The Global Waste Heat To Power Market was valued at USD 31.3 billion in 2025 and is estimated to grow at a CAGR of 9% to reach USD 77.9 billion by 2035.
The market growth is driven by stricter energy efficiency regulations and the rising need for industrial decarbonization. Heavy industries such as cement, steel, glass, chemicals, and pulp & paper operate with high-temperature processes that generate significant thermal losses. WHP systems capture this otherwise wasted heat and convert it into electricity, helping facilities reduce energy consumption, meet efficiency targets, and comply with internal carbon budgets or ISO 50001-style programs. Energy price volatility makes self-generation particularly valuable, as WHP provides reliable, low-cost power while reducing dependence on the grid and exposure to peak tariffs. Multi-plant deployments create cost synergies, improve power factor, and lower demand charges. Increasing ESG commitments and the drive toward sustainable industrial operations have positioned WHP as a strategic energy management tool for energy- and emissions-intensive industries. Over time, these systems provide measurable cost savings and operational resilience across sectors.
The Steam Rankine Cycle (SRC) segment reached USD 23.5 billion in 2025 and is forecasted to grow at a CAGR of 7.5% through 2035. SRC remains the preferred technology in industries with high-temperature waste heat availability due to its proven turbine performance and familiarity among plant operators. Its compatibility with existing boiler and steam infrastructure makes it ideal for large-scale industrial applications, supporting widespread adoption in cement, steel, petrochemical, and power generation facilities. The long operational history and reliability of SRC systems reinforce confidence in deploying them for continuous industrial processes.
The cement segment held a 21.8% share in 2025 and is expected to grow at a CAGR of 8.5% through 2035. High-temperature processes in cement and refinery operations create consistent waste heat streams suitable for electricity generation. Rising energy costs and decarbonization pressures are encouraging plants to leverage WHP systems to reduce fuel use, electricity purchases, and grid reliance. Regulatory requirements and corporate ESG initiatives further drive the adoption of WHP as a solution to enhance energy efficiency while supporting sustainability goals and operational optimization.
North America Waste Heat to Power Market generated USD 3.3 billion in 2025. Energy-intensive sectors such as petroleum refining, chemicals, steel, food processing, and cement contribute significant thermal losses that can be captured for on-site power generation. The adoption of Organic Rankine Cycle (ORC) systems is growing due to their flexibility in handling diverse temperature profiles and retrofitting capabilities for existing industrial sites. Incentives under clean energy programs, coupled with rising electricity costs and corporate sustainability mandates, are accelerating the deployment of WHP systems as a cost-effective and environmentally responsible solution for distributed power generation.
Key players operating in the Global Waste Heat to Power Market include AC Boiler SpA, ALFA LAVAL, Atlas Copco, Aura GmbH & CO. KG, Climeon, Cochran Ltd., Dürr Group, Exergy International Srl, Forbes Marshall, General Electric, IHI Corporation, Mitsubishi Heavy Industries, Ltd., Ormat Technologies, Rentech Boiler System, Siemens Energy, Thermax Ltd, Turboden, and Walchandnagar Industries Limited (WIL). Companies in the waste heat to power market are adopting multiple strategies to strengthen their position and expand market share. These include investing in R&D to enhance efficiency and retrofit capabilities for diverse industrial heat sources. Firms are forming strategic alliances and partnerships with energy service providers and technology companies to expand deployment opportunities and integrate advanced control systems. Companies are also entering new geographic markets and providing turnkey solutions to increase adoption among heavy industrial clients.
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The market growth is driven by stricter energy efficiency regulations and the rising need for industrial decarbonization. Heavy industries such as cement, steel, glass, chemicals, and pulp & paper operate with high-temperature processes that generate significant thermal losses. WHP systems capture this otherwise wasted heat and convert it into electricity, helping facilities reduce energy consumption, meet efficiency targets, and comply with internal carbon budgets or ISO 50001-style programs. Energy price volatility makes self-generation particularly valuable, as WHP provides reliable, low-cost power while reducing dependence on the grid and exposure to peak tariffs. Multi-plant deployments create cost synergies, improve power factor, and lower demand charges. Increasing ESG commitments and the drive toward sustainable industrial operations have positioned WHP as a strategic energy management tool for energy- and emissions-intensive industries. Over time, these systems provide measurable cost savings and operational resilience across sectors.
The Steam Rankine Cycle (SRC) segment reached USD 23.5 billion in 2025 and is forecasted to grow at a CAGR of 7.5% through 2035. SRC remains the preferred technology in industries with high-temperature waste heat availability due to its proven turbine performance and familiarity among plant operators. Its compatibility with existing boiler and steam infrastructure makes it ideal for large-scale industrial applications, supporting widespread adoption in cement, steel, petrochemical, and power generation facilities. The long operational history and reliability of SRC systems reinforce confidence in deploying them for continuous industrial processes.
The cement segment held a 21.8% share in 2025 and is expected to grow at a CAGR of 8.5% through 2035. High-temperature processes in cement and refinery operations create consistent waste heat streams suitable for electricity generation. Rising energy costs and decarbonization pressures are encouraging plants to leverage WHP systems to reduce fuel use, electricity purchases, and grid reliance. Regulatory requirements and corporate ESG initiatives further drive the adoption of WHP as a solution to enhance energy efficiency while supporting sustainability goals and operational optimization.
North America Waste Heat to Power Market generated USD 3.3 billion in 2025. Energy-intensive sectors such as petroleum refining, chemicals, steel, food processing, and cement contribute significant thermal losses that can be captured for on-site power generation. The adoption of Organic Rankine Cycle (ORC) systems is growing due to their flexibility in handling diverse temperature profiles and retrofitting capabilities for existing industrial sites. Incentives under clean energy programs, coupled with rising electricity costs and corporate sustainability mandates, are accelerating the deployment of WHP systems as a cost-effective and environmentally responsible solution for distributed power generation.
Key players operating in the Global Waste Heat to Power Market include AC Boiler SpA, ALFA LAVAL, Atlas Copco, Aura GmbH & CO. KG, Climeon, Cochran Ltd., Dürr Group, Exergy International Srl, Forbes Marshall, General Electric, IHI Corporation, Mitsubishi Heavy Industries, Ltd., Ormat Technologies, Rentech Boiler System, Siemens Energy, Thermax Ltd, Turboden, and Walchandnagar Industries Limited (WIL). Companies in the waste heat to power market are adopting multiple strategies to strengthen their position and expand market share. These include investing in R&D to enhance efficiency and retrofit capabilities for diverse industrial heat sources. Firms are forming strategic alliances and partnerships with energy service providers and technology companies to expand deployment opportunities and integrate advanced control systems. Companies are also entering new geographic markets and providing turnkey solutions to increase adoption among heavy industrial clients.
Comprehensive Market Analysis and Forecast
- Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
- Competitive landscape with Porter’s Five Forces and PESTEL analysis
- Market size, segmentation, and regional forecasts
- In-depth company profiles, business strategies, financial insights, and SWOT analysis
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Table of Contents
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Industry Insights
Chapter 4 Competitive Landscape, 2025
Chapter 5 Market Size and Forecast, by Technology, 2022-2035 (USD Million & MW)
Chapter 6 Market Size and Forecast, by Application, 2022-2035 (USD Million & MW)
Chapter 7 Market Size and Forecast, by Region, 2022-2035 (USD Million & MW)
Chapter 8 Company Profiles
Companies Mentioned
The companies profiled in this Waste Heat to Power market report include:- AC Boiler SpA
- ALFA LAVAL
- Atlas Copco
- Aura GmbH & CO. KG
- Climeon
- Cochran Ltd.
- Dürr Group
- Exergy International Srl
- Forbes Marshall
- General Electric
- IHI Corporation
- Mitsubishi Heavy Industries, Ltd.
- Ormat Technologies
- Rentech Boiler System
- Siemens Energy
- Thermax Ltd
- Turboden
- Walchandnagar Industries Limited (WIL)
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | January 2026 |
| Forecast Period | 2025 - 2035 |
| Estimated Market Value ( USD | $ 31.3 Billion |
| Forecasted Market Value ( USD | $ 77.9 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 19 |
