Waste Heat to Power Market Report 2026

The waste heat to power market size has grown rapidly in recent years. It will grow from $20.61 billion in 2025 to $23.06 billion in 2026 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to high levels of industrial thermal energy loss, expansion of energy-intensive manufacturing processes, rising industrial electricity demand, early adoption of cogeneration systems, increasing fuel cost pressures.

The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $36.07 billion in 2030 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to increasing investments in industrial decarbonization, rising adoption of energy efficiency regulations, expansion of waste heat recovery in heavy industries, growing focus on on-site power generation, increasing deployment of modular waste heat systems. Major trends in the forecast period include increasing adoption of organic rankine cycle systems, rising deployment of industrial waste heat recovery units, growing integration of digital performance monitoring, expansion of low-temperature waste heat applications, enhanced focus on energy efficiency optimization.

The expansion of the industrial sector is expected to drive the growth of the waste heat to power market in the coming years. Key factors influencing industrial growth include capital investment, labor input, financial investment, and technological innovation. Sectors such as non-metallic mineral production, petroleum refining, and heavy metal manufacturing offer significant potential for waste heat recovery. For example, in February 2024, according to Xinhua News Agency, a China-based government organization, Mexico’s industrial activity rose by 3.5% in 2023 compared to the previous year. Therefore, the growth of the industrial sector is contributing to the expansion of the waste heat to power market.

Major companies in the waste heat-to-power market are focusing on developing innovative solutions such as modular and scalable units that can efficiently expand or contract based on energy requirements. Modular and scalable units are designed so that individual modules can be easily added or removed, allowing the system’s capacity to adjust according to demand. For example, in October 2025, Turboden S.p.A., an Italy-based subsidiary of Mitsubishi Heavy Industries specializing in power generation, commissioned a 19 MW ORC-based waste heat-to-power plant at Strathcona’s Orion SAGD facility in Alberta, Canada, marking the first project of its kind in North America. This plant recovers low-grade heat (~150°C) from produced steam and non-condensable gases that were previously vented, converting it into carbon-free electricity capable of offsetting up to approximately 80% of the facility’s grid electricity consumption.

In May 2023, Kalina Power Limited, a US-based energy technology company, partnered with the University of Calgary to advance collaborative research in geothermal energy and waste heat-to-power systems. Through this partnership, Kalina Power aimed to strengthen its technological capabilities and accelerate innovation by leveraging the university’s research expertise and fostering industry collaboration to enhance the efficiency and commercial viability of clean energy power generation solutions. The University of Calgary, based in Canada, specializes in advanced research on energy systems, geothermal technologies, and sustainable power generation, supporting industry-focused innovation and applied energy solutions.

Major companies operating in the waste heat to power market are 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.

Europe was the largest region in the waste heat to power market in 2025. The regions covered in the waste heat to power market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the waste heat to power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The waste heat to power market includes revenues earned by entities by providing services such as ORC, steam cycle, and cascaded steam-organic cycle. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 1-3 business days.