The Waste Heat Recovery System Market is expected to grow from USD 718.50 Million in 2022 to USD 848.20 Million by 2030, at a CAGR of 2.40% during the forecast period.
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Waste Heat Recovery System is a technology that captures and reuses heat generated during various industrial processes to produce electricity or provide heat for other uses. The global market for waste heat recovery systems is segmented based on type, application, region, and major players. The types of systems available include Steam Rankine Cycle and Organic Rankine Cycle. The applications of the waste heat recovery systems include Cement, Steel, Petroleum Refining, Chemical, and Others. The major players in the market include Kawasaki, Sinoma Energy Conservation, Kesen Kenen, Boustead International Heaters, CITIC Heavy Industries, Thermax, Lingda Group, Ormat, Turboden, Exergy International, Enertime, ElectraTherm, and E-Rational. Regulatory and legal factors specific to market conditions may include environmental laws, energy efficiency initiatives, and tax incentives for businesses that adopt waste heat recovery systems. The waste heat recovery system market is growing due to increasing environmental concerns, energy efficiency norms, and government initiatives promoting the use of renewable energy sources.
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