Waste Heat to Power Market Report 2025

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.