Waste Heat to Power Market

Waste Heat to Power Market Size

             2020                         2024-2032      

Report	Details
Market Size Value	USD 24.5 billion in 2024
Market Size Value	USD 65.6 billion by 2030
CAGR	CAGR of 15.1%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Technology, Power Output, End Use
Geographics Covered	North America, Europe, Asia Pacific, and RoW

Major vendors in the global Waste Heat to Power market are ABB Group, Cain Industries, Calnetix Technologies LLC, Dürr Cyplan Ltd., Echogen Power Systems, ElectraTherm Inc., Exergyn, General Electric Company, Heliex Power Ltd., Mitsubishi Hitachi Power Systems Ltd., Ormat Technologies Inc., Siemens AG, Thermax Limited, Triogen BV, Turboden S.p.A. and Others.

Market Overview

Waste heat refers to the energy produced in industrial processes that goes unused, being released into the atmosphere. This energy is derived from various sources, including combustion processes and the loss of heat through conduction, convection, and radiation from industrial equipment, products, and processes. The global Waste Heat To Power market is anticipated to experience significant growth in the forecast period due to various driving factors. To address the escalating levels of emissions and the adverse effects of burning fossil fuels on the environment and climate, governments and regulatory bodies worldwide are implementing stringent regulatory frameworks. As an example, the UK government recently introduced the Road to Zero initiative, promoting the transition to zero-emission road transportation.

Development of Lead-Free Materials

The global Waste Heat To Power market is witnessing a notable development in the advancement of lead-free materials. This innovation marks a significant shift away from traditional materials containing lead, which can have adverse environmental and health implications. The development of lead-free materials in the Waste Heat To Power sector reflects a growing emphasis on sustainability and eco-friendly practices. Manufacturers and researchers are actively exploring alternative materials that not only harness waste heat efficiently but also adhere to stringent environmental regulations. This trend aligns with a broader global effort to reduce the environmental impact of industrial processes and promote cleaner, greener energy solutions within the Waste Heat To Power market.

Market Dynamics

Drivers:

• Increasing Demand for Clean Energy
• Volatile energy prices, prompting industries to seek cost-effective solutions
• Continual advancements in WHP technologies

Opportunities:

• Integration with Renewable Energy Sources
• Decentralized Power Generation
• Growing Awareness and Public Support

Diversification of Applications

The global Waste Heat To Power market is experiencing a notable diversification of applications, signaling a dynamic evolution in its utilization. Traditionally associated with specific industrial processes, Waste Heat To Power technologies are now finding new and varied applications across different sectors. This diversification reflects the versatility of harnessing waste heat and its potential contribution to sustainable energy solutions. From industrial settings to commercial establishments, the expanding range of applications underscores the adaptability of Waste Heat To Power technologies. This trend not only broadens the market's scope but also highlights the growing recognition of waste heat as a valuable and untapped resource with the capacity to address diverse energy needs in an environmentally responsible manner.

The market for Waste Heat to Power is led by Europe.

In 2022, In terms of revenue and market share, Europe is projected to dominate the global waste heat to power market during the forecast period. This dominance is attributed to the region's notable growth driven by increased initiatives to curb carbon and greenhouse gas (GHG) emissions, coupled with stringent energy-efficiency standards. Technological advancements are rapidly progressing, leading to a decline in the cost of waste heat to power systems, while environmental efforts receive substantial support across Europe. These factors, combined with the widespread adoption of innovative waste heat recovery technology, contribute to the favorable landscape in the region. The expansion of the waste to heat market in Europe is further propelled by benevolent government policies and initiatives aimed at reducing GHG emissions.

Meanwhile, the Asia Pacific region is expected to experience the fastest-growing compound annual growth rate (CAGR) during the forecast period. The industrial sector's expansion is anticipated to be a key driver for the growth of the waste heat to power market in this region. Capital investment, labor input, financial investment, and technological innovation emerge as pivotal factors influencing industrial growth. Noteworthy application areas with substantial waste heat recovery potential include the manufacturing of non-metallic minerals, petroleum refineries, and heavy metals.

The Rotary Wing Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on technology the market is categorized into Steam Rankine Cycle (SRC), Organic Rankine Cycle (ORC) and Kalina Cycle. The SRC is anticipated to dominate the global waste heat to power market in terms of both revenue and market share. Widely adopted for power generation on a global scale, the SRC stands out as one of the most frequently employed thermodynamic cycles. Its efficiency and cost-effectiveness make it particularly well-suited for harnessing waste heat, especially from 3/7 automobiles. The Waste Heat To Power industry is poised for lucrative growth, with ongoing research exploring the integration of the rankine cycle in on-road vehicles, particularly in the passenger car segment. This preference is attributed to the ease of operation and minimal maintenance costs associated with the rankine cycle. Meanwhile, the ORC segment is projected to exhibit the fastest-growing CAGR during the forecast period, driven by a reduction in cooling loads that provides additional horsepower to the engine.

Major Segmentations Are Distributed as follows:

• By Technology
  • Steam Rankine Cycle (SRC)
  • Organic Rankine Cycle (ORC)
  • Kalina Cycle
• By Power Output
  • ≤ 1 Mwe
  • > 1 - 5 Mwe
  • > 5 - 10 Mwe
  • > 10 MWe
• By End Use
  • Petroleum Refining
  • Cement
  • Heavy Metal
  • Chemical
  • Paper
  • Food & Beverage
  • Glass
  • Others
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Turkey
    • Rest of MEA

Recent Developments

• In September 2022, Mitsubishi Heavy Industries proclaimed the development of a binary power generation system based on ORC technology. The system retrieves waste heat from the sulfur-free-fuel-burning engines and later converts it into usable technology
• In February 2023, A lead-free material called Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) that can efficiently recover electricity from waste heat has been discovered by researchers at the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), an autonomous institution of the Department of Science and Technology (DST), Government of India. This discovery marks a paradigm shift in the thermoelectric puzzle.

Answers to Following Key Questions:

• What will be the Waste Heat to Power Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Waste Heat to Power Market?
• What are the main forces behind worldwide Waste Heat to Power Market? Which companies dominate Waste Heat to Power Market?
• Which companies dominate Waste Heat to Power Market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Waste Heat to Power industry's suppliers' opportunities and dangers in Waste Heat to Power Market?
• What is the Waste Heat to Power industry's regional sales, income, and pricing analysis? In the Waste Heat to Power Market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Waste Heat to Power Market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Waste Heat to Power Market?
• What are the dominant revenue-generating regions for Waste Heat to Power Market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main Waste Heat to Power Market trends that are influencing the market's expansion?
• Which key product categories dominate Waste Heat to Power Market? What is Waste Heat to Power Market’s main applications?
• In the coming years, which Waste Heat to Power Market technology will dominate the market?

Reason to purchase this Waste Heat to Power Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global Waste Heat to Power Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different Waste Heat to Power Market segments in the top spending countries across the world and identify the opportunities each offers.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global Waste Heat to Power Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Waste Heat to Power Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Waste Heat to Power Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.