efficiency and sustainability, in line with advancements in organic Rankine cycle technology, this segment will experience significant growth and maintain its prominent position in the market.

The petroleum refining segment will achieve a notable electricity & steam generation waste heat recovery systems market share by 2032, fueled by the energy-intensive nature of petroleum refining processes, which generate substantial waste heat that can be harnessed for electricity and steam generation. With increasing demand for energy efficiency and sustainability in the refining industry, coupled with stringent environmental regulations, the adoption of waste heat recovery systems will surge. As a result, the petroleum refining segment will emerge as a primary contributor to the market's growth and development.

North America electricity & steam generation waste heat recovery systems industry will secure a modest valuation by 2032, driven by stringent environmental regulations, increasing emphasis on energy efficiency, and the widespread adoption of waste heat recovery technologies in various industries. In addition, the region's robust industrial infrastructure and growing investments in renewable energy initiatives further bolster market growth. With a focus on sustainability and reducing carbon emissions, North America will emerge as a key contributor to the electricity & steam generation waste heat recovery systems market.