전기 및 증기 발생 폐열 회수 시스템 시장(2025-2034년) : 기회, 성장 촉진요인, 산업 동향 분석, 예측

The Global Electricity and Steam Generation Waste Heat Recovery Systems Market was valued at USD 33.4 billion in 2024 and is estimated to grow at a CAGR of 8.4% to reach USD 73.7 billion by 2034. This surge is largely supported by policy shifts emphasizing energy efficiency and stricter environmental compliance worldwide. Government support has proven instrumental in creating favorable conditions for the deployment of waste heat recovery technologies. Adoption across industrial operations continues to grow as businesses aim to cut operational expenses while improving overall energy performance. Supportive regulations, coupled with rising energy costs, are prompting industry to integrate recovery systems as a sustainable solution.

Waste heat recovery's role in powering district heating infrastructure is becoming increasingly relevant. These systems make use of residual thermal energy that would otherwise go unused during production processes or power generation. When redirected to centralized heating grids, this energy significantly reduces reliance on conventional fuels, thus lowering emissions. As cities seek to implement greener energy frameworks, these solutions offer a pathway to circular resource use and smarter energy planning. These benefits strengthen the market potential by appealing to energy planners focused on reducing waste and boosting system-wide performance.

The steam Rankine cycle remains the cornerstone for recovering heat from high-temperature manufacturing sectors like glass, steel, and cement. Growing regulatory focus on lowering industrial carbon intensity is accelerating the modernization of these systems. Additionally, the Organic Rankine Cycle is gaining traction due to its suitability in low- to medium-temperature settings, supported by public investment. Although the Kalina Cycle holds a smaller share, it continues to receive funding for selective applications that require high thermal efficiency. Altogether, these cycles point to a broader international momentum around implementing cleaner energy conversion technologies for enhanced sustainability.

In 2024, the cement segment generated a 25.8% share. Known for being one of the most energy-intensive industries, cement producers are increasingly adopting waste heat recovery systems to meet emission goals. Incentive programs and renewable power obligations (RPOs) across various regions have provided strong motivation for companies to invest in WHRS. In some jurisdictions, energy generated through these systems qualifies as renewable, giving producers additional compliance and economic benefits.

United States Electricity & Steam Generation Waste Heat Recovery Systems Market reached USD 7.1 billion in 2024, with North America capturing a 21.3% share. A focus on energy policy reform, combined with the integration of renewable technologies, has played a pivotal role in increasing demand for waste heat recovery solutions across the region. The push for cleaner energy, coupled with rising industrial energy demand, continues to drive the adoption of these systems in electricity and steam generation applications.

Key players shaping the Electricity & Steam Generation Waste Heat Recovery Systems Market include Siemens Energy, Climeon, Mitsubishi Heavy Industries Ltd., Thermax Limited, Bosch Industriekessel GmbH, Fortum, IHI Corporation, Forbes Marshall, General Electric, Ormat, HRS, AURA, Viessman, Promec Engineering, Exergy International SRL, BIHL, Rentech Boilers, Sofinter S.p.A, Durr Group, and Cochran.

Companies in the electricity & steam generation waste heat recovery systems market are focusing on technology upgrades and integrated solutions to solidify their market presence. Many are investing in R&D to develop more compact, efficient systems that cater to both high- and low-temperature industrial processes. Strategic collaborations with energy-intensive sectors such as steel, cement, and petrochemicals are enabling customized installations tailored to client requirements. Firms are also expanding their geographic footprint through mergers, acquisitions, and partnerships, especially in regions with growing industrial bases.

Table of Contents

Chapter 1 Methodology & Scope

• 1.1 Market scope & definitions
• 1.2 Market estimates & forecast parameters
• 1.3 Forecast calculation
• 1.4 Data sources
  • 1.4.1 Primary
  • 1.4.2 Secondary
    • 1.4.2.1 Paid
    • 1.4.2.2 Public
• 1.5 Market definitions

Chapter 2 Executive Summary

• 2.1 Industry synopsis, 2021 - 2034

Chapter 3 Industry Insights

• 3.1 Industry ecosystem analysis
• 3.2 Regulatory landscape
• 3.3 Industry impact forces
  • 3.3.1 Growth drivers
  • 3.3.2 Industry pitfalls & challenges
• 3.4 Growth potential analysis
• 3.5 Porter's analysis
  • 3.5.1 Bargaining power of suppliers
  • 3.5.2 Bargaining power of buyers
  • 3.5.3 Threat of new entrants
  • 3.5.4 Threat of substitutes
• 3.6 PESTEL analysis

Chapter 4 Competitive Landscape, 2025

• 4.1 Introduction
• 4.2 Company market share analysis, 2024
• 4.3 Strategic dashboard
• 4.4 Strategic initiative
• 4.5 Competitive benchmarking
• 4.6 Innovation & technology landscape

Chapter 5 Market Size and Forecast, By Type, 2021 - 2034 (USD Billion)

• 5.1 Key trends
• 5.2 Steam rankine cycle
• 5.3 Organic rankine cycle
• 5.4 Kalina cycle

Chapter 6 Market Size and Forecast, By Temperature, 2021 - 2034 (USD Billion)

• 6.1 Key trends
• 6.2 230 °C
• 6.3 230 °C - 650 °C
• 6.4 > 650 °C

Chapter 7 Market Size and Forecast, By End Use, 2021 - 2034 (USD Billion)

• 7.1 Key trends
• 7.2 Petroleum refining
• 7.3 Cement
• 7.4 Heavy metal manufacturing
• 7.5 Chemical
• 7.6 Pulp & paper
• 7.7 Food & beverage
• 7.8 Glass
• 7.9 Others

Chapter 8 Market Size and Forecast, By Region, 2021 - 2034 (USD Billion)

• 8.1 Key trends
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 UK
  • 8.3.3 France
  • 8.3.4 Italy
  • 8.3.5 Spain
• 8.4 Asia Pacific
  • 8.4.1 China
  • 8.4.2 Australia
  • 8.4.3 India
  • 8.4.4 Japan
  • 8.4.5 South Korea
• 8.5 Middle East & Africa
  • 8.5.1 Saudi Arabia
  • 8.5.2 UAE
  • 8.5.3 South Africa
• 8.6 Latin America
  • 8.6.1 Brazil
  • 8.6.2 Argentina

Chapter 9 Company Profiles

• 9.1 AURA
• 9.2 BIHL
• 9.3 Bosch Industriekessel GmbH
• 9.4 Climeon
• 9.5 Cochran
• 9.6 Durr Group
• 9.7 Exergy International SRL
• 9.8 Forbes Marshall
• 9.9 Fortum
• 9.10 General Electric
• 9.11 HRS
• 9.12 IHI Corporation
• 9.13 Mitsubishi Heavy Industries Ltd.
• 9.14 Ormat
• 9.15 Promec Engineering
• 9.16 Rentech Boilers
• 9.17 Siemens Energy
• 9.18 Sofinter S.p.a
• 9.19 Thermax Limited
• 9.20 Viessman