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| Data Timeline | Historical Data: 2022–2025 | Base Year: 2025 | Forecast Period: 2026–2034 |
|---|---|
| Technology Segment | Organic Rankine Cycle (ORC), Steam Rankine Cycle, Heat Exchangers, Thermoelectric Generators, Others |
| Application Segment | Power Generation, Heating, Industrial Processes, Combined Heat and Power (CHP), Others |
| End-Use Industry Segment | Oil & Gas, Power Generation, Manufacturing, Chemical, Food & Beverage, Others |
|---|---|
| Regions & Countries |
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Growing environmental issues Advancements in technology Increased use of renewable energy sources
The installation of waste heat recovery systems can require significant upfront capital for equipment WHR system design, integration, and operation can be technically difficult and need specialized expertise
Growing adoption of organic rankine cycle (ORC) systems Rising focus on modular and scalable systems
Country-level data · Company profiles · Editable dataset · Analyst consultation included.
| Region / Country | 2021 (A) | 2025 (A) | 2033 (P) | CAGR |
|---|
A = Actual · E = Estimated · P = Projected · 🔒 Locked values require full access. Click headers to sort.
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Major players like Siemens AG, General Electric, ABB Ltd., and Mitsubishi Heavy Industries are visible in the competitive landscape of the Waste Heat Recovery (WHR) market. To improve their product portfolios, these businesses concentrate on technology advancements, strategic alliances, and mergers. Additionally, newcomers are gaining traction by providing affordable options. As industries embrace WHR systems more and more to improve sustainability and energy efficiency, the market rivalry is growing.
In September 2022, WSP Global Inc. completed the previously disclosed purchase of John Wood Group PLC's environment and infrastructure (E&I) division through a sale and purchase agreement. (Source:https://www.wsp.com/en-in/news/2022/wsp-completes-acquisition-of-the-environment-infrastructure-business-of-john-wood-group-plc) In November 2021, RBC acquired USD 2.9 billion in cash to purchase rival Asea Brown Boveri's (ABB) DODGE Mechanical Power Transmission division. (Source: https://investor.rbcbearings.com/news-releases/news-release-details/rbc-bearings-incorporated-completes-acquisition-abbs-dodge) In December 2020, Con Edison Development's shovel-ready energy storage asset in Upton County, Texas, was acquired by Ormat Technologies Inc. (Source:https://investor.ormat.com/news-events/news/news-details/2020/Ormat-Expands-Energy-Storage-Presence-Acquires-a-Shovel-Ready-Project-in-Upton-County-Texas/default.aspx)
| Company | 2022 (A) | 2023 (A) | 2024 (A) | 2025 (A) |
|---|---|---|---|---|
| ABB Ltd. (Switzerland) | ••• | ••• | ••• | ••• |
| Wood (John Wood Group Plc) (UK) | ••• | ••• | ••• | ••• |
| Mitsubishi Heavy Industries Ltd. (Japan) | ••• | ••• | ••• | ••• |
| Echogen Power Systems Inc. (US) | ••• | ••• | ••• | ••• |
| Ormat Technologies Inc. (US) | ••• | ••• | ••• | ••• |
| General Electric Co. (US) | ••• | ••• | ••• | ••• |
| Econotherm Ltd. (UK) | ••• | ••• | ••• | ••• |
| Cool Energy Inc. (Colorado) | ••• | ••• | ••• | ••• |
| Thermax Limited (India) | ••• | ••• | ••• | ••• |
| Siemens AG (Germany) | ••• | ••• | ••• | ••• |
Revenue data requires full access. *2nd & 3rd tier companies available on enquiry.
Request company profile for validation →According to Cognitive Market Research, the global Waste Heat Recovery market size was USD 68245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.
The recovery and repurposing of heat produced using industrial procedures that would be thrown away otherwise is the focus of the waste heat recovery (WHR) market. By converting this extra heat into steam or power, WHR systems increase overall energy efficiency. Petrochemicals, manufacturing, and power generation are examples of energy-intensive businesses that frequently use these systems. Rising energy prices, more environmental laws aiming at lowering carbon emissions, and growing industrialization are the main drivers of the market. The efficiency and uptake of WHR systems are further improved by technological innovations, including Organic Rankine Cycle (ORC) systems and intelligent monitoring tools. Nonetheless, the high upfront installation costs and the technical difficulties in incorporating these systems into the current infrastructures serve as major barriers to commercial expansion.
In November of 2022, the Swiss industrial giant ABB Ltd. strengthened the digital portfolio of its Smart Power business and broadened its range of energy management products by acquiring a minority investment in the UK-based climate tech start-up Tallarna Ltd. (Source:https://new.abb.com/news/detail/97259/abb-invests-in-climate-tech-start-up-tallarna)
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| Technology | Organic Rankine Cycle (ORC), Steam Rankine Cycle, Heat Exchangers, Thermoelectric Generators, Others |
| Application | Power Generation, Heating, Industrial Processes, Combined Heat and Power (CHP), Others |
| End-Use Industry | Oil & Gas, Power Generation, Manufacturing, Chemical, Food & Beverage, Others |
| List of Competitors | ABB Ltd. (Switzerland), Wood (John Wood Group Plc) (UK), Mitsubishi Heavy Industries Ltd. (Japan), Echogen Power Systems Inc. (US), Ormat Technologies Inc. (US), General Electric Co. (US), Econotherm Ltd. (UK), Cool Energy Inc. (Colorado), Thermax Limited (India), Siemens AG (Germany) |
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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Data Subject to Availability as we consider Top competitors and their market share will be delivered.
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Direct interviews with 50+ industry stakeholders including manufacturers, distributors, end-users, and regulatory bodies across all six regions.
Cross-referencing against trade databases, customs records, financial filings, patent databases, and verified industry publications.
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