The global market for waste heat recovery systems was estimated to be $57.7 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 8.0% to reach $89.0 billion by 2027.

It is estimated that as much as 20–50% of industrial energy consumption is ultimately discharged as waste heat. Waste heat recovery systems can capture and reuse this waste heat to power numerous processes, including preheating combustion air, electricity generation, preheating furnace loads, absorption cooling, and space heating.