Electricity and Steam Generation Waste Heat Recovery Systems Market Share 2034
Global Electricity & Steam Generation Waste Heat Recovery Systems Market Growth, Size, Trends Analysis – By Type, By Temperature, By End Use - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Jun-2025 | Report ID: POAE2577 | Pages: 1 - 255 | Formats*: |
| Category : Power & Energy | |||
Global Electricity & Steam Generation Waste Heat Recovery Systems Market Introduction and Overview
According to SPER Market Research, the Global Electricity & Steam Generation Waste Heat Recovery Systems Market is estimated to reach USD 76.43 billion by 2034 with a CAGR of 8.63%.
The report includes an in-depth analysis of the Global Electricity & Steam Generation Waste Heat Recovery Systems Market, including market size and trends, product mix, Applications, and supplier analysis. The market for electricity and steam generation waste heat recovery systems is quickly expanding as enterprises seek energy-efficient solutions to lower operational costs and carbon emissions. Waste heat recovery systems collect excess heat from industrial processes, power plants, and manufacturing facilities and turn it into usable energy for electricity or steam generation. These technologies increase overall efficiency by lowering fuel usage and reliance on traditional energy sources. Power generating, oil and gas, chemicals, and cement production are some of the key industries driving market growth. Advancements in heat exchangers and organic Rankine cycle (ORC) systems are increasing efficiency. Government laws promoting energy conservation and sustainability are also driving demand. As enterprises prioritize energy efficiency, waste heat recovery remains an important tool for reaching sustainability goals.
By Type Insights
The electricity & steam generation waste heat recovery systems market is divided into Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle. Steam ranking cycle WHRS leads the market, because to essential qualities such lower greenhouse gas emissions, application versatility, and great energy efficiency. The deployment of WHRS in electricity and steam generation processes will be influenced by continuous efforts to reduce greenhouse gas emissions as well as rising power costs. Factors driving this trend include a greater emphasis on improving plant efficiency and an increasing demand for on-site power generation.
By Temperature Insights
In the electricity & steam generation waste heat recovery systems market, the temperature segment is divided into 230 °C, 230 °C - 650 °C and > 650 °C. The 230°C WHR systems are mostly utilized in medium-sized industries such as pulp and paper, food processing, and chemicals. Implementing these solutions allows plant managers to save money, improve energy efficiency in their facilities, and minimize industrial CO2 emissions. The steady deployment of continuous cogeneration units for ecologically friendly waste heat usage is expected to boost industrial growth.
By End Use Insights
In the electricity & steam generation waste heat recovery systems market, the Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverage, Glass, and Others. The utilization of exhaust heat from existing industrial processes, particularly in industries such as glass and cement that use high-temperature heat recovery devices, is critical for energy generation. In the coming years, critical qualities such as lower maintenance costs and user-friendly simplicity will help to accelerate technology adoption.
By Region Insights
Asia Pacific dominates the market, electricity and steam generation waste heat recovery systems. The region has set high energy efficiency targets in order to reduce greenhouse gas emissions and conserve energy supplies. Waste heat recovery systems help achieve these goals by recovering and utilizing otherwise wasted heat, hence increasing overall energy efficiency. Furthermore, the region has a high concentration of energy-intensive industries such as manufacturing, chemicals, petrochemicals, and steel production, all of which generate significant amounts of waste heat during their operations.
Market Competitive Landscape
The leading companies are Bosch Industriekessel GmbH, Dürr Group, Forbes Marshall, General Electric (GE), IHI Corporation, Mitsubishi Heavy Industries, Ltd., Siemens Energy, Thermax Limited, Viessmann. The companies has encountered notable endeavors include extending their business internationally and pursuing mergers and acquisitions. Furthermore, these organizations are significantly invested in significant R&D efforts to get a competitive advantage over other market participants.
Recent Developments:
April 2023: Climeon integrated their HeatPower System for a new Rhodesia power plant in Nottinghamshire, United Kingdom. The facility will generate up to 10 MW of low-carbon flexible electricity with natural gas-powered engines, utilizing Climeon's HeatPower technology to improve energy efficiency and carbon capture systems to further reduce carbon emissions.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Type, By Temperature, By End Use |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa. |
| Companies Covered | Bosch Industriekessel GmbH, Dürr Group, Forbes Marshall, General Electric (GE), IHI Corporation, Mitsubishi Heavy Industries, Ltd., Siemens Energy, Thermax Limited, Viessmann. |
Key Topics Covered in the Report
- Global Electricity & Steam Generation Waste Heat Recovery Systems Market Size (FY’2021-FY’2034)
- Overview of Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Segmentation of Global Electricity & Steam Generation Waste Heat Recovery Systems Market By Type (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle)
- Segmentation of Global Electricity & Steam Generation Waste Heat Recovery Systems Market, By Temperature (230 °C, 230 °C - 650 °C and > 650 °C)
- Segmentation of Global Electricity & Steam Generation Waste Heat Recovery Systems Market, By End Use (Petroleum Refining, Cement, Heavy Metal Manufacturing, Chemical, Pulp & Paper, Food & Beverage, Glass, and Others)
- Statistical Snap of Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Expansion Analysis of Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Problems and Obstacles in Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Competitive Landscape in the Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Details on Current Investment in Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Competitive Analysis of Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Prominent Players in the Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- SWOT Analysis of Global Electricity & Steam Generation Waste Heat Recovery Systems Market
- Global Electricity & Steam Generation Waste Heat Recovery Systems Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source
2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPERs internal database2.1.4.Premium insight from KOLs
2.2.Market size estimation
2.2.1.Top-down and Bottom-up approach
2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis
5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats
5.2.PESTEL Analysis
5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape
5.3.PORTERs Five Forces
5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry
5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Electricity & Steam Generation Waste Heat Recovery Systems Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Electricity & Steam Generation Waste Heat Recovery Systems Market
7.Global Electricity & Steam Generation Waste Heat Recovery Systems Market, By Type 2021-2034 (USD Million)
7.1. Steam Rankine Cycle7.2. Organic Rankine Cycle7.3. Kalina Cycle
8.Global Electricity & Steam Generation Waste Heat Recovery Systems Market, By Temperature 2021-2034 (USD Million)
8.1. 230 °C8.2. 230 °C - 650 °C8.3. > 650 °C
9.Global Electricity & Steam Generation Waste Heat Recovery Systems Market, By End Use 2021-2034 (USD Million)
9.1. Petroleum Refining9.2.Cement9.3.Heavy Metal Manufacturing9.4.Chemical9.5.Pulp & Paper9.6.Food & Beverage9.7.Glass9.8.Others
10.Global Electricity & Steam Generation Waste Heat Recovery Systems Market, 2021-2034 (USD Million)
10.1.Global Electricity & Steam Generation Waste Heat Recovery Systems Market Size and Market Share
11.Global Electricity & Steam Generation Waste Heat Recovery Systems Market, By Region, 2021-2034 (USD Million)
11.1.Asia-Pacific
11.1.1.Australia
11.1.2.China11.1.3.India11.1.4.Japan11.1.5.South Korea11.1.6.Rest of Asia-Pacific
11.2.Europe
11.2.1.France11.2.2.Germany11.2.3.Italy11.2.4.Spain11.2.5.United Kingdom11.2.6.Rest of Europe
11.3.Middle East and Africa
11.3.1.Kingdom of Saudi Arabia11.3.2.United Arab Emirates11.3.3.Qatar11.3.4.South Africa11.3.5.Egypt11.3.6.Morocco11.3.7.Nigeria11.3.8.Rest of Middle-East and Africa
11.4.North America
11.4.1.Canada11.4.2.Mexico11.4.3.United States
11.5.Latin America
11.5.1.Argentina11.5.2.Brazil11.5.3.Rest of Latin America
12.Company Profile
12.1.Bosch Industriekessel GmbH
12.1.1.Company details12.1.2.Financial outlook12.1.3.Product summary12.1.4.Recent developments
12.2.Dürr Group
12.2.1.Company details12.2.2.Financial outlook12.2.3.Product summary12.2.4.Recent developments
12.3.Forbes Marshall
12.3.1.Company details12.3.2.Financial outlook12.3.3.Product summary12.3.4.Recent developments
12.4.General Electric (GE)
12.4.1.Company details12.4.2.Financial outlook12.4.3.Product summary12.4.4.Recent developments
12.5.IHI Corporation
12.5.1.Company details12.5.2.Financial outlook12.5.3.Product summary12.5.4.Recent developments
12.6.Mitsubishi Heavy Industries, Ltd.
12.6.1.Company details12.6.2.Financial outlook12.6.3.Product summary12.6.4.Recent developments
12.7.Siemens Energy
12.7.1.Company details12.7.2.Financial outlook12.7.3.Product summary12.7.4.Recent developments
12.8.Thermax Limited
12.8.1.Company details12.8.2.Financial outlook12.8.3.Product summary12.8.4.Recent developments
12.9.Viessmann
12.9.1.Company details12.9.2.Financial outlook12.9.3.Product summary12.9.4.Recent developments
12.10.Others
13.Conclusion
14.List of Abbreviations
15.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Bosch Industriekessel GmbH, Dürr Group, Forbes Marshall, General Electric (GE), IHI Corporation, Mitsubishi Heavy Industries, Ltd., Siemens Energy, Thermax Limited, Viessmann.
The report includes an in-depth analysis of the Global Electricity & Steam Generation Waste Heat Recovery Systems Market, including market size and trends, product mix, Applications, and supplier analysis.
Electricity and Steam Generation Waste Heat Recovery Systems Market is projected to reach USD 76.43 billion by 2034, growing at a CAGR of of 8.63% during the forecast period.
Electricity and Steam Generation Waste Heat Recovery Systems Market grew in Market size from 2025. The Market is expected to reach USD 76.43 billion by 2034, at a CAGR of 8.63% during the forecast period.
Electricity and Steam Generation Waste Heat Recovery Systems Market CAGR of 8.63% during the forecast period.
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Electricity and Steam Generation Waste Heat Recovery Systems Market size is USD 76.43 billion from 2025 to 2034.
Electricity and Steam Generation Waste Heat Recovery Systems Market is covered By Type, By Temperature, By End Use
The North America is anticipated to have the highest Market share in the Electricity and Steam Generation Waste Heat Recovery Systems Market.
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