Waste Heat to Power Market By Technology (Organic Rankine Cycle, Kalina Cycle, Steam Rankine Cycle, Stirling Engines), By Application (Power Generation, Industrial Processes, Waste Heat Recovery from Fossil Fuel Plants, Geothermal Energy Generation, Combined Heat and Power), By End-Use Industry (Oil & Gas, Power Generation, Industrial Manufacturing, Automotive, District Heating & Cooling, Food and Beverage), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Waste Heat to Power Market was valued at USD 17.6 billion in 2023 and will surpass USD 30.2 billion by 2030; growing at a CAGR of 8.1% during 2024 - 2030.

The waste heat to power (WHP) market is witnessing substantial growth as industries increasingly seek efficient ways to reduce energy consumption and improve sustainability. By utilizing excess heat that would otherwise be wasted, WHP technologies offer a promising solution to convert low-temperature industrial waste heat into electricity. With energy efficiency becoming a priority across various industries, the demand for advanced waste heat recovery systems, such as Organic Rankine Cycle (ORC), Kalina Cycle, and others, continues to rise. This market is poised for expansion, driven by technological advancements, government policies favoring sustainability, and the need for energy optimization in industrial processes.

Organic Rankine Cycle (ORC) Technology Is Fastest Growing Owing to High Efficiency and Versatility

Among the technologies used in waste heat recovery, Organic Rankine Cycle (ORC) stands out as the fastest-growing. The ORC system is highly efficient in converting low to medium-temperature waste heat into electricity, making it ideal for industries such as cement, chemical, and food processing, where waste heat is abundant but at lower temperatures.

The ORC technology is gaining popularity due to its ability to use organic fluids instead of water, which allows it to operate at lower temperatures, thereby making it highly adaptable and efficient for a variety of applications. Additionally, ORC systems have gained traction due to their ability to integrate seamlessly into existing industrial infrastructure, allowing companies to retrofit their operations without large-scale redesigns. This combination of flexibility, lower temperature operation, and cost-effective integration has made ORC the technology of choice for many industries, thus driving its rapid growth in the market.

Power Generation Application Is Largest Owing to Wide Adoption in Various Industries

The Power Generation application segment holds the largest share in the waste heat to power market. This subsegment includes large-scale industrial applications where waste heat is converted into electricity, contributing to the overall energy supply. Power generation using waste heat recovery technologies is especially important for energy-intensive industries such as power plants, refineries, and steel mills, which generate vast amounts of heat that can be utilized to produce electricity.

The widespread adoption of power generation applications is driven by the need to reduce dependency on conventional energy sources and lower operational costs. Industries with significant waste heat emissions, such as fossil fuel-based power plants, are actively investing in waste heat recovery systems to improve energy efficiency and reduce their carbon footprint. With the global push toward cleaner, more sustainable energy practices, the power generation application is expected to maintain its dominance in the coming years.

Oil & Gas End-Use Industry Is Largest Owing to High Energy Consumption

The Oil & Gas industry is the largest end-use sector for waste heat recovery systems, primarily due to the sector's high energy consumption and significant waste heat generation. Oil refineries, gas processing plants, and petrochemical facilities often operate at high temperatures, producing large amounts of heat as a byproduct, which can be efficiently captured and converted into electricity using waste heat recovery technologies.

The oil and gas industry faces increasing pressure to improve energy efficiency and reduce emissions, making waste heat recovery systems essential for meeting regulatory standards and enhancing operational profitability. These systems not only help optimize energy use but also contribute to sustainability efforts by reducing reliance on external power sources and lowering greenhouse gas emissions. As global demand for energy increases and sustainability becomes more critical, the oil and gas sector is expected to continue leading the market for waste heat recovery technologies.

Asia-Pacific Region Is Fastest Growing Owing to Industrial Expansion and Energy Demands

The Asia-Pacific region is the fastest-growing market for waste heat to power technologies. Countries like China, India, and Japan are experiencing rapid industrial growth, which is driving significant energy demands. These nations are also investing heavily in energy efficiency and sustainability initiatives, with the government playing a key role in promoting waste heat recovery systems as part of their green energy strategies.

In addition to industrialization, the rising focus on reducing carbon emissions and energy consumption in emerging economies is contributing to the market’s rapid growth. The Asia-Pacific region has become a hub for manufacturing and industrial activities, making it a critical area for implementing waste heat recovery solutions. With continued investment in infrastructure and the adoption of cleaner technologies, the Asia-Pacific market is expected to remain a key driver of growth for waste heat recovery systems.

Competitive Landscape and Leading Companies

The waste heat to power market is highly competitive, with numerous global players working on advancing technology and expanding market reach. Leading companies such as Siemens AG, Ormat Technologies, General Electric, Mitsubishi Heavy Industries, and Thermax Limited dominate the market. These companies are at the forefront of technological innovation, constantly improving the efficiency of their waste heat recovery systems while also expanding their product offerings to cater to a wide range of industrial applications.

The competitive landscape is marked by strategic collaborations, mergers and acquisitions, and investments in research and development. Companies are focusing on enhancing system performance, reducing costs, and developing scalable solutions to meet the diverse needs of industries such as oil and gas, power generation, and manufacturing. As the market for waste heat recovery continues to grow, the focus on sustainability, technological advancements, and the ability to integrate with existing infrastructure will be key factors influencing the competitive dynamics

List of Leading Companies:

• Siemens AG
• General Electric (GE)
• Mitsubishi Heavy Industries
• Ormat Technologies
• Thermax Limited
• MAN Energy Solutions
• Babcock & Wilcox Enterprises
• Wärtsilä Corporation
• Forbes Marshall
• Climeon
• Exergy S.p.A.
• Enogia
• Bosch Thermotechnology
• Alstom Power
• ABB Ltd.

Recent Developments:

• Ormat Technologies launched a new waste heat recovery project in Southeast Asia, aiming to expand its presence in emerging markets with its geothermal and ORC solutions.
• GE announced a strategic merger with a clean energy startup to integrate waste heat recovery technologies into its new sustainable power generation portfolio.
• Mitsubishi unveiled a new version of its Organic Rankine Cycle system, designed to be more efficient for lower temperature waste heat recovery in manufacturing industries.
• Thermax launched a new hybrid waste heat recovery system combining ORC and steam Rankine cycle technology to increase efficiency in cement manufacturing.
• Wärtsilä has secured a major contract in the Middle East to deploy its waste heat recovery solutions in a new industrial hub, aligning with the region’s energy optimization goals

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