Waste Heat to Power Market Analysis

Waste Heat to Power Market Analysis

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.

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 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