Electricity and Steam Generation Waste Heat Recovery Systems

Global Electricity and Steam Generation Waste Heat Recovery Systems Market to Reach US$102.2 Billion by 2030

The global market for Electricity and Steam Generation Waste Heat Recovery Systems estimated at US$58.5 Billion in the year 2024, is expected to reach US$102.2 Billion by 2030, growing at a CAGR of 9.7% over the analysis period 2024-2030. Steam Rankine Cycle, one of the segments analyzed in the report, is expected to record a 9.2% CAGR and reach US$58.7 Billion by the end of the analysis period. Growth in the Organic Rankine Cycle segment is estimated at 10.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$15.9 Billion While China is Forecast to Grow at 13.2% CAGR

The Electricity and Steam Generation Waste Heat Recovery Systems market in the U.S. is estimated at US$15.9 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$20.7 Billion by the year 2030 trailing a CAGR of 13.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.0% and 8.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.6% CAGR.

Global Electricity & Steam Generation Waste Heat Recovery Systems Market – Key Trends & Drivers Summarized

Why Are Waste Heat Recovery Systems Becoming Core to Industrial Energy Efficiency and Decarbonization?
Waste heat recovery systems (WHRS) for electricity and steam generation are becoming increasingly central to industrial sustainability strategies as energy-intensive sectors seek to lower fuel consumption, reduce greenhouse gas emissions, and improve overall process efficiency. Large volumes of thermal energy generated during industrial processes—such as in cement, steel, glass, refining, chemicals, and pulp & paper—are typically lost through exhaust gases, kiln surfaces, or process cooling streams. WHRS capture this lost energy and convert it into usable electrical power or steam, offsetting the need for grid-supplied electricity or additional fuel for boilers. The integration of WHRS enhances energy self-sufficiency and improves the economics of continuous and batch production cycles. As industries are compelled to meet emissions reduction targets and adapt to volatile energy markets, WHRS offers a commercially viable solution with rapid payback potential. These systems are particularly valuable in emerging economies where energy access is limited or unreliable, and in mature markets where industrial decarbonization is prioritized under regulatory frameworks. Beyond cost savings, WHRS adoption also helps industries achieve ESG performance goals, enhance equipment utilization, and improve energy KPIs, making them indispensable in long-term energy transition planning.

How Are Technology Innovations Enabling Broader Deployment and System Efficiency Gains?
Technological advancements are expanding the capabilities and cost-efficiency of waste heat recovery systems across diverse industrial settings. Conventional steam-based Rankine Cycle systems remain widespread, but their flexibility has improved through the use of advanced heat exchangers, modular turbines, and hybrid boilers. In parallel, Organic Rankine Cycle (ORC) technology is being deployed in facilities with low-grade or fluctuating heat sources, offering efficient energy recovery even from exhaust streams below 200°C. ORC systems also operate with reduced water usage, minimal maintenance, and greater thermal stability, making them attractive for remote or water-constrained environments. Other innovations include supercritical CO2 cycles and Kalina cycles, which offer higher conversion efficiencies in select applications. Waste heat-to-power units are now being integrated with real-time performance monitoring, smart sensors, and AI-driven analytics for predictive maintenance and load balancing. Plug-and-play WHR modules are enabling faster retrofitting in brownfield sites, while heat storage and hybridization with solar thermal are allowing for round-the-clock energy recovery. Material science is also contributing through corrosion-resistant alloys, self-cleaning surfaces, and compact design solutions that enable WHRS to operate reliably in high-dust, high-humidity, or chemically aggressive environments. These innovations are significantly expanding the applicability and ROI profile of waste heat recovery across multiple process industries.

>What Are the Industrial and Policy Drivers Accelerating Global Adoption of WHR Systems?
The expansion of WHRS in industrial environments is being driven by a convergence of operational imperatives, policy mandates, and economic incentives. Rising global energy prices, coupled with supply volatility, are prompting industrial operators to reduce dependency on grid power and fossil fuels through self-generated steam and electricity. Environmental regulations targeting industrial emissions, such as carbon pricing, pollution caps, and energy use disclosure mandates, are accelerating the shift toward energy recovery solutions. Many governments have introduced financial incentives, including tax credits, subsidies, and low-interest loans, to promote WHRS as a clean energy technology. In regions such as the EU, China, and India, WHR adoption is increasingly linked to industrial energy audits and regulatory permitting for new plants or major upgrades. Industries that operate continuous processes—such as cement, steel, petrochemicals, and fertilizers—are recognizing WHRS as a low-risk, high-impact efficiency measure. In addition, the rise of corporate net-zero targets and sustainability-linked financing is driving WHR implementation as a key pillar of decarbonization strategies. Moreover, industrial symbiosis initiatives and heat recovery-as-a-service models are enabling smaller facilities to adopt WHR by sharing infrastructure or accessing third-party capital. These cross-cutting drivers are pushing WHR into the mainstream of industrial energy and environmental management strategies.

What Is Driving the Growth of the Electricity & Steam Generation WHR Systems Market Across Regions and Industries?
The growth in the electricity and steam generation waste heat recovery systems market is driven by increasing industrial demand for energy optimization, rising environmental compliance obligations, and enhanced technology readiness. In Asia-Pacific, particularly China and India, heavy industries are deploying WHR systems at scale as part of national energy efficiency mandates and sectoral emissions reduction plans. Europe is seeing robust adoption due to carbon pricing pressures under the EU Emissions Trading Scheme (ETS), as well as through its circular economy and industrial decarbonization frameworks. In North America, corporate ESG goals, tax incentives like the Inflation Reduction Act (IRA), and energy resiliency objectives are propelling adoption. The Middle East and Africa are targeting WHRS as part of industrial diversification and sustainability roadmaps, while Latin America is leveraging them to improve competitiveness in energy-intensive export industries. Across sectors, cement, glass, chemicals, pulp & paper, and steel remain dominant users, while the food processing, textiles, and bioenergy industries are emerging growth segments due to their significant thermal losses. The convergence of digital plant strategies, industrial electrification, and energy efficiency policies is supporting WHR integration as a modular and scalable solution. These factors collectively position waste heat recovery systems as a cornerstone of sustainable industrial infrastructure development worldwide.

SCOPE OF STUDY:

The report analyzes the Electricity and Steam Generation Waste Heat Recovery Systems market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle); Temperature (230 °C, 230 °C - 650 °C, Above 650 °C); End-Use (Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverages, Glass, Others)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 32 Featured) -

• ABB Ltd.
• Alfa Laval AB
• Alstom SA
• AMSEnergy Corp
• Bharat Heavy Electricals Limited (BHEL)
• Cain Industries
• Climeon AB
• Ducon Technologies Inc.
• Echogen Power Systems
• FLSmidth & Co. A/S
• General Electric Company (GE Vernova)
• HRS Heat Exchangers Ltd.
• Indeck Power Equipment Company
• JFE Engineering Corporation
• Kawasaki Heavy Industries, Ltd.
• Mitsubishi Heavy Industries, Ltd. (MHI)
• Nooter/Eriksen
• Ormat Technologies, Inc.
• Sigma Thermal
• Skyven Technologies

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.