Waste Heat Recovery Market Set to Reach $135 Billion by 2031, Signalling Growing Opportunity for Shipping Sector

## Waste Heat Recovery Market Poised for Robust Growth Through 2031 The global waste heat recovery (WHR) market is projected to expand at a compound annual growth rate (CAGR) of 7.8%, reaching USD 135.33 billion by 2031 from USD 92.99 billion in 2026, according to an exclusive report published by MarketsandMarkets™. The findings, released in October 2026, underscore the accelerating commercial momentum behind technologies that capture and repurpose thermal energy that would otherwise be lost — a trend with direct implications for the maritime sector, where fuel efficiency and emissions reduction remain top strategic priorities. ### Relevance to Maritime Decarbonisation For shipowners and operators, waste heat recovery systems represent one of the most established pathways to improving vessel energy efficiency and reducing greenhouse gas (GHG) emissions without requiring a wholesale transition to alternative fuels. WHR systems — which typically recover exhaust heat from main engines and auxiliary machinery to generate additional power or support onboard heating demands — can meaningfully reduce fuel consumption and, by extension, carbon intensity ratings under the IMO's Carbon Intensity Indicator (CII) framework. As regulatory pressure mounts through the IMO's 2023 GHG Strategy and the EU's FuelEU Maritime regulation, shipowners face increasing incentives to invest in energy-saving technologies. WHR systems are widely regarded as a cost-effective retrofit option, particularly for larger vessels operating on long-haul routes where engine loads remain relatively consistent. ### Market Drivers According to MarketsandMarkets™, the broader WHR market growth is being driven by tightening industrial emissions regulations, rising energy costs, and a global push toward circular energy use across heavy industries including power generation, cement, steel — and marine transportation. The report spans 300 pages, incorporating 370 data tables and 70 figures, offering a comprehensive view of technology segments, regional markets, and competitive landscapes. ### Industry Outlook For maritime stakeholders — from classification societies and shipbuilders to equipment manufacturers and fleet operators — the projected market expansion signals sustained investment in WHR technology development and deployment. Manufacturers of turbocharger-based WHR systems, organic Rankine cycle (ORC) units, and exhaust gas economisers are expected to be among the primary beneficiaries of this growth trajectory. As the industry navigates the complex path toward net-zero shipping, waste heat recovery is likely to remain a foundational efficiency measure, complementing broader fuel transition strategies and helping operators manage compliance costs in the near to medium term. *Source: MarketsandMarkets™ Waste Heat Recovery Market Report, October 2026.*