Electricity Steam Generation Waste Heat Recovery System Market Overview:
As per MRFR analysis, the Electricity Steam Generation Waste Heat Recovery System Market Size was estimated at 46.95 (USD Billion) in 2022. The Electricity Steam Generation Waste Heat Recovery System Market Industry is expected to grow from 51.7 (USD Billion) in 2023 to 123.12 (USD Billion) by 2032. The Electricity Steam Generation Waste Heat Recovery System Market CAGR (growth rate) is expected to be around 10.12% during the forecast period (2024 - 2032).
Key Electricity Steam Generation Waste Heat Recovery System Market Trends Highlighted
Key market drivers include rising energy prices, increasing demand for cleaner and more efficient energy sources, and stringent environmental regulations. Technological advancements in waste heat recovery systems, such as the development of high-efficiency heat exchangers and advanced control systems, are also contributing to market growth. Furthermore, government incentives and support for renewable energy and energy efficiency initiatives are driving the adoption of waste heat recovery systems.Emerging opportunities lie in the expansion of waste heat recovery applications in various industries, such as manufacturing, petrochemical, and power generation.
The growing adoption of waste heat recovery systems in developing economies, where energy demand is rapidly increasing, presents significant growth potential. Additionally, the development of new waste heat recovery technologies, such as organic Rankine cycles (ORCs) and thermoelectric generators, is expected to create new market opportunities.Recent trends in the Electricity Steam Generation Waste Heat Recovery System Market include the increasing focus on energy efficiency and emissions reduction. Customers are demanding more efficient and environmentally friendly waste heat recovery solutions. The adoption of digital technologies, such as IoT and data analytics, is also becoming increasingly prevalent, enabling real-time monitoring and optimization of waste heat recovery systems. Additionally, there is a growing trend towards modular and packaged waste heat recovery systems, which offer flexibility and scalability to meet specific customer requirements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electricity Steam Generation Waste Heat Recovery System Market Drivers
Increasing Demand for Energy Efficiency
As the global population continues to grow, so does the demand for energy. This has led to a greater focus on energy efficiency, and waste heat recovery systems are a key part of this. These systems can help to reduce energy consumption by capturing and reusing waste heat from industrial processes. This can lead to significant cost savings for businesses, as well as environmental benefits. The increasing demand for energy efficiency is one of the key drivers of the growth of the Electricity Steam Generation Waste Heat Recovery System Market Industry.
Government Regulations and Incentives
Government regulations and incentives are another key driver of the growth of the Electricity Steam Generation Waste Heat Recovery System Market Industry. Many governments have implemented regulations that require businesses to reduce their energy consumption. This has led to an increased demand for waste heat recovery systems, as they can help businesses to meet these requirements. In addition, many governments offer incentives for businesses that install waste heat recovery systems.These incentives can help to reduce the cost of these systems, making them more affordable for businesses.
Technological Advancements
Technological advancements are also driving the growth of the Electricity Steam Generation Waste Heat Recovery System Market Industry. These advancements have led to the development of more efficient and cost-effective waste heat recovery systems. In addition, new technologies are being developed that make it possible to capture and reuse waste heat from a wider range of industrial processes. These advancements are making waste heat recovery systems more attractive to businesses and are helping to drive the growth of the market.
Electricity Steam Generation Waste Heat Recovery System Market Segment Insights:
Electricity Steam Generation Waste Heat Recovery System Market Type of Waste Heat Recovery System Insights
Globally, the Electricity Steam Generation Waste Heat Recovery System Market is segmented based on the Type of Waste Heat Recovery System into Recuperator, Regenerator, Heat Exchanger, and Organic Rankine Cycle System. The Recuperator segment is estimated to be the largest segment in 2023 owing to its efficiency and ability to handle high-temperature waste gases. The recovery of waste heat requires the use of a recuperator. The wide application of recuperators in the power generation, cement, and steel industries, among others, is expected to drive the growth of this segment over the forecast period.The growth of the Heat Exchanger segment is attributed to its versatility, enabling its application in multiple domains. Heat exchangers facilitate the transfer of heat between two fluids at different temperature. Therefore, they can be applied as a waste heat recovery system in power plants, industrial processes, heating, ventilation, and air conditioning system, among others. The Organic Rankine Cycle System Type segment is expected to witness the fastest growth over the forecast period due to its application in the electricity generation system.The Organic Rankine Cycle is used in industries that produce a high quantity of low-temperature waste heat, such as geothermal power plants, solar thermal power plants, and industrial processes. The Regenerator segment constitutes a notable share of the Electricity Steam Generation Waste Heat Recovery System Market. They are used as waste heat recovery systems in gas turbines that use regenerators to recover waste heat from the exhaust gas stream and preheat the air stream. The Electricity Steam Generation Waste Heat Recovery System Market is anticipated to grow over the forecast period for reasons including increasing energy efficiency regulations, rising environmental awareness, and growing demand for electricity and steam from various industries.Additionally, various government incentives to encourage the utilization of waste heat recovery technologies are also expected to drive market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electricity Steam Generation Waste Heat Recovery System Market Application Insights
The market is segmented based on application into power generation, steam generation, industrial processes, and district heating. Power generation is the largest application segment, accounting for over 50% of the global market revenue. The growing demand for electricity and the need to reduce greenhouse gas emissions are driving the growth of this segment. Steam generation is the second-largest application segment, followed by industrial processes and district heating. The increasing adoption of waste heat recovery systems in power plants and industrial facilities is a major growth driver for the market.Governments across the world are also implementing regulations to promote the use of waste heat recovery systems, which is further boosting the market growth. Some of the key players in the Electricity Steam Generation Waste Heat Recovery System Market include General Electric, Siemens, Alfa Laval, and Babcock Wilcox. These companies are investing heavily in research and development to improve the efficiency and performance of their waste heat recovery systems.
Electricity Steam Generation Waste Heat Recovery System Market Industry of End-Use Insights
The Electricity Steam Generation Waste Heat Recovery System Market is segmented by Industry of End-Use into Manufacturing, Power Generation, Oil and Gas, Chemicals, and Iron and Steel. Among these segments, the Manufacturing segment held the largest market share in 2023, accounting for around 35% of the Electricity Steam Generation Waste Heat Recovery System Market revenue. The growth of this segment can be attributed to the increasing adoption of waste heat recovery systems in the manufacturing industry to reduce energy consumption and improve efficiency.The Power Generation segment is expected to grow at the highest CAGR during the forecast period, owing to the rising demand for electricity and the need to reduce greenhouse gas emissions. The Oil and Gas, Chemicals, and Iron and Steel segments are also expected to witness significant growth, driven by the increasing adoption of waste heat recovery systems to reduce operating costs and improve sustainability.
Electricity Steam Generation Waste Heat Recovery System Market Regional Insights
The regional segmentation of the Electricity Steam Generation Waste Heat Recovery System Market offers valuable insights into market dynamics and growth opportunities. North America held the largest market share in 2023, driven by stringent environmental regulations, increasing adoption of combined cycle power plants, and growing demand for energy efficiency. The market in Europe is projected to experience steady growth due to supportive government policies, growing investments in renewable energy, and rising demand for waste heat recovery solutions.APAC is expected to witness significant growth, primarily driven by rapid industrialization, rising energy demand, and growing awareness of waste heat recovery technologies. South America and MEA are anticipated to contribute to the market's growth, supported by increasing investments in power generation and infrastructure development. The Electricity Steam Generation Waste Heat Recovery System Market is highly competitive, with key players focusing on strategic partnerships, product innovations, and expanding their geographical presence to cater to the growing demand for waste heat recovery solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electricity Steam Generation Waste Heat Recovery System Market Key Players And Competitive Insights:
Major players in the Electricity Steam Generation Waste Heat Recovery System Market are constantly investing in research and development to enhance their product offerings and gain a competitive edge. Leading Electricity Steam Generation Waste Heat Recovery System Market players are focusing on developing innovative solutions that meet the evolving needs of customers. The Electricity Steam Generation Waste Heat Recovery System Market industry is characterized by intense competition, with major players vying for market share. The competitive landscape is further shaped by the entry of new players and the expansion of existing ones. Key players are adopting various strategies such as mergers, acquisitions, and partnerships to strengthen their market position and expand their global reach.A leading company in the Electricity Steam Generation Waste Heat Recovery System Market, General Electric offers a comprehensive portfolio of waste heat recovery systems. General Electric's waste heat recovery solutions are designed to improve the efficiency of power plants and industrial processes. The company's waste heat recovery systems are used in a wide range of applications, including power generation, industrial heating, and cooling. General Electric is committed to innovation and continues to invest in research and development to enhance its waste heat recovery technology.A competitor in the Electricity Steam Generation Waste Heat Recovery System Market, Siemens, offers a range of waste heat recovery solutions for various industries. Siemens' waste heat recovery systems are designed to maximize energy efficiency and reduce operating costs. The company's waste heat recovery solutions are used in a variety of applications, including power generation, industrial heating, and cooling. Siemens is focused on providing innovative and sustainable solutions to its customers. The company is committed to research and development and invests in developing cutting-edge waste heat recovery technologies.
Key Companies in the Electricity Steam Generation Waste Heat Recovery System Market Include:
- Alfa Laval
- Doosan Babcock
- Shanghai Electric Group
- TMEIC
- MHI Group
- Amec Foster Wheeler
- Sumitomo Heavy Industries
- ABB
- Clyde Bergemann Power Group
- General Electric
- Siemens
- Mitsubishi Heavy Industries
- Babcock Wilcox Enterprises
- Thermax
- Viessmann
Electricity Steam Generation Waste Heat Recovery System Market Industry Developments
The global electricity and steam generation waste heat recovery system market is projected to reach USD 123.12 billion by 2032, exhibiting a CAGR of 10.12% from 2024 to 2032. Growing concerns regarding environmental sustainability and the need to reduce carbon emissions are driving the adoption of waste heat recovery systems. Recent developments include the launch of advanced technologies such as organic Rankine cycle (ORC) systems and thermoelectric generators, which offer higher efficiency and reduced maintenance costs. Additionally, government initiatives and regulations aimed at promoting energy conservation and clean energy sources are providing impetus to market growth. Key players in the market include Alfa Laval, GE Power, and Siemens Energy. Strategic partnerships and collaborations among these companies are expected to drive innovation and expand market reach.
Electricity Steam Generation Waste Heat Recovery System Market Segmentation Insights
- Electricity Steam Generation Waste Heat Recovery System Market Type of Waste Heat Recovery System Outlook
- Recuperator
- Regenerator
- Heat Exchanger
- Organic Rankine Cycle (ORC) System
- Electricity Steam Generation Waste Heat Recovery System Market Application Outlook
- Power Generation
- Steam Generation
- Industrial Processes
- District Heating
- Electricity Steam Generation Waste Heat Recovery System Market Industry of End-Use Outlook
- Manufacturing
- Power Generation
- Oil and Gas
- Chemicals
- Iron and Steel
- Electricity Steam Generation Waste Heat Recovery System Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
46.95 (USD Billion) |
| Market Size 2023 |
51.7 (USD Billion) |
| Market Size 2032 |
123.12 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
10.12% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Alfa Laval, Doosan Babcock, Shanghai Electric Group, TMEIC, MHI Group, Amec Foster Wheeler, Sumitomo Heavy Industries, ABB, Clyde Bergemann Power Group, General Electric, Siemens, Mitsubishi Heavy Industries, Babcock Wilcox Enterprises, Thermax, Viessmann |
| Segments Covered |
Type of Waste Heat Recovery System, Application, Industry of End-Use, Regional |
| Key Market Opportunities |
New technology adoption government incentives are raising energy costs, industrialization, and sustainability. |
| Key Market Dynamics |
Rising energy costs Stringent environmental regulations Growing demand for energy efficiency Technological advancements Increased focus on sustainability. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The CAGR is estimated to be 10.12%.
The market size was valued at USD 51.7 billion in 2023.
The market size is projected to reach USD 123.12 billion by 2032.
The Asia-Pacific region is expected to hold the largest market share during the forecast period.
The industrial sector is expected to drive demand for the Electricity Steam Generation Waste Heat Recovery System Market.
Key competitors include General Electric, Siemens, and Alfa Laval.
Growth drivers include increasing demand for energy efficiency and environmental regulations.
Challenges include high upfront costs and a lack of awareness about the benefits of waste heat recovery systems.
Opportunities include government incentives and technological advancements.
Government regulations are expected to drive the growth of the market by mandating the use of waste heat recovery systems in certain industries.
