Waste Heat Recovery System Market 2030: Innovations Driving Efficiency
The global waste heat recovery system market was valued at USD 54.88 billion in 2023 and is projected to reach USD 102.41 billion by 2030, expanding at a compound annual growth rate (CAGR) of 8.8% between 2024 and 2030. Increasing environmental awareness is prompting countries worldwide to minimize carbon emissions from the industrial sector and adopt waste heat recovery systems. Many governments are implementing supportive policies and financial incentives to accelerate the deployment of these systems. For example, in June 2023, the Government of India’s Ministry of Power established UTPRERAK, a specialized Centre of Excellence, to promote the adoption of clean industrial technologies and boost India’s role in the global energy transition. As nations strive to curb greenhouse gas emissions, the demand for energy-efficient technologies like waste heat recovery systems continues to rise. These systems recover and repurpose thermal energy that would otherwise go unused, help...