Summary

Global Waste Heat Boiler Market is valued at approximately USD 8.58 billion in 2024 and is projected to expand at a robust CAGR of 6.72% during the forecast period 2025–2035. Waste heat boilers capture excess thermal energy from exhaust streams—be they gas turbines, engines, or industrial furnaces—and convert it into usable steam or hot water, thereby reducing overall fuel consumption and cutting carbon emissions. With sustainability mandates tightening worldwide, industrial operators are fast deploying waste heat recovery systems to both enhance process efficiency and comply with increasingly stringent environmental regulations.
The surge in demand is underpinned by rising fuel prices, tightening carbon footprints, and government incentives for energy-efficient technologies. Cement, steel, and glass manufacturers are retrofitting existing lines with high-efficiency waste heat boilers, while power plants and engine OEMs integrate modular heat recovery units into new builds. Technological enhancements—such as corrosion-resistant alloys for ultra-high-temperature applications and compact coil designs for mobile skid-mounted units—are unlocking opportunities in oil & gas downstream, marine, and heavy-duty industrial segments. Nonetheless, capital intensity and periodic maintenance requirements can temper near-term rollouts, especially in price-sensitive emerging markets.
On a regional level, North America commands the largest share, propelled by stringent EPA regulations, mature industrial infrastructure, and attractive federal tax credits for CHP installations. Europe follows closely, driven by the EU’s Industrial Emissions Directive and the push for circular economy practices in Germany, Italy, and the U.K. Asia Pacific is forecast to register the fastest growth from 2025 to 2035 as China, India, and Southeast Asian economies scale up manufacturing capacities, construct new cement and steel plants, and adopt waste heat boiler systems to manage spiraling energy costs. Latin America and Middle East & Africa are emerging pockets, supported by renewable energy targets and ongoing refinery and petrochemical expansions.
Major market players included in this report are:
• Bosch Industriekessel GmbH
• Thermax Limited
• Babcock & Wilcox Enterprises, Inc.
• Clayton Industries
• Aalborg Industries A/S
• Mitsubishi Hitachi Power Systems
• Doosan Lentjes GmbH
• John Cockerill SA
• Vyncke NV
• Fives Group
• Priority Boiler Works, Inc.
• Spirax Sarco Engineering plc
• ZOZEN Boiler Co., Ltd.
• Cleaver-Brooks, Inc.
• Nooter/Eriksen, Inc.
Global Waste Heat Boiler Market Report Scope:
• Historical Data – 2023, 2024
• Base Year for Estimation – 2024
• Forecast period – 2025-2035
• Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope – Free report customization (up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. It provides detailed information on driving factors and challenges shaping future growth, identifies micro-market opportunities for investors, and analyzes competitive dynamics and key product innovations.
The detailed segments and sub-segments of the market are explained below:
By Temperature:
• Medium
• High
• Ultra High
By Source:
• Oil Engine
• Gas Engine
• Gas Turbine
• Incinerator
• Cement Plant Kiln
• Steel Plant
• Glass Furnace
By Orientation:
• Horizontal
• Vertical
By End-User:
• Power Generation
• Petrochemical & Refining
• Cement & Lime
• Steel & Metals
• Glass
• Food & Beverage
• Others
Key Takeaways:
• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level insights.
• Competitive landscape with profiles of leading players.
• Analysis of key business strategies and future market entry recommendations.
• Assessment of market structure, including partnerships, mergers, and acquisitions.
• Demand-side and supply-side analysis highlighting market drivers and constraints.

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Table of Contents

Table of Contents
Chapter 1. Global Waste Heat Boiler Market Report Scope & Methodology
1.1. Research Objective
1.2. Research Methodology
 1.2.1. Forecast Model
 1.2.2. Desk Research
 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
 1.4.1. Market Definition
 1.4.2. Market Segmentation
1.5. Research Assumption
 1.5.1. Inclusion & Exclusion
 1.5.2. Limitations
 1.5.3. Years Considered for the Study
Chapter 2. Executive Summary
2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Key Findings
Chapter 3. Global Waste Heat Boiler Market Forces Analysis
3.1. Market Forces Shaping The Global Waste Heat Boiler Market (2024–2035)
3.2. Drivers
 3.2.1. Increasing industrial energy efficiency mandates
 3.2.2. Rising energy costs and demand for sustainable solutions
3.3. Restraints
 3.3.1. High upfront capital investment
 3.3.2. Maintenance complexity in extreme operational environments
3.4. Opportunities
 3.4.1. Rapid industrialization across emerging economies
 3.4.2. Technological advancements in heat recovery systems
Chapter 4. Global Waste Heat Boiler Industry Analysis
4.1. Porter’s 5 Forces Model
 4.1.1. Bargaining Power of Buyer
 4.1.2. Bargaining Power of Supplier
 4.1.3. Threat of New Entrants
 4.1.4. Threat of Substitutes
 4.1.5. Competitive Rivalry
4.2. Porter’s 5 Forces Forecast Model (2024–2035)
4.3. PESTEL Analysis
 4.3.1. Political
 4.3.2. Economic
 4.3.3. Social
 4.3.4. Technological
 4.3.5. Environmental
 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024–2025)
4.7. Global Pricing Analysis and Trends 2025
4.8. Analyst Recommendation & Conclusion
Chapter 5. Global Waste Heat Boiler Market Size & Forecasts by Temperature 2025–2035
5.1. Market Overview
5.2. Global Waste Heat Boiler Market Performance – Potential Analysis (2025)
5.3. Medium Temperature
 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 5.3.2. Market Size Analysis, by Region, 2025–2035
5.4. High Temperature
 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 5.4.2. Market Size Analysis, by Region, 2025–2035
5.5. Ultra High Temperature
 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 5.5.2. Market Size Analysis, by Region, 2025–2035
Chapter 6. Global Waste Heat Boiler Market Size & Forecasts by Source 2025–2035
6.1. Market Overview
6.2. Oil Engine
 6.2.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.2.2. Market Size Analysis, by Region, 2025–2035
6.3. Gas Engine
 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.3.2. Market Size Analysis, by Region, 2025–2035
6.4. Gas Turbine
 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.4.2. Market Size Analysis, by Region, 2025–2035
6.5. Incinerator
 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.5.2. Market Size Analysis, by Region, 2025–2035
6.6. Cement Plant Kiln
 6.6.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.6.2. Market Size Analysis, by Region, 2025–2035
6.7. Steel Plant
 6.7.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.7.2. Market Size Analysis, by Region, 2025–2035
6.8. Glass Furnace
 6.8.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 6.8.2. Market Size Analysis, by Region, 2025–2035
Chapter 7. Global Waste Heat Boiler Market Size & Forecasts by Orientation 2025–2035
7.1. Horizontal
 7.1.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 7.1.2. Market Size Analysis, by Region, 2025–2035
7.2. Vertical
 7.2.1. Top Countries Breakdown Estimates & Forecasts, 2024–2035
 7.2.2. Market Size Analysis, by Region, 2025–2035
Chapter 8. Global Waste Heat Boiler Market Size & Forecasts by End-User 2025–2035
8.1. Power Generation
8.2. Petrochemical & Refining
8.3. Cement & Lime
8.4. Steel & Metals
8.5. Glass
8.6. Food & Beverage
8.7. Others
Chapter 9. Global Waste Heat Boiler Market Size & Forecasts by Region 2025–2035
9.1. Regional Market Snapshot
9.2. Top Leading & Emerging Countries
9.3. North America Waste Heat Boiler Market
 9.3.1. U.S.
 9.3.2. Canada
9.4. Europe Waste Heat Boiler Market
 9.4.1. UK
 9.4.2. Germany
 9.4.3. France
 9.4.4. Spain
 9.4.5. Italy
 9.4.6. Rest of Europe
9.5. Asia Pacific Waste Heat Boiler Market
 9.5.1. China
 9.5.2. India
 9.5.3. Japan
 9.5.4. Australia
 9.5.5. South Korea
 9.5.6. Rest of Asia Pacific
9.6. Latin America Waste Heat Boiler Market
 9.6.1. Brazil
 9.6.2. Mexico
9.7. Middle East & Africa Waste Heat Boiler Market
 9.7.1. UAE
 9.7.2. Saudi Arabia
 9.7.3. South Africa
 9.7.4. Rest of Middle East & Africa
Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Bosch Industriekessel GmbH
 10.2.1. Company Overview
 10.2.2. Key Executives
 10.2.3. Company Snapshot
 10.2.4. Financial Performance (Subject to Data Availability)
 10.2.5. Product/Services Port
 10.2.6. Recent Development
 10.2.7. Market Strategies
 10.2.8. SWOT Analysis
10.3. Thermax Limited
10.4. Mitsubishi Hitachi Power Systems
10.5. Babcock & Wilcox Enterprises, Inc.
10.6. John Cockerill SA
10.7. Doosan Lentjes GmbH
10.8. Aalborg Industries A/S
10.9. Spirax Sarco Engineering plc
10.10. Fives Group
10.11. Vyncke NV
10.12. ZOZEN Boiler Co., Ltd.
10.13. Cleaver-Brooks, Inc.
10.14. Nooter/Eriksen, Inc.
10.15. Clayton Industries