Delivering more actionable and strategically valuable research, The Business Research Company’s 2026 market reports feature market attractiveness analysis, total addressable market evaluation, company benchmarking matrices, interactive Excel dashboards, expanded supply chain intelligence, emerging startup coverage, and detailed product insights.
Waste Heat Recovery Market Size Outlook: How Fast Will Revenue Grow Through 2030?
The waste heat recovery market has experienced substantial growth in recent years. Its valuation is set to rise from $69.90 billion in 2025 to $76.31 billion in 2026, achieving a compound annual growth rate (CAGR) of 9.2%. Historically, this expansion has been driven by escalating Fuel & Electricity Prices, Initial Environmental Policies, Cost-Saving Potential & Financial Incentives, Expansion of Heavy Industry (APAC), and Demonstration of ORC Viability.
The waste heat recovery market is projected to experience robust expansion in the coming years. This market is anticipated to reach a valuation of $107.31 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.9%. Several factors are expected to fuel this growth during the forecast period, including worldwide Decarbonization Mandates, technological breakthroughs in Low-Grade Heat, a shift towards Decentralized Power & Microgrids, the emergence of Energy-as-a-Service (EaaS) Models, and targeted Government Incentives. Key trends predicted for the forecast period encompass the prominence of advanced ORC Dominance, the uptake of Modular, Compact Units, integration with District Heating, an emphasis on Supercritical CO2 Cycles, and the implementation of Cascade Heat Recovery Systems.
Download A Free Sample Report For Comprehensive Market Insights:
#Waste Heat Recovery Market Demand Drivers Creating New Revenue Opportunities
The expanding requirement for environmental sustainability is projected to drive the growth of the waste heat recovery market in the future. Environmental sustainability involves responsible interaction with the environment to ensure natural resources are preserved and maintained for current and future generations. The heightened awareness of environmental sustainability stems from stricter government regulations and policies, which enforce mandatory recycling standards and eco-friendly industrial practices. Waste heat recovery contributes to environmental sustainability by capturing and reusing excess heat from industrial processes and power generation. This action reduces fuel consumption and greenhouse gas emissions, thereby making operations more energy-efficient and environmentally sound. For instance, in October 2024, the United States Environmental Protection Agency, a US-based government agency, reported that greenhouse gas emissions increased to 322 million metric tons in 2023, a 1.4% rise compared to 2022. Consequently, the escalating demand for environmental sustainability is fueling the expansion of the waste heat recovery market.
Waste Heat Recovery Market Segmentation: How Is The Market Structured Across Key Categories?
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 Driving Strategic Industry Expansion
Leading companies in the waste heat recovery market are concentrating 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 example, 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 specifically for the Japanese market. This high-capacity, high-efficiency heat pump incorporates a turbo-compressor capable of efficiently utilizing waste heat sources at approximately 65°C to produce hot water output at up to 95°C. It features advanced operational functionality, allowing seamless integration into industrial processes without requiring major system changes. Additionally, it includes a single-stage compression cycle and uses a natural refrigerant (R-1233zd(E)), significantly lowering electricity consumption and greenhouse gas emissions for industrial users.
Waste Heat Recovery Market Competitive Landscape And Leading Companies
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
Access The Complete Waste Heat Recovery Market Report:
Waste Heat Recovery Market Geographic Landscape: Which Region Dominates Industry 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.
Get in touch with us:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas: +1 310-496-7795
Asia: +44 7882 955267 & +91 8897263534
Europe: +44 7882 955267
Email us at: marketing@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
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.