Soaring Demand Set to Propel Waste Heat to Power Market to $32.28 Billion by 2029

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What Is the Expected CAGR for the Waste Heat to Power Market Through 2025?
The market size for waste heat to power has seen a swift expansion in the past few years. It is projected to increase from $18.58 billion in 2024 to $20.61 billion in 2025, with a compound annual growth rate (CAGR) of 10.9%. The escalation in the previous period is due to a surge in the demand for renewable energy, robust economic growth in developing markets, and expansion in the industrial sector.

What's the Projected Size of the Global Waste Heat to Power Market by 2029?
In the coming years, the market size of waste heat power is predicted to experience accelerated growth, reaching a valuation of $32.28 billion by 2029 with an 11.9% Compound Annual Growth Rate (CAGR). This anticipated growth during the forecast period is due to factors such as growing demand for electricity, government policies and increased investments. Key trends for the forecast period comprise partnerships and collaborations, the introduction of lead-free elements for waste power recovery, the advent of direct waste recovery via thermoelectric materials, and product innovation.

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Top Growth Drivers in the Waste Heat to Power Industry: What's Accelerating the Market?
The industrial sector's expansion is anticipated to boost the waste heat power market's development in the future. Factors such as capital expenditure, workforce contribution, financial commitment, and technological innovation greatly affect the progress of the industrial sector. Key application segments with significant potential for waste heat recovery include non-metallic mineral production, petroleum refining, and heavy metal production. For example, manufacturing accounted for $2.3 trillion of the U.S. GDP in 2022, representing 11.4% of the nation's total GDP as per the National Institute of Standards and Technology (NIST), a U.S.-based government agency, in December 2023. Between July 2020 and July 2022, producer prices for all manufacturing sectors rose by 33.4%. Thus, the waste heat power market is being propelled by the industrial sector's expansion.

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What Trends Will Shape the Waste Heat to Power Market Through 2029 and Beyond?
Leading firms in the waste to heat market are prioritizing groundbreaking pilot initiatives aimed at showcasing pioneering methods of capturing waste heat and transforming it into practical energy. The undertaking centers around harnessing surplus hydrothermal energy and transmuting it into grid-standard power, which corresponds with the objectives of waste heat regeneration. For instance, Extract Energy, a tech-driven energy firm headquartered in Canada, embarked on a benchmark project in Hamilton, Ontario in November 2022. The project's goal is to capture remaining hydrothermal energy from a district heating and cooling facility and turn it into grid-standard power through their groundbreaking Heat Engine that uses a nickel-titanium core. The technology specifically caters to waste heat ranging from 70°C to 150°C, thereby addressing the considerable global energy loss, which is approximately 65%.

What Are the Main Segments in the Waste Heat to Power Market?
The waste heat to powermarket 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Waste Heat to Power Market Through 2029?
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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