Waste Heat Recovery Market to Reach $156.27 Billion by 2035, Growing at a CAGR of 8.8% from 2025 -- Exclusive Report by Meticulous Research®

Market Growth Driven by Rising Energy Costs and Efficiency Mandates, Growing Focus on Industrial Decarbonization, Increasing Industrial Energy Consumption, and Government Incentives for Energy Recovery Technologies

REDDING, CALIF., May 28, 2025 /PRNewswire/ -- According to a new market research report titled 'Waste Heat Recovery Market by Technology (Heat Exchangers, Organic Rankine Cycle, Thermoelectric Generators, Steam Rankine Cycle), Temperature Range, End User, & Geography - Global Forecast to 2035', the waste heat recovery market is projected to reach $156.27 billion by 2035, up from an estimated $67.42 billion in 2025, growing at a CAGR of 8.8% during the forecast period. The growth of this market is mainly driven by rising energy costs and energy efficiency mandates, growing focus on industrial decarbonization, increasing industrial energy consumption and waste heat generation, and government incentives for energy recovery technologies.

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Key Market Drivers and Trends

The waste heat recovery market is witnessing robust growth, primarily driven by the shift towards energy efficiency innovations and industrial decarbonization efforts that are revolutionizing traditional waste heat capture and utilization approaches. Integration of AI and machine learning for system optimization and advanced Organic Rankine Cycle (ORC) technologies with comprehensive energy management capabilities is gaining momentum. Market expansion is further supported by the development of modular and scalable heat recovery solutions and technological advancements in digital monitoring systems, especially in developed markets with advanced industrial infrastructure across power generation, chemical processing, and manufacturing domains.

Latest trends in the waste heat recovery market include the development of smart heat recovery systems essential for enhanced operational efficiency and the industry's increasing focus on comprehensive industrial digitalization solutions. The market is increasingly focusing on robust, integrated systems that merge cutting-edge heat recovery technologies with comprehensive energy management systems to meet the demands of the rapidly evolving industrial energy efficiency and sustainability landscape.

Growth Opportunities

The market presents substantial growth opportunities in emerging markets, which offer substantial expansion opportunities for market players looking to reach new customer bases seeking energy-efficient alternatives. Another major opportunity lies in the integration with renewable energy systems, which enhances the accessibility of advanced sustainable energy solutions. Additionally, the energy-as-a-service model potential and growing thermoelectric technology applications are generating new revenue streams for solution providers as organizations increasingly seek efficient alternatives to traditional energy consumption methods.

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Market Challenges

Despite significant growth potential, the overall waste heat recovery market faces challenges including high upfront capital and installation costs straining industrial project budgets, particularly in cost-sensitive manufacturing sectors. Complex system integration processes and retrofitting existing infrastructure are creating implementation barriers. Additionally, recent global disruptions have exposed vulnerabilities in supply chain and specialized equipment availability, affecting project timelines. Limited awareness and shortage of technical expertise is creating market penetration concerns, and maintaining cost competitiveness against traditional energy systems across different regions, especially for reliability standards and maintenance requirements, are delaying adoption, limiting scalability in key industrial markets.

Segment Insights

The global waste heat recovery market is segmented by technology (heat exchangers, organic rankine cycle [ORC], thermoelectric generators, steam rankine cycle, kalina cycle heat pumps, other technologies), temperature range (low temperature [below 230°C], medium temperature [230°C to 650°C], high temperature [above 650°C]), end user (power generation, oil & gas industry, chemical & petrochemical industry, steel & metal processing, cement industry, pulp & paper industry, food & beverage industry, marine industry, other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

Market by Technology

The Heat Exchangers segment is expected to account for a significant share of the overall waste heat recovery market in 2025, primarily driven by their proven reliability and cost-effectiveness across industrial applications worldwide, including widespread industrial acceptance and established performance track record. Their straightforward implementation process, operational flexibility, and proven efficiency make them indispensable in industrial energy recovery and waste heat utilization projects. However, the Thermoelectric Generators segment continues to show the fastest growth rate through 2035, fueled by its maintenance-free operation benefits and scalable deployment capabilities suitable for distributed heat recovery applications.

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Market by End User

The Power Generation segment is expected to account for the largest share of the global waste heat recovery market in 2025, primarily due to the growing focus on combined heat and power applications, increasing adoption in utility sector efficiency projects, and the essential requirement for waste heat recovery systems capable of optimizing operational efficiency in power plants. However, the Chemical & Petrochemical Industry segment is expected to witness the highest growth rate during the forecast period, driven by expanding chemical manufacturing activities, the need for process optimization and energy security in chemical facilities, and the advantages waste heat recovery offers in energy-intensive chemical production operations.

Market by Temperature Range

The Medium Temperature (230°C to 650°C) segment is expected to account for the largest share of the global waste heat recovery market in 2025, primarily due to its optimal balance between heat quality and recovery efficiency across diverse industrial processes. However, the Low Temperature (Below 230°C) segment is projected to experience the fastest growth during the forecast period, driven by the largest untapped potential with minimal retrofitting requirements and reduced operational complexity.

Geographic Market Insights

In 2025, North America is expected to hold the largest share of the global waste heat recovery market, followed by Europe, due to its supportive policy frameworks, strong focus on energy efficiency mandates, well-established industrial infrastructure, favorable government incentives for industrial energy recovery, and the strong presence of prominent waste heat recovery solution providers. Additionally, high awareness about energy efficiency solutions and mature industrial energy management infrastructure contribute significantly to market dominance.

However, the Asia-Pacific region is projected to experience the fastest growth during the forecast period. This acceleration is mainly driven by rapid industrial expansion, increasing energy costs, growing investments in energy efficiency infrastructure, increasing awareness about waste heat recovery solutions, and the region's pivotal role as a global manufacturing and industrial development center.

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Competitive Landscape

The global waste heat recovery market is characterized by a competitive and dynamic landscape, comprising established engineering firms, specialized energy efficiency companies, industrial technology providers, and innovative clean energy companies, each adopting unique approaches to advancing waste heat recovery technologies.

Market evolution is increasingly shaped by trends such as integration of cutting-edge heat recovery technologies, development of comprehensive digital monitoring systems, and the creation of energy-efficient solutions designed to address industrial decarbonization challenges specific to various manufacturing applications. Leading companies are leveraging advanced AI and machine learning technologies to achieve optimal system performance without compromising operational efficiency and are incorporating enhanced IoT capabilities to meet the demands of modern industrial energy management systems.

Key players operating in the global waste heat recovery market include General Electric Company, Siemens AG, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries, Ltd., Babcock & Wilcox Enterprises, Inc., Bosch Thermotechnology GmbH, Ormat Technologies, Inc., Turboden S.r.l. (Mitsubishi Heavy Industries Group), Exergy International S.r.l., Climeon AB, ElectraTherm, Inc., Enertime SAS, Rank ORC, S.L, Kaishan USA, Inc., and CNBM International Corporation, among others.

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