폐열 회수 시스템 시장 규모, 점유율, 성장 분석 : 용도별, 최종 이용 산업별, 구성요소별, 온도별, 지역별 - 업계 예측(2026-2033년)

Waste Heat Recovery System Market size was valued at USD 78.87 Billion in 2024 and is poised to grow from USD 85.88 Billion in 2025 to USD 169.88 Billion by 2033, growing at a CAGR of 8.9% during the forecast period (2026-2033).

The market for waste heat recovery systems (WHRS) is experiencing significant growth due to rising concerns over greenhouse gas emissions and increasing global energy efficiency regulations. WHRS effectively transfers heat from hot processes, maximizing efficiency and facilitating cogeneration applications. Traditionally, low-temperature waste heat recovery (0-120°C) has been underutilized for electricity generation due to limited Carnot efficiencies; however, ongoing advancements and regulatory pressures are driving innovation in this sector. In North America, particularly the United States, demand is surging as industries adopt WHRS to reduce emissions from coal-fired plants and enhance thermal efficiency. The presence of key industry players amplifies market momentum, as companies strive to improve energy reuse practices and align with stringent environmental standards.

Top-down and bottom-up approaches were used to estimate and validate the size of the Waste Heat Recovery System market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Waste Heat Recovery System Market Segments Analysis

Global Waste Heat Recovery System Market is segmented by application, end use industry, component, temperature and region. Based on application, the market is segmented into preheating, steam & power generation, electricity generation and others. Based on end-use industry, the market is segmented into petroleum refining, chemical, cement, metal production & foundries, pulp & paper, food & beverage, glass and others. Based on component, the market is segmented intoheat exchangers(recuperators, regenerators, economizers, heat pipes, waste heat boilers, others), boilers, turbines, heat pumps and others. Based on temperature, the market is segmented into 100°C to 230°C, 231°C to 450°C, Above 450°C. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Waste Heat Recovery System Market

The waste heat recovery system market is primarily propelled by a combination of factors, including a growing global population, stringent energy emission regulations, and accelerated mechanization across various industries. As energy demands surges, there is an increasing necessity for cost-effective and efficient energy solutions, which in turn drives interest in waste heat recovery technologies. These systems enable organizations to maximize energy efficiency by capturing and repurposing waste heat, thereby reducing operational costs and meeting environmental compliance. Consequently, the push for sustainable practices and the pursuit of affordable energy solutions are significant contributors to the market's expansion.

Restraints in the Waste Heat Recovery System Market

The growth of the waste heat recovery system market is being hindered by the substantial capital investment required for these systems. The initial costs associated with acquiring and implementing waste heat recovery units can be quite high, discouraging potential investors and end-users from adopting this technology. This financial barrier poses a significant challenge, as organizations weigh the potential long-term energy savings against the upfront expenses. As a result, the reluctance to invest in waste heat recovery solutions can slow down market expansion, limiting the overall adoption of this environmentally beneficial technology in various industries.

Market Trends of the Waste Heat Recovery System Market

The Waste Heat Recovery System (WHRS) market is witnessing a significant upward trend driven by continuous technological advancements. Innovative solutions are enabling more efficient and effective capture and utilization of waste heat across various industries, including manufacturing, power generation, and automotive. Companies are increasingly recognizing the economic and environmental benefits of integrating WHRS into their operations, facilitating cost savings and reducing greenhouse gas emissions. Additionally, stringent government regulations promoting energy efficiency are further propelling market growth. As industries seek sustainable practices, the adoption of waste heat recovery technologies is expected to expand, positioning WHRS as a critical component in the transition towards a circular economy.

Table of Contents

Introduction

• Objectives of the Study
• Scope of the Report
• Definitions

Research Methodology

• Information Procurement
• Secondary & Primary Data Methods
• Market Size Estimation
• Market Assumptions & Limitations

Executive Summary

• Global Market Outlook
• Supply & Demand Trend Analysis
• Segmental Opportunity Analysis

Market Dynamics & Outlook

• Market Overview
• Market Size
• Market Dynamics
  • Driver & Opportunities
  • Restraints & Challenges
• Porters Analysis & Impact
  • Competitive rivalry
  • Threat of substitute
  • Bargaining power of buyers
  • Threat of new entrants
  • Bargaining power of suppliers

Key Market Insights

• Key Success Factors
• Degree of Competition
• Top Investment Pockets
• Market Ecosystem
• Regulatory Landscape
• Patent Analysis
• Value Chain Analysis
• Case Study Analysis
• Customer & Buying Criteria Analysis
• PESTEL Analysis
• Macro-Economic Indicators
• Market Attractiveness Index
• Raw Material Analysis
• Supply Chain Analysis
• Pricing Analysis

Waste Heat Recovery System Market Size by Application & CAGR (2026-2033)

• Market Overview
• Preheating
• Steam & Power Generation
• Electricity Generation
• Others

Waste Heat Recovery System Market Size by End-Use Industry & CAGR (2026-2033)

• Market Overview
• Petroleum Refining
• Chemical
• Cement
• Metal Production & Foundries
• Pulp & Paper
• Food & Beverage
• Glass
• Others

Waste Heat Recovery System Market Size by Component & CAGR (2026-2033)

• Market Overview
• Heat Exchangers
  • Recuperators
  • Regenerators
  • Economizers
  • Heat Pipes
  • Waste Heat Boilers
  • Others
• Boilers
• Turbines
• Heat Pumps
• Others

Waste Heat Recovery System Market Size by Temperature & CAGR (2026-2033)

• Market Overview
• 100°C to 230°C
• 231°C to 450°C
• Above 450°C

Waste Heat Recovery System Market Size & CAGR (2026-2033)

• North America, (Application, End-Use Industry, Component, Temperature)
  • US
  • Canada
• Europe, (Application, End-Use Industry, Component, Temperature)
  • UK
  • Germany
  • Spain
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific, (Application, End-Use Industry, Component, Temperature)
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America, (Application, End-Use Industry, Component, Temperature)
  • Brazil
  • Rest of Latin America
• Middle East & Africa, (Application, End-Use Industry, Component, Temperature)
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa

Competitive Intelligence

• Top 5 Player Comparison
• Market Positioning of Key Players, 2025
• Strategies Adopted by Key Market Players
• Recent Developments in the Market
• Company Market Share Analysis, 2025
• Company Profiles of All Key Players
  • Company Details
  • Product Portfolio Analysis
  • Company's Segmental Share Analysis
  • Revenue Y-O-Y Comparison (2021-2023)

Key Company Profiles

• Siemens AG
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• General Electric Company
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• ABB Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Mitsubishi Heavy Industries Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Thermax Limited
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Ormat Technologies Inc.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Echogen Power Systems Inc.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• GEA Group AG
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Boustead International Heaters Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Doosan Heavy Industries & Construction Co. Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• HRS Heat Exchangers Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Marathon Engine Systems
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• MTPV Power Corporation
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Kawasaki Heavy Industries Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Sigma Thermal Inc.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Forbes Marshall
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Exodraft Ltd.
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Alfa Laval AB
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments
• Toshiba Mitsubishi-Electric Industrial Systems Corporation
  • Company Overview
  • Business Segment Overview
  • Financial Updates
  • Key Developments

Conclusion & Recommendation