Waste Heat to Power Market Size By Product (Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle), By Application (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverage, Glass), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, UK, Italy, France, Belgium, Spain, Russia, China, Australia, India, Japan, South Korea, Philippines, Thailand, Vietnam, UAE, Saudi Arabia, South Africa, Brazil, Argentina), Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: September 2017 | 240 Pages | Report ID: GMI2065 Report Format: PDF

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Industry Trends

Waste Heat to Power Market size for 2016 was valued over USD 11 billion and the cumulative capacity is set to exceed 13 GW by 2024.

       U.S. Waste Heat to Power Market Size, By Application, 2016 & 2024 (USD Million)
     U.S. Waste Heat to Power Market Size, By Application, 2016 & 2024 (USD Million)

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Increasing installations of heating units across utility, industrial and commercial applications along with growing focus to reduce operation & maintenance expense will propel the waste heat to power market size. Stringent government regulations to mitigate the greenhouse gas emissions coupled with ongoing measures toward energy conservation will further complement the business outlook. In 2014, European Union, under 2030 climate and energy framework, has set a target to reduce GHG emission by 40% from 1990 level.

Rapid industrialization & urbanization along with increasing demand for clean fuel energy will propel the waste heat to power market share. Replacement and retrofitting of existing power stations with efficient systems will further augment the product landscape. In March 2017, the government of China announced to spend USD 2.17 trillion on infrastructure and transportation projects during the 13th five-year plan.

Rising electricity demand coupled with volatile fossil fuel prices will foster the waste heat to power market growth. Increasing demand for waste heat utilization, from commercial and industrial sector to reduce energy bills will further complement the industry growth. According to the U.S. energy information administration, the commercial and industrial sector consumed around 4,450 trillion Btu energy in 2016.


Waste Heat to Power Market, By Product

Organic Rankine Cycle waste heat to power market share is predicted to witness growth over 17% by 2024.  Ease of parity with different heat sources, low maintenance, and less space utilization are some of the key features which make its adoption preferable over other alternatives. Increasing demand for low grade heat recovery and implementation of system with lower capacity decentralized power plant will stimulate the product penetration.

Ability to offer higher thermodynamic efficiency, flexibility and reduced thermal emissions will positively impact the Kalina cycle waste heat to power market. Ongoing demand for optimized utilization of low temperature thermal sources will complement the industry outlook.

Waste Heat to Power Market, By Application

Cement applications in 2016 accounted for over 22% of the global waste heat to power market share. Growing investments toward infrastructure development coupled with industries focus to meet the energy demand by utilizing residual heat will further embellish the industry growth. Adoption of these systems will reduce the overall operational cost which will boost the product penetration over the forecast timeframe. On an average electric power accounts for approximately one-fourth of total operating cost of a cement plant, where WHP system can generate around 30% of overall electricity needs.

Petroleum refining applications is predicted to reach over USD 4 billion by 2024. Increasing demand for refined petroleum products along with growing measures towards energy conservation will fuel the waste heat to power market. Escalating electricity prices coupled with enacted regulations to control emissions will further complement the business growth.  In January 2017, the U.S. crude oil distillation capacity reached 18.6 million barrels per calendar day, which is by 1.6% higher when compared with 2016.


Waste Heat to Power Market, By Region

Growing measures toward energy conservation coupled with increasing investment towards clean energy technologies will fuel the U.S. waste heat to power market size. Increasing need for expansion and retrofitting of existing industrial equipment owing to strict government emission standards will further complement business growth. The U.S. Environmental Protection Agency (EPA) introduced national emission standards under clean air act to limit emissions of hazardous air pollutants carbon dioxide, mercury and particulate matter.

U.K waste heat to power market size is predicted to reach over 500 MW by 2024. Favorable government policies toward adoption of energy efficient systems along with rising concerns to curb carbon emissions will augment the industry outlook. In Europe, manufactures are required to be complied with industrial emission directive (Directive 2010/75/EU) adopted on 24 November 2010 with an aim to regulate pollutant emission from industrial installations.

Growing investments across chemical industry coupled with positive outlook towards heavy metal and cement manufacturing will stimulate the China waste heat to power market size. The country holds dominant position in chemical industry across the globe, which is likely to boost the product demand. Escalating energy prices along with growing measures toward reducing carbon footprints will further enhance the industry outlook.

Saudi Arabia waste heat to power market is predicted to witness a growth over 14% by 2024. Growing investment towards water desalination industries along with rising electricity demand will embellish the business landscape. In January 2016, Saudi Saline Water Conversion Corporation (SWCC) had announced to invest around USD 80 billion towards desalinated water production by 2025.


                                                  Competitive Market Share

Notable players in the waste heat to power market include Siemens, Thermax, ABB, Mitsubishi, Ormat, Amec Foster Wheeler, ElectraTherm, Kalina power, Cyplan, AQYLON, Enogia SAS, Triogen and Echogen.

Advancement in technologies to recover low grade heat along with highly customized product for several industrial applications have resulted to competitive industrial scenario. Effective technical and after sales support coupled with quicker lead time with further augment the business outlook.

Waste Heat to Power Industry Background

Waste Heat to Power Market Segmentation

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These systems are primarily used to generate electricity by capturing discarded heat by an existing process. It is primarily used by industries including petroleum refining industry, chemical, primary metals, nonmetallic minerals, fabricated metals and paper industries. Growing electricity demand across developing countries along with escalating electricity prices in developed countries will further boost the product penetration.


What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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