Europe Waste Heat to Power Market Size - By Technology (SRC, ORC, Kalina), By End-Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverages, Glass) & Forecast, 2023 – 2032

Europe Waste Heat to Power Market Size

Europe Waste Heat to Power Market was valued at USD 8.9 billion in 2022 and is projected to grow at a CAGR of over 10.6% from 2023 to 2032. Waste heat to power (WHP) systems are garnering growing attention within energy-intensive industries due to their capacity to reduce carbon emissions and contribute to clean energy endeavours. These systems find prominent End use in industries like cement production, petroleum refining, and heavy metal processing. Ongoing investments in the establishment of new industrial facilities, coupled with the increasing emphasis on energy optimization and management in process industries, have provided additional impetus for the adoption of these systems.
 

The continuous drive to bolster domestic manufacturing, combined with a favorable outlook regarding long-term political stability, has heightened the appeal of emerging regions as prime destinations for new investments. This trajectory is expected to persist in the future, leading to a rising demand for electricity from Energy-Intensive Industries (EIIs). Waste Heat to Power (WHP) systems, thanks to their capacity to reduce electricity costs and carbon emissions, are poised to assume a pivotal role in these burgeoning economies.
 

One of the primary obstacles to the adoption of waste heat to power (WHP) systems is the substantial initial investment needed for the establishment of these plants. Essential components such as boilers, turbines, generators, and associated infrastructure are integral to a WHP plant, and the cost of these components is significantly influenced by the intended capacity of the heat recovery systems.

COVID-19 Impact

The global economy will witness a minimal impact considering favorable operating conditions including ongoing measures toward clean power generation practices. Organizations are focusing on resuming normal operations as the opportunity arises. The developed economies are focusing on over-compensating the recent impacts of COVID-19 by fast tracking the operations of their existing waste heat recovery plants.
 

Europe Waste Heat to Power Market Trends

The European waste heat to power industry is poised for robust expansion due to the implementation of energy efficiency standards and the concerted efforts to reduce greenhouse gas emissions in critical economic sectors. The combination of decreasing costs, technological advancements, and a favorable policy environment has led to the increased adoption of waste heat recovery technologies in major European economies. The long-term advantages of decarbonizing energy-intensive industries and the growing emphasis on sustainable development have intensified the focus on harnessing heat from industrial waste streams.
 

Increased energy demand, swift industrialization, and the implementation of energy efficiency regulations have had a favorable effect on the utilization of waste heat to power (WHP) systems. Factors such as escalating electricity prices, stringent emissions standards, and the decreasing costs of WHP facilities have contributed to a heightened adoption of these systems in recent years.
 

Europe Waste Heat to Power Market Analysis

Based on technology, the SRC segment exceeded USD 6.8 billion in 2022. The Steam Rankine Cycle (SRC) stands as the most commonly employed technology for generating power from thermal energy sources. This technology harnesses heat to generate steam, and the steam is subsequently employed to drive a steam turbine, thereby producing electricity. SRC-based systems are known for their optimal efficiency and cost-effectiveness when operated within a medium to high-temperature range, typically falling between 340°C and 370°C.
 

Based on End Use, the cement segment is set to grow at a CAGR of over 11% through 2032. Cement production stands out as a prominent industry in the Europe region. The rising electricity costs, coupled with substantial opportunities for heat recovery, have spurred the adoption of heat recovery systems in cement plants. This transition towards the utilization of heat recovery technologies is additionally fueled by the increasing popularity of Organic Rankine Cycle (ORC) based systems, which have the capability to capture a substantial amount of heat from low-temperature sources.
 

The waste heat to power market across Germany held a market share of over 17.8% in 2022. Germany has been at the forefront of energy efficiency regulations, and this has driven the adoption of WHP systems. The country has strict energy efficiency standards and policies in place to reduce energy consumption and emissions, making WHP an attractive solution for industrial and commercial End Uses. The industrial sector in Germany, which includes manufacturing, chemical, and steel industries, has been actively adopting WHP systems to harness waste heat generated during their processes. This not only helps in reducing energy costs but also in meeting sustainability goals.
 

Various government incentives, subsidies, and support programs have encouraged the deployment of WHP systems. These incentives aim to promote the development and adoption of efficient and sustainable energy solutions. Continuous advancements in technology, such as more efficient Organic Rankine Cycle (ORC) systems and improved heat exchangers, have made WHP systems more cost-effective and reliable, further driving their adoption.
 

Europe Waste Heat to Power Market Share

Ormat Technologies commands a substantial share in the market, distinguished for its extensive experience in engineering and producing diverse waste heat recovery technologies, encompassing SRC, ORC, among others. With a rich history deeply rooted in the sustainable technologies sector, the company has delivered ORC solutions across a broad spectrum of application, spanning oil & gas, food & beverage, paper, chemical, and others.
 

Some of the key market players operating across the Europe waste heat to power industry are:

• IHI Corporation
• Cochran
• Siemens Energy
• Durr Group
• Ormat Technologies, Inc.
• EXERGY INTERNATIONAL SRL
• Climeon
• AURA
• Mitsubishi Heavy Industries, Ltd.
• Forbes Marshall
• General Electric
• AC Boiler SpA
• Thermax Ltd
• Enertime
• Turboden S.p.A

Europe Waste Heat to Power Industry News

• In May 2021, Siemens licensed patented technology from Echogen Power Systems to use supercritical CO2 as working fluid in a closed-loop power cycle to accumulate waste heat from the generating source and further convert it into electrical energy. These cycles can operate autonomously with neutral water consumption and free from the risk of freezing, which is especially important across remote cold-weather sites.
   

This Europe waste heat to power market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume & revenue in MW & USD Million from 2019 to 2032, for the following segments:

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By Technology

• Steam Rankine Cycle (SRC)
• Organic Rankine Cycle (ORC)
• Kalina Cycle

By End Use

• Petroleum Refining
• Cement
• Heavy Metal
• Chemical
• Paper
• Food & Beverage
• Glass
• Others

The above information is provided for the following countries:

• Germany
• UK
• Italy
• France
• Belgium
• Spain
• Russia