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Waste Heat to Power Market by Technology, 2021 – 2032 (MW & USD Million) (SRC, ORC, Kalina), by End Use, 2021 – 2032 (MW & USD Million) (Petroleum refining, Cement, Heavy metal, Chemical, Paper, Food & beverage, Glass, Others), by North America (U.S., Canada, Mexico), by Europe (Germany, UK, Italy, France, Belgium, Spain, Russia), by Asia Pacific (China, Australia, India, Japan, South Korea, Philippines, Thailand, Vietnam), by Middle East & Africa (UAE, Saudi Arabia, South Africa), by Latin America (Brazil, Argentina) Forecast 2025-2033
The size of the Waste Heat to Power Market market was valued at USD 25.2 Billion in 2023 and is projected to reach USD 51.66 Billion by 2032, with an expected CAGR of 10.8% during the forecast period. Waste heat recovery systems utilize waste heat from industrial processes to generate electricity, offering significant cost savings, environmental benefits, and improved energy efficiency. The WHP market represents the process of converting industrial processes' waste heat, power plants, or other highly temperature systems to usable electrical energy. The otherwise released environment waste heat is captured and transformed using organic Rankine cycle (ORC), steam turbines, and thermoelectric generators technologies. Improving energy efficiency, saving fuel, and lowering greenhouse gas emissions are critical benefits of using WHP systems in areas like manufacturing, cement production, chemical production, and steel. Companies are also able to reduce operational costs using such systems as they provide harnessing of excess heat that would otherwise go unused, thereby contributing towards sustainability goals and energy conservation. Key market players in the WHP are Siemens, General Electric, Mitsubishi Heavy Industries, ORMAT Technologies, Toshiba, and Wärtsilä, among others. The former are developing innovative solutions, improving waste heat recovery efficiency, expanding product portfolios, and, increasingly, addressing the demand for renewable energy and more energy-efficient technologies. The growing worldwide interest in waste reduction of energy and furtherance of green technology will contribute to growth in the market for waste heat to power.
The market is fragmented with numerous players, including large global corporations and specialized companies. Technological innovation is a key characteristic, with significant investments in research and development to improve system efficiency and reduce costs. Government regulations related to energy efficiency and emissions are also shaping the market landscape.
Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 10.8% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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