The Business Research Company’s report on the Waste Heat to Power Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the waste heat to power market’s growth in recent years?
The growth in the industrial sector is expected to propel the growth of waste heat in the power market going forward. Capital investment, labor input, financial investment, and technological innovation are the major factors influencing industrial growth. Non-metallic mineral production, petroleum refining, and heavy metal production are some of the key application areas with considerable waste heat recovery potential. For instance, in December 2023, according to the National Institute of Standards and Technology (NIST), a US-based government agency, manufacturing contributed $2.3 trillion to U.S. GDP in 2022, amounting to 11.4% of total U.S. GDP. The prices received by producers for all manufacturing for the past two years between July 2020 and July 2022 have increased by 33.4%. Therefore, the growth in the industrial sector is driving the growth of waste heat in the power market.
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How does the future projection of the waste heat to power market size compare to its historical growth?
The waste heat to power market size has grown rapidly in recent years. It will grow from $18.58 billion in 2024 to $20.78 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to increasing demand for clean energy, strong economic growth in emerging markets and growth in industrial sector.
The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $32.89 billion in 2029 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to rising electricity demand, government initiatives and increasing investments. Major trends in the forecast period include partnership & collaboration, development of lead-free materials for waste power recovery, emergence of direct waste recovery using thermoelectric materials and product innovation.
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Which key players are shaping the future of the waste heat to power market?
Major companies operating in the waste heat to power market include Mitsubishi Heavy Industries Ltd, Bosch Thermotechnology, Ormat Technologies, IHI Corporation, Dürr Group, Thermax Limited, Exergy SPA, Siemens Energy, ElectraTherm, Enogia SAS, Shenzhen Energy Group, Kawasaki Heavy Industries Ltd, Siemens AG, Orcan Energy, Vital Energi, EDF Energy, E. ON Next, ScottishPower, Shell Energy, Hitachi Zosen Inova (HZI), EcoTerra BioGas, CEZ Group, Romelectro, ZiO-Podolsk, Notus Energy, Polish Energy Group
What trends will propel the growth and evolution of the waste heat to power market?
Major companies operating in waste to heat market are focused on innovative pilot projects to develop and demonstrate advanced technologies for capturing and converting waste heat into usable energy. The project focuses on capturing excess hydrothermal energy and converting it into grid-quality power, which aligns with the goals of waste heat recovery. For instance, in November 2022, Extract Energy, a Canada-based energy technology company launched a pilot project in Hamilton, Ontario. This aims to capture excess hydrothermal energy from a district heating and cooling plant and convert it into grid-quality power using their innovative “Heat Engine,” which employs a nickel-titanium core. This technology targets waste heat between 70°C and 150°C, addressing the significant global energy loss of about 65%.
Which regions are expected to become dominant players in the waste heat to power market?
Europe was the largest region in the waste heat to power market in 2024. The regions covered in the waste heat to power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the waste heat to power market, and how are they evolving?
The waste heat to power market covered in this report is segmented –
1) By Product: Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle
2) By Application: Preheating, Steam And Electricity Generation, Other Applications
3) By End Users: Petroleum Refining And Oil & Gas Extraction, Cement Industry, Heavy Metal Production, Chemical Industry, Pulp And Paper, Food And Beverage, Glass Industry, Other End Users
Subsegments:
1) By Steam Rankine Cycle: Conventional Steam Rankine Cycle, Supercritical Steam Rankine Cycle
2) By Organic Rankine Cycle: Dry Organic Rankine Cycle, Wet Organic Rankine Cycle, Isothermal Organic Rankine Cycle
3) By Kalina Cycle: Ammonia-Water Kalina Cycle, Ethanol-Water Kalina Cycle
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How is the waste heat to power market defined?
Waste heat to power refers to the process of capturing heat discarded by an existing thermal process and using that heat to generate power. Waste heat to power reduces pollution, equipment size, and auxiliary energy consumption.
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