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Waste Heat to Power Global Market Report 2024 To 2033 | Mitsubishi Heavy Industries Ltd, Bosch Thermotechnology, Ormat Technologies, IHI Corporation, Dürr Group, Thermax Limited
Waste Heat to Power Market Share
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According to The Business Research Company's, The waste heat to power market size has grown rapidly in recent years. It will grow from $16.63 billion in 2023 to $18.62 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. 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 $28.97 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. 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. .
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Market Drivers and Trends:
The growth in the industrial sector is expected to propel the growth of waste heat in the power market going forward. Capital investment, labor input, financial investment, and technological innovation are the major factors influencing industrial growth. Non-metallic mineral production, petroleum refining, and heavy metal production are some of the key application areas with considerable waste heat recovery potential. For instance, according to a statistical report published in August 2022 by Eurostat, a Luxembourg-based publisher of statistics for the European Union, in 2021, the EU's industrial production increased by 8% over the previous year 2020. Furthermore, in 2021, the value of sales for industrial production in the European Union was $5429.08 billion (€5 209 billion), up by nearly 14% from $477.45 billion (€4 581 billion) in 2020. Therefore, the growth in the industrial sector is driving the growth of waste heat in the power market.
The development of lead-free (PB) materials for waste power recovery is a key trend in the market. Until 2020, lead was the only major element used in waste heat recovery systems, which is limiting the mass applications of waste heat. As a result, scientists are working on novel lead-free materials to recover waste heat with seemingly different qualities into a single material: the strong electrical conductivity of metals, the great thermoelectric sensitivity of semiconductors, and the poor thermal conductivity of glass. For instance, in February 2021, scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), India, an autonomous institution of the Department of Science and Technology (DST), Government of India, discovered a lead-free material called Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) that can efficiently recover electricity from waste heat, signaling a paradigm shift in the thermoelectric puzzle.
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Major Key Players of the Market:
Emerson Electric Co, Abb Ltd, Teledyne Analytical Instruments, Yokogawa Electric Corporation, Ametek Inc, Axetris AG, NEO Monitors, Unisearch Associates Inc, Focused Photonics, Mettler-Toledo International Inc, Nanjing Kelisaike Safety Equipment Co. Ltd, Hangzhou Zetian Technology Co. Ltd, Norsk Elektro Optikk (NEO) Monitors AS, Metrohm, Blue Ocean Nova, Endress+Hauserm, Servomex (Spectris), Siemens AG, SQL Instruments, Airoptic Sp. z o.o, Quantek Instruments Inc, VYSKOCIL S.R.O, Q.E.D. Environmental systems Inc, Honeywell International Inc, Bruker, PerkinElmer, General Electric, Coherent Inc, Horiba, Advanced Watertek, Lumex Instruments, AlyTech, PEAK Scientific Instruments Ltd, Danbol Technologies Nigeria Limited, Mult-Consult Laboratories Limited, DELTA Empro, Mine Safety Appliances Co (MSA).
Waste Heat to Power Market 2024 Key Insights:
• The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $28.97 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Industrial Sector Expansion Fuels Surge In Waste Heat Power Market
• Lead-Free Materials Transforming Waste Heat Recovery In Power Generation
• Europe was the largest region in the waste heat to power market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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