Waste Heat to Power Market - By Technology (SRC, ORC, Kalina), By End Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverages, Glass) & Forecast, 2024 - 2032

Waste Heat to Power Market Size

Waste Heat to Power Market size achieved a valuation of USD 25.2 billion in 2023 and is expected to grow at a CAGR of 10.8% from 2024 to 2032. This growth is driven by increasing awareness of energy efficiency and sustainability practices across industries worldwide.
 

Governments' emphasis on reducing greenhouse gas emissions and promoting renewable energy sources further propels market demand. The UN Environment Programme's annual Emissions Gap Report states that to meet the Paris Agreement's targets of limiting global warming to 2°C and 1.5°C, 2030 emissions need a reduction of 28-42% compared to current policy scenarios, which in turn is driving the demand for cleaner technologies including waste heat to power.
 

Waste Heat to Power Market Trends

The market is experiencing significant growth driven by increasing global emphasis on energy efficiency and sustainability. Key trends include advancements in waste heat recovery technologies, which are enabling industries to harness previously wasted heat for power generation, thereby reducing greenhouse gas emissions and operational costs. In September 2022, Mitsubishi Heavy Industries introduced a binary power generation system utilizing organic Rankine cycle technology. This system effectively captures waste heat from sulfur-free fuel-burning engines and converts it into usable energy.
 

Government initiatives promoting renewable energy adoption and stringent environmental regulations are further accelerating market expansion. Technological innovations, such as enhanced efficiency of heat exchangers and organic Rankine cycle systems, are improving the feasibility and profitability of waste heat to power projects across various sectors including manufacturing, oil & gas, and chemical industries.
 

Waste Heat to Power Market Analysis

The waste heat to power industry from Steam Rankine Cycle (SRC) is anticipated to exceed USD 48.5 billion by 2032, driven by several key factors. SRC systems efficiently convert industrial waste heat into electricity, reducing operational costs and carbon footprints for industries. As industries worldwide prioritize energy efficiency and sustainability, SRC's ability to harness high-temperature waste heat from various processes becomes increasingly valuable. Government incentives promoting renewable energy adoption and stringent environmental regulations further accelerate market expansion. Continuous innovations in SRC systems, improving their efficiency and reliability, bolster their adoption across sectors like manufacturing, oil & gas, and chemicals.
 

The Waste heat to power market is experiencing significant expansion driven largely by cement industry, expected to achieve a CAGR exceeding 10.5% by 2032. Cement production involves high-temperature processes where significant amounts of waste heat are generated. This waste heat, traditionally released into the atmosphere, is now being harnessed using advanced technologies like Organic Rankine Cycle (ORC) and Steam Rankine Cycle (SRC) systems. These technologies convert the waste heat into electricity, thereby reducing energy costs and carbon emissions for cement manufacturers. With increasing global focus on sustainability and energy efficiency, coupled with government regulations promoting renewable energy adoption, the cement industry's adoption of waste heat to power solutions is expected to continue driving industry growth.
 

The Europe Waste heat to power market has experienced significant expansion and is projected to surpass USD 25 billion by 2032. Stringent environmental regulations aimed at reducing carbon emissions and promoting renewable energy sources are driving industries to adopt waste heat recovery technologies. The region's commitment to achieving sustainability goals under the European Green Deal further accelerates demand for efficient energy solutions like Organic Rankine Cycle (ORC) and Steam Rankine Cycle (SRC) systems, which convert industrial waste heat into electricity. Technological advancements in heat exchangers and thermal fluids enhance the efficiency and reliability of these systems, making them increasingly attractive to sectors such as manufacturing, chemicals, and utilities and thus driving the market growth.
 

The U.S. waste heat to power market is experiencing robust growth driven by increasing industrial demand for energy efficiency and sustainability. Technological advancements in Organic Rankine Cycle (ORC) and Steam Rankine Cycle (SRC) systems enable efficient conversion of waste heat into electricity, reducing operational costs and carbon footprints. Government incentives and regulations promoting renewable energy adoption further bolster market expansion across various industrial sectors.
 

Waste Heat to Power Market Share

Siemens Energy holds a significant share in the waste heat to power industry, leveraging its expertise in advanced technologies like Organic Rankine Cycle (ORC) and Steam Rankine Cycle (SRC) systems. These solutions efficiently convert industrial waste heat into electricity, supporting industries in reducing emissions and improving energy efficiency. Siemens Energy's robust market presence and innovative solutions continue to drive its leadership in sustainable energy solutions globally.
 

Waste Heat to Power Market Companies

Some of the key market players operating across the Waste heat to power industry are:

• AC Boiler SpA
• Aura GmbH & CO. KG
• Climeon
• Cochran Ltd.
• Dürr Group
• Exergy International Srl
• Forbes Marshall
• General Electric
• IHI Corporation
• Mitsubishi Heavy Industries, Ltd.
• Ormat Technologies
• Rentech Boiler System
• Siemens Energy
• Thermax Ltd
• Walchandnagar Industries Limited (WIL)
   

Waste Heat to Power Industry News:

• In November 2021, Exergy International secured a contract from Jiangyin Xingjia New Material Co., a chemical manufacturer specializing in PTA, polyester films, fibers, and resins. The contract involves developing a 5.8 MWe waste heat recovery unit for their new PET production facility in Jiangyin, China. The project includes engineering and supplying two 2.9 MWe ORC units utilizing Radial Outflow Turbine technology and non-flammable refrigerants. This system will convert low-pressure steam from PET manufacturing into electricity, expected to save 17,000 tons of CO2 emissions annually.
   

Waste heat to power market research report includes an in-depth coverage of the industry with estimates & forecast in terms of capacity and revenue in MW & USD Million from 2021 to 2032, for the following segments:

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Market, By Technology, 2021 – 2032 (MW & USD Million)

• SRC
• ORC
• Kalina

Market, By End Use, 2021 – 2032 (MW & USD Million)

• Petroleum refining
• Cement
• Heavy metal
• Chemical
• Paper
• Food & beverage
• Glass
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Belgium
  • Spain
  • Russia
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Philippines
  • Thailand
  • Vietnam
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
• Latin America
  • Brazil
  • Argentina