Press release
Exploring the Global Waste Heat to Power Market: Market Size, Growth Drivers, Key Players, and Upcoming Trends
Waste Heat to Power Market Growth
What Is The Projected Market Size Of The Global Waste Heat to Power Market And Its Growth Rate?
The global waste heat to power market has noted impressive growth rates in recent years and will continue on an upward trajectory with:
•Market size will increase from $18.58 billion in 2024 to $20.78 billion in 2025, representing an 11.8% CAGR.
•The market size is further projected to reach an impressive $32.89 billion by 2029, with a CAGR of 12.2%.
This rapid growth can be attributed to a surge in demand for cleaner energy, strong economic growth in emerging markets, and industrial sector growth.
What Is Driving The Growth In The Waste Heat to Power Market?
The expansion of the waste heat in the power market is driven largely by the growing industrial sector. Factors influencing this industrial growth include capital investment, labor input, financial investment, and technological innovation. Major areas of application that contribute to waste heat recovery potential are non-metallic mineral production, petroleum refining, and heavy metal production. For instance, manufacturing, as reported by the U.S.-based National Institute of Standards and Technology (NIST), contributed $2.3 trillion to the U.S. GDP in 2022, equivalent to 11.4% of total U.S. GDP. Furthermore, producer prices for all manufacturing increased by 33.4% between July 2020 and July 2022. This significant growth in the industrial sector drives the expansion of the waste heat in the power market.
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Who Are the Key Players Driving Waste Heat to Power Market Growth?
The prominent players shaping 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
What Are The Key Trends In The Waste Heat to Power Market?
The waste heat to power market is characterized by several major trends, including:
•Partnership & collaboration
•Development of lead-free materials for waste power recovery
•Emergence of direct waste recovery using thermoelectric materials
•Product innovation
What Are The Segments Of The Global Waste Heat to Power Market?
The waste heat to power market is divided into several segments including:
1) By Product: Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle
2) 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
Which Region Leads The Waste Heat to Power Market?
Europe was the largest region in the waste heat to power market in 2024. It remains a dominant player in the industry, while other regions like Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa continue to contribute significantly to market growth.
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What Is Covered In The Waste Heat to Power Market Global Market Report?
- Market Size Analysis: Analyze the Waste Heat to Power Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Waste Heat to Power Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Waste Heat to Power Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Waste Heat to Power Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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