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Waste Heat Recovery Market Size And Revenue Outlook Through 2030
The waste heat recovery market has experienced significant expansion in recent years. It is projected to increase from $69.90 billion in 2025 to $76.31 billion by 2026, progressing at a compound annual growth rate (CAGR) of 9.2%. Historically, this market’s growth can be attributed to factors like rising Fuel & Electricity Prices, the introduction of Initial Environmental Policies, compelling Cost-Saving Potential & Financial Incentives, the substantial Expansion of Heavy Industry in APAC, and the demonstrated effectiveness of ORC Viability.
The waste heat recovery market is poised for significant expansion in the coming years. It is forecast to grow to $107.31 billion in 2030, achieving a compound annual growth rate (CAGR) of 8.9%. This anticipated growth throughout the forecast period can be ascribed to several factors including global Decarbonization Mandates, breakthroughs in low-grade heat technologies, a transition towards Decentralized Power & Microgrids, the proliferation of Energy-as-a-Service (EaaS) Models, and targeted government incentives. Prominent trends for this period encompass the dominance of advanced Organic Rankine Cycle (ORC) technology, the uptake of modular and compact units, integration with district heating infrastructure, a focus on supercritical CO2 Cycles, and the development of cascade heat recovery systems.
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Waste Heat Recovery Market Growth Momentum: What Factors Are Shaping Demand?
The escalating requirement for environmental sustainability is projected to fuel the expansion of the waste heat recovery market moving forward. Environmental sustainability involves responsibly interacting with the environment to ensure natural resources are preserved and maintained for both current and future generations. The heightened recognition of environmental sustainability stems from more stringent government regulations and policies that enforce compulsory recycling standards and environmentally friendly industrial practices. Waste heat recovery contributes to environmental sustainability by capturing and reusing surplus heat generated during industrial processes and power generation. This practice leads to reduced fuel consumption and lower greenhouse gas emissions, thereby enhancing the energy efficiency and eco-friendliness of operations. For instance, in October 2024, data from the United States Environmental Protection Agency, a US-based government agency, indicated that greenhouse gas emissions climbed to 322 million metric tons in 2023, marking a 1.4% increase compared to 2022. Consequently, the increasing demand for environmental sustainability is propelling the growth of the waste heat recovery market.
Waste Heat Recovery Market Segment Trends And Revenue Contributors
The waste heat recovery market covered in this report is segmented –
1) By Technology: Heat Exchangers (Recuperators, Regenerators), Waste Heat Boilers, Organic Rankine Cycles (ORC), Turbocompounds
2) By Application: Pre-Heating, Electricity And Steam Generation, Steam Rankine Cycle
3) By End-Use Industry: Petroleum Refining, Chemical, Cement
Subsegments:
1) By Heat Exchangers: Shell & Tube, Plate Heat Exchangers, Plate-Fin Heat Exchangers, Air-Cooled Heat Exchangers, Heat Pipe Heat Exchangers
2) By Waste Heat Boilers: Fire-Tube, Water-Tube, Once-Through, Packaged Boilers
3) By Organic Rankine Cycle (ORC): Subcritical ORC, Supercritical ORC, Regenerative ORC, Two-Stage ORC
4) By Turbocompounds: Mechanical Turbocompound, Electrical Turbocompound, Hybrid Turbocompound
Waste Heat Recovery Market Trends Redefining Industry Growth
Key players in the waste heat recovery market are focusing on developing advanced products, such as centrifugal heat pumps, to boost energy efficiency, enhance sustainability, and reduce operational costs and carbon emissions. Centrifugal heat pumps are sophisticated mechanisms that use a turbo-compressor to effectively upgrade and utilize low-temperature waste heat for high-temperature output. For instance, in October 2025, Mitsubishi Heavy Industries Thermal Systems Ltd., a Japan-based heating, ventilation, and air-conditioning (HVAC) systems company, launched the ETI-W, a centrifugal heat pump for the Japanese market. This is a high-capacity, high-efficiency heat pump featuring a turbo-compressor that can effectively utilize waste heat sources at approximately 65°C to produce hot water output at up to 95°C. It includes advanced operational functionality, enabling seamless integration into industrial processes without requiring major system changes. It also incorporates a single-stage compression cycle and a natural refrigerant (R-1233zd(E)), significantly reducing electricity consumption and greenhouse gas emissions for industrial users.
Waste Heat Recovery Market Leading Players And Competitive Positioning
Major companies operating in the waste heat recovery market are Siemens Energy AG, GE Vernova LLC, Mitsubishi Heavy Industries Ltd, Carrier Global Corporation, IHI Corporation, Spirax-Sarco Engineering plc, John Cockerill Group, Bitzer SE, Kelvion Holding GmbH, Thermax Limited, Forbes Marshall Pvt. Ltd., Ormat Technologies Inc., Nooter/Eriksen Inc., TICA Thermal Technology Co. Ltd., Exodraft A/S, Kawasaki Heavy Industries Ltd., Echogen Power Systems LLC, Climeon AB, Enertime SA, Exchanger Industries Limited, Heliex Power Ltd., Orcan Energy AG
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Waste Heat Recovery Market Regional Split: Which Areas Are Fueling Growth?
North America was the largest region in the waste heat recovery market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the waste heat recovery market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
