Electricity & Steam Generation Waste Heat Recovery Systems Market Size & Share, By Type (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle), End-Use (Petroleum Refining, Cement, Chemical, Pulp & Paper, Food & Beverage, Glass), Temperature, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Electricity & Steam Generation Waste Heat Recovery Systems Market crossed USD 27.2 Billion in 2023 and is predicted to cross USD 68.46 Billion by end of the year 2032, witnessing more than 10.8% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 27.2 Billion
• CAGR (2024-2032): 10.8%
• Forecast Year Value (2032): USD 68.46 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One of the primary growth drivers for the Electricity & Steam Generation Waste Heat Recovery Systems Market is the increasing demand for energy efficiency across various industries. As organizations seek to reduce operational costs and minimize environmental impact, waste heat recovery systems offer an effective solution by capturing excess heat generated during industrial processes and repurposing it for electricity and steam generation. This not only enhances energy efficiency but also helps businesses achieve their sustainability goals, further incentivizing the adoption of these technologies.

Another significant growth driver is the stringent regulatory framework promoting cleaner energy solutions. Governments worldwide are implementing policies aimed at reducing greenhouse gas emissions and encouraging the adoption of renewable energy sources. These regulations are pushing industries to explore waste heat recovery systems as a viable option to lower their carbon footprint, comply with environmental standards, and take advantage of available incentives. Consequently, this drive towards regulatory compliance enhances the market potential for waste heat recovery systems in electricity and steam generation.

Technological advancements in waste heat recovery systems also play a crucial role in driving market growth. Innovations in design and materials have improved the efficiency and effectiveness of these systems, allowing for greater energy recovery from waste heat sources. Enhanced technologies such as Organic Rankine Cycle (ORC) systems and advanced heat exchangers are making waste heat recovery more viable and cost-effective for a wider range of industries. These advancements ensure that businesses can maximize the utility derived from waste heat, ultimately supporting sustained market growth.

Report Scope

Report Coverage	Details
Segments Covered	Type, Temperature, End Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	AURA, BIHL, Bosch Industriekessel, Climeon, Cochran, Durr Group, EXERGY INTERNATIONAL SRL, Forbes Marshall, Fortum, General Electric, HRS, IHI, John Wood Group PLC, MITSUBISHI HEAVY INDUSTRIES, LTD., Ormat, Promec Engineering, Rentech Boilers, Siemens Energy, Sofinter S.p.a, Thermax Limited, Viessman

Industry Restraints:

Despite the promising outlook for the Electricity & Steam Generation Waste Heat Recovery Systems Market, there are several restraints that could hinder its growth. One such restraint is the high initial investment associated with the installation of waste heat recovery systems. Although these technologies can lead to significant long-term savings on energy costs, the upfront capital required for procurement and installation can deter many companies, particularly small to medium-sized enterprises. The financial burden of investment may shift their focus away from renewable energy solutions towards more immediate operational needs.

Another significant restraint is the variability in waste heat availability across different industries and processes. Not all industries generate sufficient waste heat or possess the infrastructure required to implement effective recovery systems. This inconsistency can limit the market potential, as enterprises that do not produce adequate waste heat may find it economically unfeasible to invest in recovery systems. Thus, the dependency on specific industrial conditions can act as a barrier to widespread adoption, impacting the overall growth of the market.

Regional Forecast:

North America

The electricity and steam generation waste heat recovery systems market in North America is characterized by a robust industrial sector and increasing regulations aimed at improving energy efficiency. The U.S. dominates the regional market due to its advanced technological infrastructure and significant investments in renewable energy sources. Additionally, the presence of key players focusing on innovative waste heat recovery solutions boosts market growth. Canada is also witnessing a rise in adoption driven by government initiatives promoting sustainable energy practices and investments in infrastructure development.

Asia Pacific

The Asia Pacific region, particularly China and Japan, is experiencing rapid growth in the electricity and steam generation waste heat recovery systems market. China is leading the charge with its aggressive industrialization efforts and focus on reducing emissions, driving the demand for efficient energy systems. Moreover, government policies promoting the utilization of waste heat recovery technologies in various sectors contribute to market expansion. Japan’s commitment to energy conservation and innovation in technology further supports market development, with an emphasis on integrating waste heat recovery systems in manufacturing and power generation facilities. South Korea is also emerging as a key player in adopting advanced waste heat recovery solutions.

Europe

In Europe, the electricity and steam generation waste heat recovery systems market is witnessing significant growth, led by countries such as the United Kingdom, Germany, and France. Stringent regulations on carbon emissions and a strong push towards sustainability are driving the adoption of waste heat recovery technologies. The UK is actively investing in green technologies and has established frameworks for energy efficiency, enhancing market opportunities. Germany’s focus on industrial innovation and the transition to renewable energy sources further stimulates demand for waste heat recovery systems. France is equally committed to energy efficiency, with policies promoting the deployment of waste heat recovery solutions across various sectors, including manufacturing and agriculture.

Segmentation Analysis:

In terms of segmentation, global Electricity & Steam Generation Waste Heat Recovery Systems market is analyzed on the basis of Type, Temperature, End Use.

Electricity & Steam Generation Waste Heat Recovery Systems Market Analysis

By Type

The Electricity & Steam Generation Waste Heat Recovery Systems market is segmented by type into Steam Rankine Cycle, Organic Rankine Cycle, and Kalina Cycle. The Steam Rankine Cycle segment is characterized by its maturity and widespread adoption in industries with high-temperature heat sources, making it a preferred choice in sectors like petroleum refining and cement production. The Organic Rankine Cycle is gaining traction due to its ability to operate efficiently at lower temperature ranges, appealing to industries such as food and beverage and chemical processing. Meanwhile, the Kalina Cycle, which utilizes a mixture of water and ammonia, is noted for its higher efficiency at varying temperatures but remains less common due to its complex system requirements and higher initial investment, limiting its widespread adoption primarily to specialized applications.

By End-Use

The end-use segment of the Electricity & Steam Generation Waste Heat Recovery Systems market includes petroleum refining, cement, chemical, pulp & paper, food & beverage, and glass industries. The petroleum refining sector is the largest consumer, driven by the need for energy efficiency and cost reduction in energy-intensive processes. The cement industry follows closely, leveraging these systems to enhance operational efficiency and reduce emissions. The chemical and pulp & paper industries are also significant contributors, seeking to optimize thermal energy recovery from their extensive heating processes. Growth in the food and beverage sector is fueled by increasing energy costs and the demand for sustainable practices, while the glass industry, although smaller, is gradually recognizing the benefits of waste heat recovery in improving product quality and reducing production costs.

By Temperature

The market is further segmented based on temperature ranges into low, medium, and high-temperature systems. Low-temperature waste heat recovery is primarily utilized in applications with waste heat below 200 degrees Celsius, making it suitable for sectors like food and beverage and certain chemical processes. Medium-temperature systems, typically between 200 to 500 degrees Celsius, find applications in the cement and pulp & paper industries, where operational temperatures align with the requirements for effective heat recovery. High-temperature systems, exceeding 500 degrees Celsius, dominate in the petroleum refining and glass production sectors, where the recovery of high-temperature waste heat significantly contributes to energy savings and enhanced operational efficiencies. The increasing focus on energy efficiency and sustainability is driving demand across all temperature segments, with ongoing advancements in technology further enhancing the attractiveness of waste heat recovery systems.

Competitive Landscape:

The competitive landscape in the Electricity & Steam Generation Waste Heat Recovery Systems Market is characterized by a mix of established firms and emerging players focused on technological advancements and sustainability initiatives. Companies are investing in research and development to enhance system efficiency and reduce environmental impact, driven by stringent regulations and the growing demand for renewable energy sources. Partnerships and collaborations are prevalent as firms seek to expand their market reach and improve their product offerings. The market is also witnessing an increase in mergers and acquisitions as companies look to consolidate their positions and leverage complementary technologies.

Top Market Players

1. Siemens AG

2. General Electric

3. United Technologies Corporation

4. Mitsubishi Heavy Industries

5. ABB Ltd

6. Alfa Laval

7. Wärtsilä Corporation

8. Honeywell International Inc

9. Schneider Electric

10. Babcock & Wilcox Enterprises Inc