Waste Heat to Power Global Market Report 2024

The waste heat to power market size has grown rapidly in recent years. It will grow from $16.63 billion in 2023 to $18.62 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. Historical growth can be attributed to the rising demand for clean energy, robust economic expansion in emerging markets, and growth in the industrial sector.

The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $28.97 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The anticipated growth in the forecast period is driven by increasing electricity demand, government initiatives, and amplified investments. Key trends expected in this period involve partnerships and collaborations, the advancement of lead-free materials for waste power recovery, the rise of direct waste recovery through thermoelectric materials, and a focus on product innovation.

The waste heat to power market is anticipated to experience growth, driven by the expansion of the industrial sector. Factors such as capital investment, labor input, financial investment, and technological innovation play pivotal roles in influencing industrial growth. Notably, application areas such as non-metallic mineral production, petroleum refining, and heavy metal production exhibit substantial waste heat recovery potential. As evidenced by a statistical report published in August 2022 by Eurostat, the industrial production in the European Union (EU) saw an 8% increase in 2021 compared to the previous year (2020). Moreover, the value of sales for industrial production in the EU surged by nearly 14% from $477.45 billion (€4 581 billion) in 2020 to $5429.08 billion (€5 209 billion) in 2021. Thus, the upswing in the industrial sector is a driving force behind the waste heat to power market's growth.

Government initiatives aimed at maximizing energy efficiency are poised to be key drivers for the waste heat to power market. Notably, government actions focusing on the management of waste heat in industries such as oil, gas, and cement are expected to have a positive impact on the market. An illustrative example is the announcement made by the government of India in January 2022. India has outlined ambitious targets, aiming to achieve net-zero emissions by 2070 and secure 50% of its electricity needs from renewable sources by 2030. This commitment reflects a novel approach to economic growth, sidestepping carbon-intensive strategies and potentially serving as a model for other emerging markets. The backing of government initiatives is expected to provide robust support for the waste heat to power market in the future.

The pursuit of lead-free (Pb) materials for waste power recovery is emerging as a notable trend in the market. Traditionally, until 2020, lead was a predominant element in waste heat recovery systems, limiting the widespread application of such technologies. To address this challenge, researchers are focusing on the development of novel lead-free materials capable of recovering waste heat while encompassing diverse qualities in a single material. These desired characteristics include the robust electrical conductivity of metals, the high thermoelectric sensitivity of semiconductors, and the low thermal conductivity of glass. An exemplary instance, in February 2021, the discovery of a lead-free material named Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) by scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) in India. This material exhibits efficient electricity recovery from waste heat, signifying a transformative development in the realm of thermoelectric technology.

Partnerships and collaborations are becoming prominent trends in the waste heat to power market. Companies operating in this sector are increasingly engaging in partnerships and collaborations to fortify their positions in the market. An illustrative collaboration occurred in September 2022 when Transitional Energy, a US-based geothermal technology company, joined forces with ElectraTherm, Inc., a US-based company specializing in waste heat recovery solutions, to convert waste heat into power in the oil and gas industry. Additionally, in February 2021, Siemens Energy AG, a German-based energy company, collaborated with TC Energy, a Canada-based energy company, to establish a waste heat to power facility in Alberta, Canada. This facility aims to capture waste heat from a gas-fired turbine at a pipeline compression station, converting it into emissions-free power. The generated energy will contribute to the grid, powering over 10,000 homes and reducing greenhouse gas emissions by 44,000 tons annually.

In February 2021, Siemens Energy AG, a German energy company, entered into an undisclosed agreement with TC Energy Corporation to develop a waste heat-to-power plant in Alberta, Canada. Siemens Energy will construct and operate the plant, with the potential for TC Energy to reclaim ownership in the future. The plant aims to capture waste heat from a gas-fired turbine at a pipeline compression station and convert it into clean power, contributing to emission reductions. It's projected to annually reduce approximately 44,000 tonnes of greenhouse gases. TC Energy Corporation is a Canadian natural gas company.

Major companies operating in the waste heat to power market report are Mitsubishi Heavy Industries Ltd., Bosch Thermotechnology, Ormat Technologies, IHI Corporation, Dürr Group, Thermax Limited, Exergy SPA, Siemens Energy, ElectraTherm, Enogia SAS, Shenzhen Energy Group, Sunpower Group, Trimble Inc., Kawasaki Heavy Industries Ltd., Siemens AG, Orcan Energy, TomTom, TC Energy, Vital Energi, British Gas, EDF Energy, E. ON Next, Octopus Energy, OVO Energy, ScottishPower, Shell Energy, Hitachi Zosen Inova (HZI), EcoTerra BioGas, CEZ Group, Romelectro, ZiO-Podolsk, Notus Energy, Polish Energy Group, Terrasigna.

Europe was the largest region in the waste heat to power market in 2023. 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. The countries covered in the waste heat to power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary methods in waste heat to power are the steam Rankine cycle, the organic Rankine cycle, and the Kalina cycle. The steam Rankine cycle is a simplified thermodynamic process where heat converts into mechanical work within a constant-pressure heat engine. This cycle typically employs water (in liquid and vapor phases) as its working fluid. Applications of waste heat to power include preheating, steam and electricity generation, among others, across various industries such as petroleum refining, oil and gas extraction, cement, heavy metal production, chemicals, pulp and paper, food and beverage, glass manufacturing, and more.

The waste heat to power market research report is one of a series of new reports that provides waste heat to power market statistics, including waste heat to power industry global market size, regional shares, competitors with a waste heat to power market share, detailed waste heat to power market segments, market trends and opportunities, and any further data you may need to thrive in the waste heat to the power industry. This waste heat to power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The waste heat to power market includes revenues earned by entities by providing services such as ORC, steam cycle, and cascaded steam-organic cycle. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.