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PUBLISHER: Polaris Market Research | PRODUCT CODE: 1286712
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1286712
Waste Heat Recovery System Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032
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The global waste heat recovery system market size is expected to reach USD 144.57 billion by 2032, according to a new study by Polaris Market Research. The report "Waste Heat Recovery Market Share, Size, Trends, Industry Analysis Report, By Application (Steam & Electricity Generation, Preheating); By End-use; By Region; Segment Forecast, 2023-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing adoption of cogeneration systems, which generate electricity and heat simultaneously, drives demand for waste heat recovery solutions as these systems produce significant amounts of waste heat that can be recovered and utilized. As awareness of the benefits of waste heat recovery grows, more businesses are likely to adopt these technologies. According to a South Korean environmental Research institute, up to 73.5 percent of the heat produced during the burning process may be recycled in trash incinerators facilities equipped with waste heat recovery systems. These WHR systems in trash incineration facilities in South Korea transfer the steam they produce to a local district heating system. Additionally, electricity is produced by turning small turbines using high-pressure gas.
Businesses are becoming increasingly aware of the need to reduce their carbon footprint and adopt sustainable practices, and waste heat recovery is seen to achieve this. With the rise of energy prices and the growing focus on sustainability, there is increasing interest in improving energy efficiency in industrial processes, positively influencing the waste heat recovery market. For instance, in August 2022, at its cement facility in Fujairah, Lafarge Emirates Cement stated that it intends to build an organic Rankine cycle (ORC) waste heat recovery (WHR) plant.
Waste Heat Recovery System Market Report Highlights:
- Steam & Electricity generation segment held the dominant position in global market in 2022 owing to rising prices of electricity worldwide.
- Cement Industry segment is anticipated to exhibit fastest CAGR during the forecast period. In order to reduce production costs, cement manufacturing facilities are using waste heat recovery systems for power generation.
- Asia-Pacific is expected to register the highest CAGR over the study period. Increasing construction activities in this region is leading to high demand for cement which is augmenting the demand for waste heat recovery solutions in this region.
- The global players include ABB, Amec Foster Wheeler, Cool Energy, Boustead International, Forbes Marshall, John Wood Group, Echogen Power Systems, and others
Polaris Market Research has segmented the Waste Heat Recovery System Market report based on application, end-use and region:
Waste Heat Recovery System Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
- Steam & Electricity Generation
- Preheating
Waste Heat Recovery System Market, End-use Outlook (Revenue - USD Billion, 2019 - 2032)
- Petroleum Refining
- Metal Production
- Chemical
- Cement
- Paper & Pulp
- Others
Waste Heat Recovery System Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Product Code: PM3126
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
- 2.1. Market Highlights
3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Waste Heat Recovery System Market Insights
- 4.1. Waste Heat Recovery System Market - Industry Snapshot
- 4.2. Waste Heat Recovery System Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. High usage of waste heat recovery system in power and steam generation
- 4.2.1.2. Multiple factors associated with waste heat recovery system market
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Issues associated with Waste Heat Recovery System system
- 4.2.1. Drivers and Opportunities
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTLE Analysis
- 4.5. Waste Heat Recovery System Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Waste Heat Recovery System Market, by End-use
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Waste Heat Recovery System, by End-use, 2019-2032 (USD Billion)
- 5.3. Petroleum Refining
- 5.3.1. Global Waste Heat Recovery System Market, by Petroleum Refining, by Region, 2019-2032 (USD Billion)
- 5.4. Metal Production
- 5.4.1. Global Waste Heat Recovery System Market, by Metal Production, by Region, 2019-2032 (USD Billion)
- 5.5. Chemical
- 5.5.1. Global Waste Heat Recovery System Market, by Chemical, by Region, 2019-2032 (USD Billion)
- 5.6. Cement
- 5.6.1. Global Waste Heat Recovery System Market, by Cement, by Region, 2019-2032 (USD Billion)
- 5.7. Paper & Pulp
- 5.7.1. Global Waste Heat Recovery System Market, by Paper & Pulp, by Region, 2019-2032 (USD Billion)
- 5.8. Others
- 5.8.1. Global Waste Heat Recovery System Market, by Others, by Region, 2019-2032 (USD Billion)
6. Global Waste Heat Recovery System Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 6.3. Steam & Electricity Generation
- 6.3.1. Global Waste Heat Recovery System Market, by Steam & Electricity Generation, by Region, 2019-2032 (USD Billion)
- 6.4. Preheating
- 6.4.1. Global Waste Heat Recovery System Market, by Preheating, by Region, 2019-2032 (USD Billion)
7. Global Waste Heat Recovery System Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. Waste Heat Recovery System Market Assessment, By Geography, 2019-2032 (USD Billion)
- 7.3. Waste Heat Recovery System Market - North America
- 7.3.1. North America: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.3.2. North America: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.3.3. Waste Heat Recovery System Market - U.S.
- 7.3.3.1. U.S.: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.3.3.2. U.S.: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.3.4. Waste Heat Recovery System Market - Canada
- 7.3.4.1. Canada: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.3.4.2. Canada: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4. Waste Heat Recovery System Market - Europe
- 7.4.1. Europe: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.2. Europe: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.3. Waste Heat Recovery System Market - UK
- 7.4.3.1. UK: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.3.2. UK: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.4. Waste Heat Recovery System Market - France
- 7.4.4.1. France: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.4.2. France: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.5. Waste Heat Recovery System Market - Germany
- 7.4.5.1. Germany: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.5.2. Germany: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.6. Waste Heat Recovery System Market - Italy
- 7.4.6.1. Italy: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.6.2. Italy: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.7. Waste Heat Recovery System Market - Spain
- 7.4.7.1. Spain: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.7.2. Spain: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.8. Waste Heat Recovery System Market - Netherlands
- 7.4.8.1. Netherlands: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.8.2. Netherlands: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.4.9. Waste Heat Recovery System Market - Russia
- 7.4.9.1. Russia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.4.9.2. Russia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5. Waste Heat Recovery System Market - Asia Pacific
- 7.5.1. Asia Pacific: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.3. Waste Heat Recovery System Market - China
- 7.5.3.1. China: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.3.2. China: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.4. Waste Heat Recovery System Market - India
- 7.5.4.1. India: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.4.2. India: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.5. Waste Heat Recovery System Market - Malaysia
- 7.5.5.1. Malaysia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.5.2. Malaysia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.6. Waste Heat Recovery System Market - Japan
- 7.5.6.1. Japan: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.6.2. Japan: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.7. Waste Heat Recovery System Market - Indonesia
- 7.5.7.1. Indonesia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.7.2. Indonesia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.5.8. Waste Heat Recovery System Market - South Korea
- 7.5.8.1. South Korea: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.5.8.2. South Korea: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6. Waste Heat Recovery System Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.3. Waste Heat Recovery System Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.3.2. Saudi Arabia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.4. Waste Heat Recovery System Market - UAE
- 7.6.4.1. UAE: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.4.2. UAE: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.5. Waste Heat Recovery System Market - Israel
- 7.6.5.1. Israel: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.5.2. Israel: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.6.6. Waste Heat Recovery System Market - South Africa
- 7.6.6.1. South Africa: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.6.6.2. South Africa: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7. Waste Heat Recovery System Market - Latin America
- 7.7.1. Latin America: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7.3. Waste Heat Recovery System Market - Mexico
- 7.7.3.1. Mexico: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.3.2. Mexico: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7.4. Waste Heat Recovery System Market - Brazil
- 7.7.4.1. Brazil: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.4.2. Brazil: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- 7.7.5. Waste Heat Recovery System Market - Argentina
- 7.7.5.1. Argentina: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- 7.7.5.2. Argentina: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. Siemens
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Form Benchmarking
- 9.1.4. Recent Development
- 9.2. Mitsubishi Heavy Industries
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Form Benchmarking
- 9.2.4. Recent Development
- 9.3. General Electric
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Form Benchmarking
- 9.3.4. Recent Development
- 9.4. ABB
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Form Benchmarking
- 9.4.4. Recent Development
- 9.5. Boustead International
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Form Benchmarking
- 9.5.4. Recent Development
- 9.6. Forbes Marshall
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Form Benchmarking
- 9.6.4. Recent Development
- 9.7. John Wood Group
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Form Benchmarking
- 9.7.4. Recent Development
- 9.8. Ormat Technologies
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Form Benchmarking
- 9.8.4. Recent Development
- 9.9. Thermax
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Form Benchmarking
- 9.9.4. Recent Development
- 9.10. Cool Energy
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Form Benchmarking
- 9.10.4. Recent Development
- 9.11. Climeon AB
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Form Benchmarking
- 9.11.4. Recent Development
- 9.12. AURA GmbH
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Form Benchmarking
- 9.12.4. Recent Development
- 9.13. Promec Engineering
- 9.13.1. Company Overview
- 9.13.2. Financial Performance
- 9.13.3. Form Benchmarking
- 9.13.4. Recent Development
Product Code: PM3126
List of Tables
- Table 1 Global Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 2 Global Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 3 Waste Heat Recovery System Market Assessment, By Geography, 2019-2032 (USD Billion)
- Table 4 North America: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 5 North America: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 6 U.S.: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 7 U.S.: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 8 Canada: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 9 Canada: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 10 Europe: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 11 Europe: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 12 UK: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 13 UK: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 14 France: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 15 France: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 16 Germany: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 17 Germany: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 18 Italy: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 19 Italy: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 20 Spain: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 21 Spain: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 22 Netherlands: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 23 Netherlands: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 24 Russia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 25 Russia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 26 Asia Pacific: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 27 Asia Pacific: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 28 China: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 29 China: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 30 India: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 31 India: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 32 Malaysia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 33 Malaysia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 34 Japan: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 35 Japan: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 36 Indonesia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 37 Indonesia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 38 South Korea: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 39 South Korea: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 40 Middle East & Africa: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 41 Middle East & Africa: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 42 Saudi Arabia: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 43 Saudi Arabia: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 44 UAE: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 45 UAE: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 46 Israel: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 47 Israel: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 48 South Africa: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 49 South Africa: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 50 Latin America: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 51 Latin America: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 52 Mexico: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 53 Mexico: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 54 Brazil: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 55 Brazil: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
- Table 56 Argentina: Waste Heat Recovery System Market, by Application, 2019-2032 (USD Billion)
- Table 57 Argentina: Waste Heat Recovery System Market, by End-use, 2019-2032 (USD Billion)
List of Figures
- Figure 1 Global Waste Heat Recovery System Market, 2019-2032 (USD Billion)
- Figure 2 Integrated Ecosystem
- Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
- Figure 4 Market by Geography
- Figure 5 Porter's Five Forces
- Figure 6 Market by Application
- Figure 7 Global Waste Heat Recovery System Market, by Application, 2022 & 2032 (USD Billion)
- Figure 8 Market by End-use
- Figure 9 Global Waste Heat Recovery System Market, by End-use, 2022 & 2032 (USD Billion)
- Figure 10 Waste Heat Recovery System Market Assessment, By Geography, 2019-2032 (USD Billion)
- Figure 11 Strategic Analysis - Waste Heat Recovery System Market
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