Europe Waste Heat Recovery System Market Size & Outlook
Related Markets
Europe waste heat recovery system market highlights
- The Europe waste heat recovery system market generated a revenue of USD 16,389.0 million in 2023.
- The market is expected to grow at a CAGR of 9% from 2024 to 2030.
- In terms of segment, chemical was the largest revenue generating end user in 2023.
- Power is the most lucrative end user segment registering the fastest growth during the forecast period.
- Country-wise, Germany is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 16,389.0 million |
| Market revenue in 2030 | USD 30,007.0 million |
| Growth rate | 9% (CAGR from 2024 to 2030) |
| Largest segment | Chemical |
| Fastest growing segment | Power |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Petroleum Refinery, Chemical, Cement, Metal Production & Casting, Paper & Pulp, Power |
| Key market players worldwide | Siemens Energy AG Ordinary Shares, Mitsubishi Corp, GE Aerospace, ABB Ltd, Terna SpA, IHI Corp, Molson Coors Beverage Co Class A |
Other key industry trends
- In terms of revenue, Europe region accounted for 29.9% of the global waste heat recovery system market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 21,557.9 million by 2030.
Chemical was the largest segment with a revenue share of 19.32% in 2023. Horizon Databook has segmented the Europe waste heat recovery system market based on petroleum refinery, chemical, cement, metal production & casting, paper & pulp, power covering the revenue growth of each sub-segment from 2018 to 2030.
The European Union (EU) has consistently been a global leader in addressing the challenges associated with climate change. With an ambitious target of becoming the world's first climate neutral continent by 2050, the EU has been at the forefront of environmental initiatives.
However, in 2022, the region faced a significant challenge of combating climate change while navigating a global energy supply crisis. Amid these issues, the emergence of waste heat recovery power generation (WHRPG) systems has gained significant interest, particularly within the energy-intensive cement industry in the region.
Rohrdorf, which is located in Bavaria, Southern Germany, is the first region to initiate the adoption of WHRPG systems to address climate change and energy security concerns. Some of the major end-use industries for waste heat recovery systems in Europe are power generation, oil & gas, chemicals, and pulp & paper.
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Waste Heat Recovery System Market Scope
Waste Heat Recovery System Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Terna SpA | View profile | 5927 | Viale Egidio Galbani, 70, Rome, Italy, 00156 | https://www.terna.it |
| Siemens Energy AG Ordinary Shares | View profile | 97000 | Otto-Hahn-Ring 6, Munich, BY, Germany, 81739 | https://www.siemens-energy.com |
| IHI Corp | View profile | 28486 | 1-1, Toyosu 3-chome, Koto-ku, Tokyo, Japan, 135-8710 | http://www.ihi.co.jp |
| Molson Coors Beverage Co Class A | View profile | 16500 | NH353, P.O. Box 4030, Golden, CO, United States, 80401 | https://www.molsoncoors.com |
| Mitsubishi Corp | View profile | 105267 | Mitsubishi Shoji Building 3-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo, Japan, 100-8086 | https://www.mitsubishicorp.com |
| GE Aerospace | View profile | 125000 | One Financial Center, Suite 3700, Boston, MA, United States, 02111 | https://www.geaerospace.com |
| ABB Ltd | View profile | 108700 | Affolternstrasse 44, Zurich, Switzerland, 8050 | https://www.abb.com |
Europe waste heat recovery system market size, by country, 2018-2030 (US$M)
Europe Waste Heat Recovery System Market Outlook Share, 2023 & 2030 (US$M)
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