Richmond, Dec. 08, 2023 (GLOBE NEWSWIRE) -- According to a research report "Waste Heat to Power Market, by Technology (Steam Rankine Cycle (SRC), Organic Rankine Cycle (ORC) and Kalina Cycle), Power Output (≤ 1 Mwe, > 1 - 5 Mwe, > 5 - 10 Mwe and > 10 MWe), End Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverage, Glass and Others), and Region - Global Forecast to 2030".
Global Waste Heat to Power Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 24.5 Billion |
| Market size value in 2030 | USD 65.6 Billion |
| CAGR (2023-2030) | 15.1% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Waste Heat to Power Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Waste heat refers to the energy produced in industrial processes that goes unused, being released into the atmosphere. This energy is derived from various sources, including combustion processes and the loss of heat through conduction, convection, and radiation from industrial equipment, products, and processes. The global Waste Heat To Power market is anticipated to experience significant growth in the forecast period due to various driving factors. To address the escalating levels of emissions and the adverse effects of burning fossil fuels on the environment and climate, governments and regulatory bodies worldwide are implementing stringent regulatory frameworks. As an example, the UK government recently introduced the Road to Zero initiative, promoting the transition to zero-emission road transportation.
Major Vendors in the Global Waste Heat To Power Market:
- ABB Group
- Cain Industries
- Calnetix Technologies LLC
- Dürr Cyplan Ltd.
- Echogen Power Systems
- ElectraTherm Inc.
- Exergyn
- General Electric Company
- Heliex Power Ltd.
- Mitsubishi Hitachi Power Systems Ltd.
- Ormat Technologies Inc.
- Siemens AG
- Thermax Limited
- Triogen BV
- Turboden S.p.A.
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Development of Lead-Free Materials
The global Waste Heat To Power market is witnessing a notable development in the advancement of lead-free materials. This innovation marks a significant shift away from traditional materials containing lead, which can have adverse environmental and health implications. The development of lead-free materials in the Waste Heat To Power sector reflects a growing emphasis on sustainability and eco-friendly practices. Manufacturers and researchers are actively exploring alternative materials that not only harness waste heat efficiently but also adhere to stringent environmental regulations. This trend aligns with a broader global effort to reduce the environmental impact of industrial processes and promote cleaner, greener energy solutions within the Waste Heat To Power market.
Market Dynamics
Drivers:
- Increasing Demand for Clean Energy
- Volatile energy prices, prompting industries to seek cost-effective solutions
- Continual advancements in WHP technologies
Opportunities:
- Integration with Renewable Energy Sources
- Decentralized Power Generation
- Growing Awareness and Public Support
Diversification of Applications
The global Waste Heat To Power market is experiencing a notable diversification of applications, signaling a dynamic evolution in its utilization. Traditionally associated with specific industrial processes, Waste Heat To Power technologies are now finding new and varied applications across different sectors. This diversification reflects the versatility of harnessing waste heat and its potential contribution to sustainable energy solutions. From industrial settings to commercial establishments, the expanding range of applications underscores the adaptability of Waste Heat To Power technologies. This trend not only broadens the market's scope but also highlights the growing recognition of waste heat as a valuable and untapped resource with the capacity to address diverse energy needs in an environmentally responsible manner.
The market for Waste Heat to Power is led by Europe.
In 2022, In terms of revenue and market share, Europe is projected to dominate the global waste heat to power market during the forecast period. This dominance is attributed to the region's notable growth driven by increased initiatives to curb carbon and greenhouse gas (GHG) emissions, coupled with stringent energy-efficiency standards. Technological advancements are rapidly progressing, leading to a decline in the cost of waste heat to power systems, while environmental efforts receive substantial support across Europe. These factors, combined with the widespread adoption of innovative waste heat recovery technology, contribute to the favorable landscape in the region. The expansion of the waste to heat market in Europe is further propelled by benevolent government policies and initiatives aimed at reducing GHG emissions.
Meanwhile, the Asia Pacific region is expected to experience the fastest-growing compound annual growth rate (CAGR) during the forecast period. The industrial sector's expansion is anticipated to be a key driver for the growth of the waste heat to power market in this region. Capital investment, labor input, financial investment, and technological innovation emerge as pivotal factors influencing industrial growth. Noteworthy application areas with substantial waste heat recovery potential include the manufacturing of non-metallic minerals, petroleum refineries, and heavy metals.
The Rotary Wing Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on technology the market is categorized into Steam Rankine Cycle (SRC), Organic Rankine Cycle (ORC) and Kalina Cycle. The SRC is anticipated to dominate the global waste heat to power market in terms of both revenue and market share. Widely adopted for power generation on a global scale, the SRC stands out as one of the most frequently employed thermodynamic cycles. Its efficiency and cost-effectiveness make it particularly well-suited for harnessing waste heat, especially from 3/7 automobiles. The Waste Heat To Power industry is poised for lucrative growth, with ongoing research exploring the integration of the rankine cycle in on-road vehicles, particularly in the passenger car segment. This preference is attributed to the ease of operation and minimal maintenance costs associated with the rankine cycle. Meanwhile, the ORC segment is projected to exhibit the fastest-growing CAGR during the forecast period, driven by a reduction in cooling loads that provides additional horsepower to the engine.
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