Pre-Heating Waste Heat Recovery System Market by Product Type (Steam Boilers, Heat Exchangers, Air Preheaters, Economizers), By Application (Grid Stabilization, Voltage Regulation, Power Factor Correction, Load Flow Control), By End-User Industry (Power Generation, Industrial Manufacturing, Oil & Gas, Utilities), and By Region; Global Insights & Forecast (2023 – 2030)

As per Intent Market Research, the Pre-Heating Waste Heat Recovery System Market was valued at USD 321.1 Billion in 2024-e and will surpass USD 420.6 Billion by 2030; growing at a CAGR of 4.6% during 2025-2030.

The global pre-heating waste heat recovery system market is experiencing significant growth, driven by the need for energy efficiency and sustainability across various industries. Waste heat recovery systems are pivotal in capturing and reusing heat that would otherwise be wasted during industrial processes. This reuse of energy not only reduces operational costs but also plays a crucial role in minimizing carbon emissions, aligning with global sustainability goals. Key industries such as power generation, industrial manufacturing, and oil & gas are increasingly adopting these systems, fueling market expansion. The growing focus on energy-efficient solutions is further supported by stricter regulatory standards and the push for greener technologies.

Steam Boilers Segment Is Largest Owing to Demand in Power Generation

Among the various product types in the pre-heating waste heat recovery system market, steam boilers represent the largest segment. These systems are widely used in power plants and industrial applications to recover waste heat and convert it into useful steam, which is then used to generate electricity or heat. The demand for steam boilers is primarily driven by the power generation sector, where the need for efficient energy production is critical. As power plants seek to optimize their operations and reduce fuel consumption, steam boilers that integrate waste heat recovery are becoming essential. Steam boilers offer a high return on investment by reducing energy consumption and improving the overall efficiency of the plant, making them a popular choice.

The continued emphasis on reducing carbon footprints and increasing energy efficiency is further bolstering the demand for steam boilers. As regulatory pressures to reduce emissions strengthen globally, power plants are increasingly focusing on adopting technologies like waste heat recovery to comply with environmental standards. This trend is expected to keep steam boilers at the forefront of the market for the foreseeable future, with continued innovation in boiler designs and integration with advanced waste heat recovery systems.

Power Generation Application Is Largest Due to High Energy Demand

In terms of application, the power generation sector holds the largest share of the pre-heating waste heat recovery system market. Power generation facilities, especially thermal power plants, are prime candidates for implementing waste heat recovery systems. These plants generate significant amounts of waste heat during the process of converting fuel into electricity, and capturing this heat can greatly improve energy efficiency. By utilizing waste heat for preheating feedwater or generating steam, these systems reduce the need for additional fuel, thereby lowering operational costs and improving plant efficiency.

The global shift towards renewable energy sources and cleaner technologies has also influenced the power generation sector to embrace waste heat recovery systems. As power generation plants seek to meet stricter environmental regulations, waste heat recovery solutions are becoming integral to their operations. This trend is expected to drive sustained growth in the power generation application segment, positioning it as the largest contributor to market expansion.

Oil & Gas End-User Industry Is Largest Owing to High Energy Consumption

The oil & gas industry is the largest end-user segment for pre-heating waste heat recovery systems. The oil and gas sector is characterized by high energy demands, particularly in upstream and downstream operations, where large amounts of heat are generated during extraction, refining, and transportation processes. Implementing waste heat recovery systems allows these companies to reuse the heat generated during operations, reducing their reliance on external energy sources and cutting down on operational costs.

Additionally, the oil and gas industry is under increasing pressure to meet environmental regulations and reduce its carbon footprint. Waste heat recovery systems provide a cost-effective way for companies to improve energy efficiency and lower emissions, aligning with both economic and environmental goals. This trend is expected to keep the oil and gas industry as the largest consumer of pre-heating waste heat recovery systems in the coming years, especially with increasing investments in energy-efficient technologies.

Asia-Pacific Region Is Fastest Growing Owing to Industrialization

The Asia-Pacific region is the fastest-growing market for pre-heating waste heat recovery systems, driven by rapid industrialization, increasing energy consumption, and growing awareness about sustainability. Countries such as China, India, and Japan are at the forefront of adopting energy-efficient technologies to meet the demands of their expanding manufacturing sectors. As these countries strive to reduce their carbon footprints and comply with stricter environmental regulations, the adoption of waste heat recovery systems is gaining momentum.

In particular, China’s manufacturing industry, one of the largest in the world, is a major driver for the Asia-Pacific market. The country’s focus on improving energy efficiency and reducing industrial waste is expected to accelerate the demand for pre-heating waste heat recovery systems. Similarly, India’s industrial sector and energy-intensive industries are increasingly adopting these systems to reduce energy costs and enhance operational efficiency. As a result, Asia-Pacific is poised to witness the highest growth in the market during the forecast period.

Leading Companies and Competitive Landscape

The pre-heating waste heat recovery system market is highly competitive, with several key players focusing on technological advancements, strategic partnerships, and regional expansions to strengthen their market position. Leading companies in this sector include Siemens AG, Mitsubishi Heavy Industries, General Electric (GE), Thermax Ltd., and Wärtsilä Corporation, among others. These companies offer a wide range of solutions across various industries, catering to the growing demand for energy-efficient systems.

The competitive landscape is marked by constant innovation, with companies investing in research and development to enhance the performance and efficiency of waste heat recovery systems. Additionally, mergers and acquisitions (M&A) are common in this sector as companies seek to expand their product portfolios and geographical reach. The growing demand from developing regions, such as Asia-Pacific, has prompted companies to establish a stronger foothold in these markets. With increasing regulatory pressures and rising demand for sustainable technologies, the competitive dynamics in this market are expected to intensify in the coming years.

List of Leading Companies:

• Siemens AG
• General Electric (GE) Company
• Mitsubishi Heavy Industries Ltd.
• ABB Ltd.
• Alstom SA
• Schneider Electric SE
• IHI Corporation
• Doosan Heavy Industries & Construction Co. Ltd.
• MAN Energy Solutions
• Thermax Ltd.
• Babcock & Wilcox Enterprises, Inc.
• Wärtsilä Corporation
• SPX Corporation
• Kelvion Holding GmbH
• Bosch Thermotechnology

Recent Developments:

• Siemens AG signed a partnership with a leading energy company to deploy advanced heat recovery systems in large-scale industrial plants, focusing on reducing carbon emissions.
• General Electric (GE) Company has launched a new series of heat recovery steam generators (HRSG) that offer enhanced performance in waste heat recovery, aimed at improving energy efficiency for power plants.
• Mitsubishi Heavy Industries Ltd. has entered a joint venture with a European energy company to deploy waste heat recovery solutions in the chemical processing sector, helping to reduce operational costs.
• Thermax Ltd. announced the successful installation of a new waste heat recovery system at a major cement manufacturing plant, which is expected to reduce energy consumption and lower operational costs significantly.
• Wärtsilä Corporation has received a large order for waste heat recovery systems from a leading oil and gas company, aimed at enhancing the energy efficiency of offshore platforms.

Report Scope: