WASHINGTON, April 20, 2023 (GLOBE NEWSWIRE) -- The Global Waste Heat to Power Market is valued at USD 21.5 Billion in 2022 and is projected to reach a value of USD 54.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 14.2% over the forecast period 2023-2030.
Market Overview
Waste heat to power (WHP) is a process that involves capturing and utilizing the excess heat generated by various industrial processes, such as power generation, cement production, and steel manufacturing, to produce electricity. The global waste heat to power market is expected to grow significantly in the coming years, driven by growing demand for energy efficiency, favorable government policies, and technological advancements.
We forecast that the cement in Waste Heat to Power market sales will account for more than 48% of total sales by 2030. The cement industry is anticipated to dominate the waste heat to power market due to its high potential for waste heat recovery and the significant energy required in its production processes.
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Market Dynamics
Government Regulations and Policies will Increase to Support Market Expansion
One of the primary drivers of the waste heat to power market is government regulations and policies. Governments worldwide are increasingly introducing regulations and policies to reduce greenhouse gas emissions and promote sustainable energy sources. These policies often include incentives and regulations to encourage the adoption of waste heat to power systems in industries.
Increasing Demand for Energy Efficiency in the Waste Heat to Power Industry Drives the Market Growth
Another driver of the waste heat to power market is the increasing demand for energy efficiency. The rising energy costs and the need to reduce carbon emissions have led to a growing interest in energy-efficient technologies. The waste heat to power systems is highly efficient, as they utilize waste heat from industrial processes that would otherwise be wasted. The use of waste heat to generate electricity not only reduces energy costs but also helps to reduce carbon emissions. As more industries look for ways to improve their energy efficiency, the demand for waste heat to power systems is expected to increase, driving the market's growth.
Top Players in the Global Waste Heat to Power Market
- IHI Corporation (Japan)
- AMEC Foster Wheeler Ltd. (United Kingdom)
- Cochran Ltd. (United Kingdom)
- Forbes Marshall Private Limited (India)
- Rentech Boiler Systems Inc. (United States)
- Thermax Ltd. (India)
- Viessmann Ltd. (Germany)
- General Electric (United States)
- Ormat Technologies (United States)
- Exergy SPA (Italy)
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Top Trends in the Global Waste Heat to Power Market
- One trend that Vantage Market Research (VMR) expects to see in the Waste Heat to Power industry is the Increasing adoption of organic Rankine cycle (ORC) technology. ORC is a waste heat-to-power technology that uses organic fluids to convert low-grade heat into electricity. ORC technology has gained popularity recently due to its high efficiency and ability to operate at lower temperatures than traditional steam-based waste heat to-power systems. As a result, ORC technology is expected to see increased adoption in the waste heat to power market in the coming years.
- Another trend that VMR predicts will continue in the Waste Heat to Power industry is its growing demand for waste heat-to-power systems in the cement industry. The cement industry is a significant waste heat source, as the production process involves high-temperature processes that generate large amounts of excess heat. Waste heat to power systems can capture this excess heat and convert it into electricity, providing a cost-effective and sustainable energy source for the cement industry. As the cement industry grows, this sector's demand for waste heat to power systems is expected to increase significantly.
Top Report Findings
- Based on the Technology, the SRC category controls most of the Waste Heat to Power market's revenue. The steam Rankine cycle is anticipated to dominate the waste heat to power market due to its widespread use in various industries, high efficiency, and reliability. The steam Rankine cycle is a proven and mature technology used decades to generate electricity from waste heat. The system uses a heat exchanger to extract waste heat from industrial processes, which is then used to generate steam. The steam is then fed into a turbine, which drives a generator to produce electricity.
- Based on Power Output, most of the Waste Heat to Power market's revenue is controlled by the <1Mwe category. Smaller systems with a capacity of less than 1 MWe are also expected to grow, particularly in small-scale industrial processes, such as food processing or wastewater treatment plants, where the amount of waste heat generated is relatively low. These systems are typically modular and can be easily integrated into existing processes.
- Based on End Use, the cement category controls most of the Waste Heat to Power market's revenue. Over the projection period, the cement segment is anticipated to outperform other application categories regarding revenue share. The industry's demand for energy is expected to increase in the coming years due to the growing demand for construction materials worldwide, particularly in emerging economies.
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Recent Developments in the Global Waste Heat to Power Market
- In 2021, scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), an autonomous institution of the Department of Science and Technology (DST), Government of India, discovered a lead-free material called Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) that can efficiently recover electricity from 'waste heat,' signaling a paradigm shift in the thermoelectric puzzle.
- In 2021, IHI Corporation revealed its partnership with US-based investment management company Panamint Capital in August 2021.
Cement Category of the End Use Segment Expected to Generate closed to Half the Total Segment Revenue of the Global Waste Heat to Power Market
For better understanding, based on the End User, the Waste Heat to Power market is divided into Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverage, Glass and Other End Uses.
The cement market was the largest by application, and it is anticipated to hold the top spot during the projected period. The cement industry's high potential for waste heat recovery and significant energy consumption makes it a dominant player in the waste heat to power market. The industry is expected to continue dominating the market in the coming years, particularly in regions where cement production is growing rapidly, such as Asia-Pacific and the Middle East.
On the other hand, Petroleum Refining is anticipated to grow significantly. The refining process consumes significant energy and generates a large amount of waste heat. Waste heat to power technologies could be used to recover and utilize this waste heat to generate electricity and improve the overall energy efficiency of the process.
Europe Region of the Global Waste Heat to Power Market Expected to Generate a Considerable Revenue in the Forecast Period
Europe is a significant waste heat to power market player and is expected to generate substantial revenue in the coming years. The region's commitment to reducing carbon emissions and transitioning to a more sustainable energy system is driving the adoption of waste heat to power technologies. In addition to the government regulations and policies mentioned earlier, Europe's highly industrialized economy provides ample opportunities for waste heat to power systems to be deployed across various industries such as cement, steel, and chemical manufacturing.
The Asia Pacific region is expected to grow fastest in the Waste Heat to Power market. The Asia Pacific region has many energy-intensive industries, such as steel, cement, and chemicals, which generate substantial waste heat during production. The region's energy demand is also increasing due to population growth, urbanization, and the expansion of industrial activities. These factors create a significant opportunity for waste heat to power systems to be deployed and generate electricity from the waste heat that would otherwise be lost.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Waste Heat to Power Market Forecast Report (2023-2030).
Global Waste Heat to Power Market Segmentation
By Technology
- SRC
- ORC
- Kalina
By Power Output
- < 1 MWE
- >1-5 MWE
- >5-10 MWE
- > 10 MWE
By End Use
- Petroleum Refining
- Cement
- Heavy Metal
- Chemical
- Paper
- Food & Beverage
- Glass
- Other End Uses
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 21.5 Billion |
| Revenue Forecast by 2030 | USD 54.4 Billion |
| CAGR | 14.2% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | IHI Corporation, AMEC Foster Wheeler Ltd., Cochran Ltd., Forbes Marshall Private Ltd., Rentech Boiler Systems Inc., Thermax Ltd., Viessmann Limited, General Electric, Ormat Technologies, Exergy SPA. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/waste-heat-to-power-market-2083/request-sample |
Key Questions Answered in the Waste Heat to Power Market Report are:
- What is the current market size of the waste heat to power market, and what is its projected growth rate over the forecast period?
- What are the primary drivers, restraints, and opportunities for the waste heat to power market?
- What are the different types of waste heat to power technologies, and what are their advantages and disadvantages?
- What are the key applications of waste heat to power systems across various industries?
- What are the major challenges faced by waste heat to power technology, and how are they being addressed?
- What is the competitive landscape of the waste heat to power market, and who are the major players operating in the market?
- What are the key trends observed in the waste heat to power market?
- What are the regulatory frameworks and policies governing the waste heat to power market, and how do they impact the market?
- What are the different geographies contributing to the waste heat to power market, and what are the growth prospects for each region?
- What are the future opportunities for the waste heat to power market, and how can stakeholders capitalize on them?
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