Waste Heat to Power Market Poised for 12.2 % Growth, Set to Hit $32.89 Billion by 2029

How Are the key drivers contributing to the expansion of the waste heat to power market?
The escalation in the industrial sector is predicted to drive the expansion of waste heat in the power market. Significant factors contributing to industrial growth include capital investment, workforce input, financier investment, and technological advancement. Areas such as non-metallic mineral production, petroleum refining, and heavy metal production have substantial potential for waste heat recovery. For example, in December 2023, the National Institute of Standards and Technology (NIST), a US government agency, stated that manufacturing added $2.3 trillion to the U.S. GDP in 2022, constituting 11.4% of the total U.S. GDP. Over the previous two years, from July 2020 to July 2022, manufacturers' received prices for all their produce have risen by 33.4%. As such, the surge in the industrial sector is fueling the development of waste heat in the power market.

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What growth opportunities are expected to drive the waste heat to power market's CAGR through 2034?
The market size for waste heat to power has seen a significant increase in the past few years. The market is expected to accelerate from $18.58 billion in 2024 to $20.78 billion in 2025, growing at a compound annual growth rate (CAGR) of 11.8%. The rise during the historical period ties back to an elevated demand for clean energy, robust economic progression in developing markets, and expansion in the industrial sector.

In the coming years, the market size for waste heat to power is anticipated to witness swift expansion. It is projected to surge to $32.89 billion by 2029, with a compound annual growth rate (CAGR) of 12.2%. The growth projected in this period can be linked to the escalating demand for electricity, government efforts, and augmented investments. The forecast period is anticipated to witness significant trends such as partnership & collaboration, the creation of lead-free materials for waste power recovery, the emergence of direct waste recovery utilizing thermoelectric materials, and product innovation.

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What trends are poised to drive the future success of the waste heat to power market?
Leading enterprises in the waste to heat market are channeling their resources into unique pilot studies designed to advance and demonstrate cutting-edge technologies for capturing and transforming waste heat into viable energy. These efforts center on harnessing surplus hydrothermal energy and repurposing it into power that aligns with grid quality, consistent with waste heat recovery objectives. For example, Extract Energy, a Canadian energy tech firm, initiated a pilot project in Hamilton, Ontario in November 2022. The project's primary goal is to capture and convert excess hydrothermal energy generated by a district heating and cooling plant into grid-grade power. They achieve this through their groundbreaking "Heat Engine" that uses a nickel-titanium core. This revolutionary technology focuses on waste heat ranging from 70°C to 150°C, thereby addressing the substantial global energy wastage, which stands at approximately 65%.

Which growth-oriented segments of the waste heat to power market are leading the industry's development?
The waste heat to power market covered in this report is segmented -

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

Subsegments:
1) By Steam Rankine Cycle: Conventional Steam Rankine Cycle, Supercritical Steam Rankine Cycle
2) 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

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What regions are leading the charge in the waste heat to power market?
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.

What companies are at the forefront of innovation in the waste heat to power market?
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

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What Is Covered In The Waste Heat to Power Global Market Report?

• Market Size Forecast: Examine the waste heat to power market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the waste heat to power market for a structured understanding.
• Key Players Overview: Analyze major players in the waste heat to power market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the waste heat to power market.
• Segment Contributions: Evaluate how different segments drive overall growth in the waste heat to power market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the waste heat to power market.
• Industry Challenges: Identify potential risks and obstacles affecting the waste heat to power market.
• Competitive Landscape: Review strategic developments in the waste heat to power market, including expansions, agreements, and new product launches.

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