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.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
9.7% |
|
Base Year Market Size (2024) |
USD 64.02 billion |
|
Forecast Year Market Size (2037) |
USD 213.31 billion |
|
Regional Scope |
|
The market is segmented based on the applications into pre-heating, and power & steam generation, out of which the power & steam generation segment is anticipated to grab the largest share on account of its rising demand in end-user industries in several countries across the globe. The increase in electricity prices and efforts to reduce greenhouse gas emissions will also boost the growth of the market segment in the coming years.
Our in-depth analysis of the global market includes the following segments
|
By Application |
|
|
By End User |
|
Europe Market Statistics
Europe industry is expected to account for largest revenue share by 2037, owing to increasing awareness pertaining to sustainable energy utilization and favourable initiatives by the European Union to generate energy through waste. Additionally, the initiatives for the usage of energy-efficient technologies and government regulations for greenhouse gas emissions have led to retrofitting of the existing industrial facilities, which will further propel the regional market growth.
Author Credits: Dhruv Bhatia
Copyright © 2025 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?