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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.
The cement segment in the market is expected to record 10.5% CAGR from 2024 to 2032 led by increasing global focus on sustainability and energy efficiency.
The waste heat to power market achieved a valuation of USD 25.2 billion in 2023 and is expected to grow at 10.8% CAGR through 2032 driven by increasing awareness of energy efficiency and sustainability practices.
Europe waste heat to power market is projected to surpass USD 25 billion by 2032 attributed to stringent environmental regulations aimed at reducing carbon emissions.
AC Boiler SpA, Aura GmbH & CO. KG, Climeon, Cochran Ltd., D