The waste heat to power market size has grown rapidly in recent years. It will grow from $18.58 billion in 2024 to $20.78 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to increasing demand for clean energy, strong economic growth in emerging markets and growth in industrial sector.
The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $32.89 billion in 2029 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to rising electricity demand, government initiatives and increasing investments. Major trends in the forecast period include partnership & collaboration, development of lead-free materials for waste power recovery, emergence of direct waste recovery using thermoelectric materials and product innovation.
The growth of the industrial sector is expected to significantly boost the waste heat in the power market in the coming years. Key factors influencing industrial growth include capital investment, labor input, financial investment, and technological innovation. Notably, sectors such as non-metallic mineral production, petroleum refining, and heavy metal production present substantial opportunities for waste heat recovery. For example, in December 2023, the National Institute of Standards and Technology (NIST), a US-based government agency, reported that manufacturing contributed $2.3 trillion to the U.S. GDP in 2022, representing 11.4% of the total GDP. Additionally, producer prices for all manufacturing increased by 33.4% between July 2020 and July 2022. Thus, the growth in the industrial sector is driving the expansion of waste heat in the power market.
Government initiatives aimed at maximizing energy efficiency are poised to be key drivers for the waste heat to power market. Notably, government actions focusing on the management of waste heat in industries such as oil, gas, and cement are expected to have a positive impact on the market. An illustrative example is the announcement made by the government of India in January 2022. India has outlined ambitious targets, aiming to achieve net-zero emissions by 2070 and secure 50% of its electricity needs from renewable sources by 2030. This commitment reflects a novel approach to economic growth, sidestepping carbon-intensive strategies and potentially serving as a model for other emerging markets. The backing of government initiatives is expected to provide robust support for the waste heat to power market in the future.
Major companies in the waste-to-heat market are focusing on innovative pilot projects to develop and demonstrate advanced technologies for capturing and converting waste heat into usable energy. These projects aim to capture excess hydrothermal energy and convert it into grid-quality power, aligning with waste heat recovery objectives. For instance, in November 2022, Extract Energy, a Canada-based energy technology company, launched a pilot project in Hamilton, Ontario. This initiative focuses on capturing excess hydrothermal energy from a district heating and cooling plant and converting it into grid-quality power using their innovative Heat Engine, which features a nickel-titanium core. This technology is designed to target waste heat in the range of 70°C to 150°C, addressing the significant global energy loss of approximately 65%.
Partnerships and collaborations are emerging as key trends in the waste heat to power market. Companies in this sector are increasingly joining forces to strengthen their market position. For example, in September 2022, Transitional Energy, a US-based geothermal technology company, partnered with ElectraTherm, Inc., a US-based provider of waste heat recovery solutions, to convert waste heat to power in the oil and gas industry. This collaboration aims to enhance energy efficiency and reduce emissions, promoting more sustainable practices in a sector known for generating substantial waste heat. By leveraging geothermal technology alongside waste heat recovery solutions, this partnership seeks to effectively transform waste heat into usable power within the oil and gas industry.
In May 2022, Yokogawa Electric Corporation, a Japan-based engineering company, acquired Dublix Technology ApS for an undisclosed amount. This acquisition is intended to enhance Yokogawa's portfolio of solutions for waste-to-energy and biomass power plants by integrating Dublix Technology's advanced combustion control and boiler performance optimization technologies. The goal is to improve operational efficiency, reduce environmental impact, and support the increasing demand for sustainable energy generation.
Major companies operating in the waste heat to power market include 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 2024. The regions covered in the waste heat to power market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Waste heat to power refers to the process of harnessing heat discarded by an existing thermal process to generate electricity, thereby reducing pollution, equipment size, and auxiliary energy consumption.
The primary methods in waste heat to power are the steam Rankine cycle, the organic Rankine cycle, and the Kalina cycle. The steam Rankine cycle is a simplified thermodynamic process where heat converts into mechanical work within a constant-pressure heat engine. This cycle typically employs water (in liquid and vapor phases) as its working fluid. Applications of waste heat to power include preheating, steam and electricity generation, among others, across various industries such as petroleum refining, oil and gas extraction, cement, heavy metal production, chemicals, pulp and paper, food and beverage, glass manufacturing, and more.
The waste heat to power market research report is one of a series of new reports that provides waste heat to power market statistics, including waste heat to power industry global market size, regional shares, competitors with a waste heat to power market share, detailed waste heat to power market segments, market trends and opportunities, and any further data you may need to thrive in the waste heat to the power industry. This waste heat to power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 3-5 business days.
The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $32.89 billion in 2029 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to rising electricity demand, government initiatives and increasing investments. Major trends in the forecast period include partnership & collaboration, development of lead-free materials for waste power recovery, emergence of direct waste recovery using thermoelectric materials and product innovation.
The growth of the industrial sector is expected to significantly boost the waste heat in the power market in the coming years. Key factors influencing industrial growth include capital investment, labor input, financial investment, and technological innovation. Notably, sectors such as non-metallic mineral production, petroleum refining, and heavy metal production present substantial opportunities for waste heat recovery. For example, in December 2023, the National Institute of Standards and Technology (NIST), a US-based government agency, reported that manufacturing contributed $2.3 trillion to the U.S. GDP in 2022, representing 11.4% of the total GDP. Additionally, producer prices for all manufacturing increased by 33.4% between July 2020 and July 2022. Thus, the growth in the industrial sector is driving the expansion of waste heat in the power market.
Government initiatives aimed at maximizing energy efficiency are poised to be key drivers for the waste heat to power market. Notably, government actions focusing on the management of waste heat in industries such as oil, gas, and cement are expected to have a positive impact on the market. An illustrative example is the announcement made by the government of India in January 2022. India has outlined ambitious targets, aiming to achieve net-zero emissions by 2070 and secure 50% of its electricity needs from renewable sources by 2030. This commitment reflects a novel approach to economic growth, sidestepping carbon-intensive strategies and potentially serving as a model for other emerging markets. The backing of government initiatives is expected to provide robust support for the waste heat to power market in the future.
Major companies in the waste-to-heat market are focusing on innovative pilot projects to develop and demonstrate advanced technologies for capturing and converting waste heat into usable energy. These projects aim to capture excess hydrothermal energy and convert it into grid-quality power, aligning with waste heat recovery objectives. For instance, in November 2022, Extract Energy, a Canada-based energy technology company, launched a pilot project in Hamilton, Ontario. This initiative focuses on capturing excess hydrothermal energy from a district heating and cooling plant and converting it into grid-quality power using their innovative Heat Engine, which features a nickel-titanium core. This technology is designed to target waste heat in the range of 70°C to 150°C, addressing the significant global energy loss of approximately 65%.
Partnerships and collaborations are emerging as key trends in the waste heat to power market. Companies in this sector are increasingly joining forces to strengthen their market position. For example, in September 2022, Transitional Energy, a US-based geothermal technology company, partnered with ElectraTherm, Inc., a US-based provider of waste heat recovery solutions, to convert waste heat to power in the oil and gas industry. This collaboration aims to enhance energy efficiency and reduce emissions, promoting more sustainable practices in a sector known for generating substantial waste heat. By leveraging geothermal technology alongside waste heat recovery solutions, this partnership seeks to effectively transform waste heat into usable power within the oil and gas industry.
In May 2022, Yokogawa Electric Corporation, a Japan-based engineering company, acquired Dublix Technology ApS for an undisclosed amount. This acquisition is intended to enhance Yokogawa's portfolio of solutions for waste-to-energy and biomass power plants by integrating Dublix Technology's advanced combustion control and boiler performance optimization technologies. The goal is to improve operational efficiency, reduce environmental impact, and support the increasing demand for sustainable energy generation.
Major companies operating in the waste heat to power market include 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 2024. The regions covered in the waste heat to power market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Waste heat to power refers to the process of harnessing heat discarded by an existing thermal process to generate electricity, thereby reducing pollution, equipment size, and auxiliary energy consumption.
The primary methods in waste heat to power are the steam Rankine cycle, the organic Rankine cycle, and the Kalina cycle. The steam Rankine cycle is a simplified thermodynamic process where heat converts into mechanical work within a constant-pressure heat engine. This cycle typically employs water (in liquid and vapor phases) as its working fluid. Applications of waste heat to power include preheating, steam and electricity generation, among others, across various industries such as petroleum refining, oil and gas extraction, cement, heavy metal production, chemicals, pulp and paper, food and beverage, glass manufacturing, and more.
The waste heat to power market research report is one of a series of new reports that provides waste heat to power market statistics, including waste heat to power industry global market size, regional shares, competitors with a waste heat to power market share, detailed waste heat to power market segments, market trends and opportunities, and any further data you may need to thrive in the waste heat to the power industry. This waste heat to power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 3-5 business days.
Table of Contents
1. Executive Summary2. Waste Heat to Power Market Characteristics3. Waste Heat to Power Market Trends and Strategies4. Waste Heat to Power Market - Macro Economic Scenario including the impact of Interest Rates, Inflation, Geopolitics and Covid and Recovery on the Market32. Global Waste Heat to Power Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Waste Heat to Power Market34. Recent Developments in the Waste Heat to Power Market
5. Global Waste Heat to Power Growth Analysis and Strategic Analysis Framework
6. Waste Heat to Power Market Segmentation
7. Waste Heat to Power Market Regional and Country Analysis
8. Asia-Pacific Waste Heat to Power Market
9. China Waste Heat to Power Market
10. India Waste Heat to Power Market
11. Japan Waste Heat to Power Market
12. Australia Waste Heat to Power Market
13. Indonesia Waste Heat to Power Market
14. South Korea Waste Heat to Power Market
15. Western Europe Waste Heat to Power Market
16. UK Waste Heat to Power Market
17. Germany Waste Heat to Power Market
18. France Waste Heat to Power Market
19. Italy Waste Heat to Power Market
20. Spain Waste Heat to Power Market
21. Eastern Europe Waste Heat to Power Market
22. Russia Waste Heat to Power Market
23. North America Waste Heat to Power Market
24. USA Waste Heat to Power Market
25. Canada Waste Heat to Power Market
26. South America Waste Heat to Power Market
27. Brazil Waste Heat to Power Market
28. Middle East Waste Heat to Power Market
29. Africa Waste Heat to Power Market
30. Waste Heat to Power Market Competitive Landscape and Company Profiles
31. Waste Heat to Power Market Other Major and Innovative Companies
35. Waste Heat to Power Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Waste Heat to Power Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on waste heat to power market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for waste heat to power? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The waste heat to power market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Product: Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle2) By Application: Preheating, Steam and Electricity Generation, Other Applications
3) By End Users: Petroleum Refining and Oil & Gas Extraction, Cement Industry, Heavy Metal Production, Chemical Industry, Pulp and Paper, Food and Beverage, Glass Industry, Other End Users
Subsegments:
1) By Steam Rankine Cycle: Conventional Steam Rankine Cycle; Supercritical Steam Rankine Cycle2) By Organic Rankine Cycle: Dry Organic Rankine Cycle; Wet Organic Rankine Cycle; Isothermal Organic Rankine Cycle
3) By Kalina Cycle: Ammonia-Water Kalina Cycle; Ethanol-Water Kalina Cycle
Key Companies Mentioned: Mitsubishi Heavy Industries Ltd; Bosch Thermotechnology; Ormat Technologies; IHI Corporation; Dürr Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | March 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 20.78 Billion |
Forecasted Market Value ( USD | $ 32.89 Billion |
Compound Annual Growth Rate | 12.2% |
Regions Covered | Global |
No. of Companies Mentioned | 26 |