Waste Heat Recovery System Market 2030: The Role of Advanced Technology

The global waste heat recovery system market was valued at USD 54.88 billion in 2023 and is projected to reach USD 102.41 billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.8% between 2024 and 2030. Increasing environmental awareness is prompting countries worldwide to minimize carbon emissions from the industrial sector and adopt waste heat recovery systems.

Many governments are implementing supportive policies and financial incentives to accelerate the deployment of these systems. For example, in June 2023, the Government of India’s Ministry of Power established UTPRERAK, a specialized Centre of Excellence, to promote the adoption of clean industrial technologies and boost India’s role in the global energy transition. As nations strive to curb greenhouse gas emissions, the demand for energy-efficient technologies like waste heat recovery systems continues to rise. These systems recover and repurpose thermal energy that would otherwise go unused, helping to significantly reduce a facility’s carbon output.

Technological advancements in heat exchanger design have led to more efficient and compact systems, increasing their suitability across diverse industries. The integration of sensors and digital control systems enables real-time monitoring and performance optimization, which enhances efficiency while reducing operational and maintenance costs.

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Key Market Trends and Insights

• Application Segment: In 2023, the power & steam generation segment accounted for the largest market share at 47.1%. This is driven by rising electricity and fuel costs due to inflation, coupled with global efforts to reduce greenhouse gas emissions.
• End-Use Segment: The petroleum refinery segment led the market in 2023 with a 20.9% share. Oil refineries are major CO2 emitters. According to a global inventory research study published in August 2021, CO2 emissions from oil refineries totaled approximately 1.3 gigatons (Gt) in 2018, with cumulative emissions projected to reach 16.5 Gt from 2020 to 2030.
• Phase System Segment: The liquid-liquid phase system held the largest share in 2023 at 40.2%, driven by the growing demand in petroleum refining and power generation. These systems are commonly used in refining processes such as thermal cracking, catalytic treatments, and other heat-intensive operations.

Market Size and Forecast Summary

• 2023 Market Size: USD 54.88 Billion
• 2030 Projected Market Size: USD 102.41 Billion
• CAGR (2024–2030): 8.8%
• Leading Region (2023): Europe

Leading Companies in the Waste Heat Recovery System Market

The market is moderately consolidated, with a mix of established corporations and emerging players. Companies are pursuing both organic and inorganic strategies—including technology innovation, capacity expansion, R&D, mergers & acquisitions, and strategic partnerships—to enhance their market presence.

Key Market Players:

• Siemens Energy
• Mitsubishi Power, Ltd.
• General Electric
• ABB
• Turboden S.p.A.
• Bosch Industriekessel GmbH
• Exergy International Srl
• Forbes Marshall
• IHI Corporation
• Terrapin

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Conclusion

The global waste heat recovery system market is on a strong growth trajectory, driven by increasing environmental regulations, energy cost pressures, and the need to enhance industrial efficiency. Innovations in system design and digital integration are broadening the application scope and improving performance. With government support and rising awareness of sustainable practices, the market is expected to nearly double by 2030. Companies that focus on technological advancements and strategic expansion will be best positioned to capitalize on this growing demand.