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Waste Heat to Power Market Size 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 & Beverages, Glass), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI2065
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Statistics

Waste Heat to Power Market size exceeded USD 21.3 billion in 2022 and is projected to expand at more than 14.8% CAGR from 2023 to 2032.

The imposition of stringent emission regulations across several economies in response to the ongoing climate change and environmental degradation will favor the industry dynamics. Waste heat to power is a technique for capturing heat deserted by an existing thermal process and using it for power generation. The skyrocketing emission levels and the ill effects of burning fossil fuels on the environment as well as the climate have encouraged governments and regulatory authorities globally to introduce a strict regulatory framework to reduce carbon footprint.

Waste Heat to Power Market

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For instance, the UK government rolled out the Road to Zero policy that supports the shift toward zero-emission road transport. This comprises a prohibition on the sale of new diesel and petrol cars by 2030 and an absolute ban on fuel-based cars by 2050. The lack of grid infrastructure and high upfront investments associated with WHP technologies may act as a growth barrier. Moreover, the increasing penetration of energy cogeneration and resource recovery technologies will accelerate the industry growth.

Strict regulatory framework to drive product demand across the chemical sector

In terms of end-use, the chemical segment in the waste heat to power market is anticipated to reach nearly USD 9 billion by 2032. The increasing installations of WHP systems across the chemical sector, owing to stringent emission norms, are likely to augment segment revenues throughout the projection period. Waste heat recovery systems are widely used in chemical industries for several applications. These include capturing waste heat from exhaust air or flu gas, preheating combustion air, and drying air or water. Besides, the burgeoning demand for chemicals across the globe will help the industry gain significant impetus in the coming years.

Cost-effective attributes to boost the adoption of SRC technology

Waste Heat to Power Market, By Technology

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Based on technology, the waste heat to power market from steam rankine cycle (SRC) segment is slated to exhibit an over 10% growth rate between 2023 and 2032. SRC is one of the most widely utilized thermodynamic cycles for power generation globally. The technology is highly efficient and cost-effective and has an increased potential to be applied to harness waste heat from automobiles. The increasing efforts toward analyzing the prospects of using the rankine cycle in on-road vehicles, precisely passenger cars, will bring lucrative growth to the WHP industry.

Europe to emerge as a major growth pocket due to improving technological landscape

Europe Waste Heat to Power Market Size, By Technology

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Europe waste heat to power market is expected to witness more than 10% gains through 2032 on the back of increasing efforts toward minimizing carbon and GHG emissions and stringent energy-efficiency norms in the region. The European region is recognized by the accelerating pace of technological innovations, declining WHP systems costs, and support of environmental initiatives. These factors, in tandem with the proliferation of novel waste heat recovery technologies, will aid the regional landscape

Novel innovations to define the competitive outlook

Prominent companies operating in the industry include Cochran Ltd., IHI Corporation, Thermax Ltd., Rentech Boiler System, AC Boiler SpA, General Electric, Forbes Marshall, Walchandnagar Industries Limited (WIL), Mitsubishi Heavy Industries, Aura GmbH, Exergy International, and Siemens Energy.

Players in the market have been putting an increased emphasis on leveraging cutting-edge technologies and innovating new and innovative products with improved capabilities. For instance, in September 2022, Mitsubishi Heavy Industries proclaimed the development of a binary power generation system based on ORC (organic rankine cycle) technology. The system retrieves waste heat from the sulfur-free fuel-burning engines and later converts it into usable energy.

Impact of COVID-19 on the industry trends

The COVID-19 pandemic adversely impacted the waste heat to power market. The immediate shutdown of manufacturing plants and production facilities on account of several priority measures introduced by governments across several economies resulted in a declining business outlook. Halted operations across major end-use industries such as chemicals, glass and metal manufacturing, petrol refining, and others limited energy consumption, disrupting the overall industry value chain.

However, in response to these disruptions, numerous local authorities initiated supportive actions to help product manufacturers resume their industrial operations. In addition, post-lockdown, there has been a visible surge in the adoption of heat exchangers across manufacturing establishments, which is likely to foster the sales of waste heat to power systems in the forthcoming years.

The waste heat to power market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:

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Market Insights, By Technology

  • SRC
  • ORC
  • Kalina

Market Insights, By Power Output

  • ≤ 1 Mwe
  • > 1 - 5 Mwe
  • > 5 - 10 Mwe
  • > 10 MWe

Market Insights, By End Use

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

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • Italy
    • France
    • Belgium
    • Spain
    • Russia
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Philippines
    • Thailand
    • Vietnam
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
  • Latin America
    • Brazil
    • Argentina


Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of waste heat to power crossed USD 21 billion in 2022 and is expected to showcase more than 11% growth rate through 2032 owing to the strict regulations pertaining to reducing carbon and GHG emissions across major economies.

The SRC (Steam Rankine Cycle) segment is expected to expand at over 10% CAGR between 2023 and 2032 driven by the increased growth potential of SRC technology across the automobile sector.

The chemical segment is slated to garner more than USD 9 billion worth of revenues by 2032 due to strict emission norms and a visible surge in waste heat recovery systems across chemical manufacturing units.

The Europe market is estimated to attain nearly 10% gains through 2032 on account of the increasing technological advancements and rollouts of environment-friendly initiatives.

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  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 776
  • Countries covered: 23
  • Pages: 500
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