Waste Heat Recovery Systems Market Size & Share, by Application (Pre-Heating, Power & Steam Generation); End-user (Petroleum Refinery, Power, Cement, Chemical, Metal Production, Pulp & Paper) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

Waste Heat Recovery Systems Market size was valued at USD 64.02 billion in 2024 and is expected to reach USD 213.31 billion by 2037, expanding at around 9.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of waste heat recovery systems is assessed at USD 69.3 billion.

The significant factors driving the waste heat recovery systems market growth include technological advancements, increasing initiatives of governments, and stringent regulations. In addition, according to the U.S. Department of Energy, combustion air preheat can increase furnace efficiency by 50%. Preheating combustion exhaust gases can potentially eliminate the need for additional space heating equipment, reducing capital and overhead costs. These trends display a potential growth landscape for the waste heat recovery system market. Furthermore, the waste heat recovery system market is expected to be driven by factors such as the rising focus of industries on conservation of energy, growing demand for uninterrupted and reliable electricity, and shifting trends toward sustainable exhaust heat utilization. The rise in demand for refined petroleum products and increasing investments toward the expansion of refining capacity will further favour the waste heat recovery system market growth.

According to the United States Department of Energy and the International Energy Agency, over three-fifths of the power plants' energy gets wasted in the form of heat, and nearly 20%-50% of industrial energy is lost as waste heat.