Waste Heat to Power Market Size

Waste Heat to Power Market Size

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.

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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.