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Waste Heat Recovery System Market to be Worth $107.07 Billion by 2027 - Grand View Research, Inc.

SAN FRANCISCO, Aug. 15, 2022 /PRNewswire/ -- The global waste heat recovery system market size is expected to reach USD 107.07 billion by 2027 registering a CAGR of 8.8%, according to a new report by Grand View Research, Inc. Rising energy costs and stringent regulations concerning energy efficiency are expected to drive the global market. Growing demand from major end-use industries, such as cement and metal production, is projected to drive the waste heat recovery system (WHRS) market. Furthermore, rising investments in emerging economies coupled with rapid developments in the construction sector are boosting the growth of this market.


Key Industry Insights & Findings from the report:

  • The market revenue was valued at USD 54.33 billion in 2019 and is estimated to register a CARG of 8.8% over the projected period

  • APAC is projected to register the fastest CAGR over the forecast period. China is expected to account for the maximum share in the regional market

  • North America is projected to be the largest regional market with U.S. accounting for the major share

  • Some of the key companies in the market include General Electric (GE); Siemens AG; Mitsubishi Hitachi Power Systems; Ormat Technologies; ABB Ltd.; Amec Foster Wheeler; Baker Hughes (a GE company); M.E. ENERGY Pvt. Ltd.; and Thermax Ltd.

Read full market research report for more Insights, "Waste Heat Recovery System Market Size, Share & Trends Analysis Report By Application (Preheating, Power & Steam Generation), By End User (Petroleum Refinery, Power, Metal Production), And Segment Forecasts, 2020 - 2027", published by Grand View Research.

Waste Heat Recovery System Market Growth & Trends

Asia Pacific is expected to progress at the highest CAGR during the forecast period due to ongoing innovations in the field of industrialization. Recent years have witnessed rising demand for consistent and continuous electricity across the globe underpinned by strict emission standards, thereby encouraging product penetration. In addition, rising popularity of food processing units in conjunction with decreasing costs of low-temperature heat consumption is expected to offer a growth prospect.

Waste Heat Recovery System Market Segmentation

Grand View Research has segmented the global waste heat recovery system market on the basis of application, end user, and region:

WHRS Application Outlook (Revenue, USD Billion, 2016 - 2027)

    • Pre-heating
    • Power & Steam Generation
    • Others

WHRS End-User Outlook (Revenue, USD Billion, 2016 - 2027)

  • Petroleum Refinery
  • Cement
  • Chemical
  • Power
  • Paper & Pulp
  • Metal Production
  • Other

WHRS Regional Outlook (Revenue, USD Billion, 2016 - 2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Italy
    • Spain
  • Asia Pacific
    • Japan
    • China
    • India
  • Central & South America
    • Brazil
  • Middle East & Africa
    • South Africa
    • UAE   
    • Saudi Arabia

List of Key Players in the Waste Heat Recovery System Market

  • Siemens AG
  • Mitsubishi Heavy Industries, Ltd.
  • General Electric
  • ABB
  • Boustead International Heaters
  • Forbes Marshall
  • Promec Engineering
  • Terrapin
  • Wood Plc (Amec Foster Wheeler)
  • Climeon; BoschIndustriekessel GmbH
  • AURA GmbH & Co.
  • Exergy S.p.A.
  • IHI Corporation

Check out more related studies published by Grand View Research:

  • Combined Heat & Power Installation Market - The global combined heat and power installation market size is expected to reach USD 12.0 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.1% over the forecast period. Modification in preferences towards replacing conventional sources of energy systems on account of uninterrupted power supply and operational cost is expected to drive the market.                                                                                                                                                                             
  • Liquid Biofuel Market - The global liquid biofuels market size is expected to reach USD 107.5 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a revenue-based CAGR of 6.4% during the forecast period.

  • Heat Recovery Steam Generator Market - The global heat recovery steam generator market size is expected to reach USD 1.6 billion by 2027, expanding at a CAGR of 3.2%, according to a new report by Grand View Research, Inc. Shifting preference from simple cycle power plants to combined cycle power plants, with increase in adoption of energy-efficiency measures is anticipated to drive the market for heat recovery steam generator (HRSG) during the forecast period.

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.


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