The waste heat recovery market was USD 75.4 billion in 2023, which will increase to USD 133.2 billion, advancing at an 8.5% compound annual growth rate, by 2030.

The growth of this industry is mainly because of the rising worries about greenhouse gases. Moreover, the increasing level of industrialization is leading to the surging need for power, and the rising electricity charges boost the world to generate it sustainably.
The cement category, based on end user, will advance at a rapid CAGR in the years to come. In this sector, the requirement for waste heat recovery systems is driven by the speedy global expansion of the construction industry across several developing nations. This progression in China, Indonesia, and India is largely being observed in the social, educational, retail, residential, and medical industries.

Furthermore, another major portion of the industry revenue comes from the chemical and petrochemical sector, which uses waste heat recovery technology for thermal cracking, catalytic treatment, and refining.

The preheating category, based on application, led the waste heat recovery market, as the regained heat can be utilized to decrease power expenses, improve power effectiveness, and reduce GHG releases. This can be because this procedure has applications in large boilers, metal furnaces, compact boilers, high-temperature kilns, and compact industrial furnaces.

Europe was the largest contributor to the industry. The European Union's rules to produce power from waste, coupled with the increasing public consciousness regarding air pollution and power efficiency are the major factors for this growth.

APAC is likely to advance at the highest rate in the coming years. The main source of power in APAC nations has been coal, which is why carbon dioxide releases are extremely high in the region. Therefore, the increasing environmental consciousness and strict rules intended to decrease GHG releases will boost the acceptance of waste heat recovery systems in this region.

India is advancing at the fastest rate in APAC. This can be because the nation is home to numerous power-intensive sectors like chemicals, steel, petrochemicals, and manufacturing, which create an enormous quantity of waste power in operations.

With this quick industrialization, the emphasis is proceeding toward accepting waste heat recovery systems to enhance efficient power consumption and improve competitiveness.

It is because of the growing concerns regarding greenhouse gases, the waste heat recovery industry will continue to progress in the coming years.