Waste Heat to Power Market 2024 - By Size, Share, Growth And Global Forecast Report 2033

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%. The growth in the historic period can be attributed to increasing demand for clean energy, strong economic growth in emerging markets and growth in 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 growth in the forecast period can be attributed to rising electricity demand, government initiatives and increasing investments. Major trends in the forecast period include partnership & collaboration, development of lead-free materials for waste power recovery, emergence of direct waste recovery using thermoelectric materials and product innovation. .

Market Overview -
Waste heat to power refers to the process of capturing heat discarded by an existing thermal process and using that heat to generate power. Waste heat to power reduces pollution, equipment size, and auxiliary energy consumption.

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Industrial Sector Expansion Fuels Surge In Waste Heat Power Market
The growth in the industrial sector is expected to propel the growth of waste heat in the power market going forward. Capital investment, labor input, financial investment, and technological innovation are the major factors influencing industrial growth. Non-metallic mineral production, petroleum refining, and heavy metal production are some of the key application areas with considerable waste heat recovery potential. For instance, according to a statistical report published in August 2022 by Eurostat, a Luxembourg-based publisher of statistics for the European Union, in 2021, the EU's industrial production increased by 8% over the previous year 2020. Furthermore, in 2021, the value of sales for industrial production in the European Union was $5429.08 billion (€5 209 billion), up by nearly 14% from $477.45 billion (€4 581 billion) in 2020. Therefore, the growth in the industrial sector is driving the growth of waste heat in the power market.

Competitive Landscape -
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

Lead-Free Materials Transforming Waste Heat Recovery In Power Generation
The development of lead-free (PB) materials for waste power recovery is a key trend in the market. Until 2020, lead was the only major element used in waste heat recovery systems, which is limiting the mass applications of waste heat. As a result, scientists are working on novel lead-free materials to recover waste heat with seemingly different qualities into a single material: the strong electrical conductivity of metals, the great thermoelectric sensitivity of semiconductors, and the poor thermal conductivity of glass. For instance, in February 2021, scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), India, 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.

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Key Segments -
The waste heat to power market covered in this report is segmented -
1) By Product: Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle
2) By Application: Preheating, Steam And Electricity Generation, Other Applications
3) By End Users: Petroleum Refining And Oil & Gas Extraction, Cement Industry, Heavy Metal Production, Chemical Industry, Pulp And Paper, Food And Beverage, Glass Industry, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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