Europe Waste Heat to Power Market Analysis

Europe Waste Heat to Power Market Analysis

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Based on technology, the SRC segment exceeded USD 6.8 billion in 2022. The Steam Rankine Cycle (SRC) stands as the most commonly employed technology for generating power from thermal energy sources. This technology harnesses heat to generate steam, and the steam is subsequently employed to drive a steam turbine, thereby producing electricity. SRC-based systems are known for their optimal efficiency and cost-effectiveness when operated within a medium to high-temperature range, typically falling between 340°C and 370°C.
 

Based on End Use, the cement segment is set to grow at a CAGR of over 11% through 2032. Cement production stands out as a prominent industry in the Europe region. The rising electricity costs, coupled with substantial opportunities for heat recovery, have spurred the adoption of heat recovery systems in cement plants. This transition towards the utilization of heat recovery technologies is additionally fueled by the increasing popularity of Organic Rankine Cycle (ORC) based systems, which have the capability to capture a substantial amount of heat from low-temperature sources.
 

The waste heat to power market across Germany held a market share of over 17.8% in 2022. Germany has been at the forefront of energy efficiency regulations, and this has driven the adoption of WHP systems. The country has strict energy efficiency standards and policies in place to reduce energy consumption and emissions, making WHP an attractive solution for industrial and commercial End Uses. The industrial sector in Germany, which includes manufacturing, chemical, and steel industries, has been actively adopting WHP systems to harness waste heat generated during their processes. This not only helps in reducing energy costs but also in meeting sustainability goals.
 

Various government incentives, subsidies, and support programs have encouraged the deployment of WHP systems. These incentives aim to promote the development and adoption of efficient and sustainable energy solutions. Continuous advancements in technology, such as more efficient Organic Rankine Cycle (ORC) systems and improved heat exchangers, have made WHP systems more cost-effective and reliable, further driving their adoption.