Industrial Sector Expansion Fuels Surge In Waste Heat Power Market: The Driving Engine Behind Waste Heat to Power Market Evolution in 2025

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How Large Will the Waste Heat to Power Market Size By 2025?
The size of the waste heat to power market has experienced swift expansion in the previous years. It is projected to surge from an estimation of $18.58 billion in 2024 to approximately $20.78 billion in 2025, boasting a compound annual growth rate (CAGR) of 11.8%. The notable growth within the historical frame can be associated with the escalating demand for uncontaminated energy, robust economic advancements in nascent markets, and the expansion of the industrial sector.

How Big Is the Waste Heat to Power Market Size Expected to Grow by 2029?
The market size for waste heat to power is anticipated to undergo swift expansion in the upcoming years, escalating to $32.89 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 12.2%. The surge in the projected period arises from factors such as the increasing demand for electricity, government policies, and a rise in investments. Key trends impacting the growth during this period encompass partnerships & collaborations, the advent of lead-free materials in waste power recovery, direct waste recovery through the use of thermoelectric materials, and advancements in product innovation.

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Which Key Market Drivers Powering Waste Heat to Power Market Expansion and Growth?
The surge in the industrial sector is anticipated to drive the expansion of the waste heat in the power market in the future. The critical elements that affect industrial growth include capital investment, labor involvement, financial contribution, and technological advancement. Key application areas having substantial waste heat recovery opportunities involve non-metallic mineral production, petroleum refining, and heavy metal production. For example, in December 2023, the National Institute of Standards and Technology (NIST), a government agency based in the U.S, reported that manufacturing added $2.3 trillion to the U.S. GDP in 2022, accounting to 11.4% of the total U.S. GDP. The rates received by manufacturers for all manufacturing from July 2020 to July 2022 have witnessed a rise of 33.4%. Hence, the escalation in the industrial sector is spurring the expansion of the waste heat power market.

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Which Fast-Growing Trends Are Poised to Disrupt the Waste Heat to Power Market?
Top organizations active in the waste-to-heat sector are paving the way with experimental projects that aim to advance and display cutting-edge technology that transforms waste heat into practical energy. The purpose of these projects is to seize excess geo-thermal power and transmute it into power that can be used in the grid, adding value to the goal of waste heat recovery. For example, in November 2022, Extract Energy, a tech firm specializing in energy from Canada, initiated a trial project in Hamilton, Ontario. The effort involves harnessing surplus hydrothermal energy from a communal heating and cooling plant and transmuting it into grid-standard electricity using an innovative system powered by a nickel-titanium core, called ""Heat Engine"". This design specifically tackles waste heat ranging from 70°C to 150°C, significantly reducing global energy wastage which currently stands at an estimated 65%.

What Are the Emerging Segments in the Waste Heat to Power Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Waste Heat to Power Industry?
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.

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This release was published on openPR.