Waste Heat to Power Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Waste Heat to Power Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Waste Heat to Power Market size is projected to record a 10.8% CAGR from 2024 to 2032, driven by technological advancements and rising industrial energy demands.

Waste heat to power systems captures excess heat from industrial processes, converting it into usable electricity for enhancing overall energy efficiency. This growing emphasis on energy efficiency is spurring innovations in waste heat recovery technologies. These advancements not only bolster the ability to harness waste heat but also contribute to diminished energy consumption and reduced environmental impacts. For instance, in October 2022, Kawasaki's delivery of its cutting-edge VEGA® Boiler to Taiheiyo Cement marked a significant milestone, being the inaugural deployment of this advanced system. This move underscores the commitment to enhancing energy efficiency for Japanese clients.

The overall market is segregated into technology, end use, and region.

In terms of technology, the ORC segment in the waste heat to power market will experience significant growth by 2032. This is primarily due to its pivotal role in converting low-temperature waste heat into electricity. ORC technology is adept at optimizing energy recovery from industrial processes and various waste heat sources for enhancing efficiency and adaptability.

By end use, the waste heat to power industry value from the food and beverage segment is projected to rise from 2024 to 2032 spurred by the growing adoption of energy efficiency. These systems are valued for converting excess heat from processes like cooking and drying into electricity, thereby curbing overall energy consumption. Furthermore, food and beverage establishments are leveraging waste heat for power generation while aligning with their energy optimization and sustainability objectives.

Regionally, the Asia Pacific waste heat to power market size is projected to exhibit robust growth between 2024 and 2032. This surge is attributed to economic incentives and robust governmental support. Financial incentives and subsidies from governments and organizations are catalyzing the adoption of energy-efficient technologies. Coupled with technological advancements, these incentives are set to amplify the integration of waste heat to power systems across diverse sectors, bolstering energy recovery efforts and championing sustainability in the region.