Waste Heat to Power Market Size By Technology (SRC, ORC, Kalina), By End-Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverages, Glass), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share &

Waste Heat to Power Market Size By Technology (SRC, ORC, Kalina), By End-Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverages, Glass), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

The global waste heat to power (WHP) market is slated to grow through 2032 owing to the increasing demand for clean energy.

The market is growing favorably due to rising energy demand, expanding industrialization, and the establishment of energy efficiency regulations.

In the upcoming years, technology adoption is set to be aided by favorable government policies encouraging the installation of renewable power generation units preferred by national renewable integration targets. For instance, in September 2021, the Dürr Group and Uniper SE jointly created a waste heat solution that provides customers with waste heat use options. Both businesses have enormous potential for lowering energy use and promoting decarbonization.

The waste heat to power market has been bifurcated in terms of technology, end-use, and region.

Based on technology, the Kalina segment recorded more than $784 million market size in 2022 and is anticipated to garner considerable growth rate through the review timeline. The Kalina cycle uses a binary fluid pair, often consisting of ammonia and water, and operates on the same principles as the SRC and ORC. Due to the varying boiling points of these liquids, a better thermal match is achieved by controlling the pressure during evaporation.

With respect to end-use, the petroleum refining segment is expected to showcase substantial growth rate by the end of 2032 credited to the increased attention on energy efficiency and the need for dependable electricity. Meanwhile, the cement segment is set to garner approximately 11% CAGR from 2023 to 2032 attributed to the adoption of the product throughout cement plants.

On the other hand, the paper segment is set to witness nearly 12% CAGR over the forthcoming years because of the rise in popularity of ORC-based systems. It can retrieve a sizable amount of heat from low-temperature sources which is another factor propelling the development of heat recovery technology.

In the meantime, the glass segment is slated to amass sizeable market expansion through the forecast timeframe owing to the government's focus on increasing energy efficiency together with continuous expenditures in the construction of new industrial facilities.

From the regional perspective, the North America waste heat to power market is set to attain a significant growth rate over the estimated timeline boosted by rising onsite power generating needs and a promising forecast for the expansion of the industrial sector. Meanwhile, the Latin America waste heat to power industry is projected to amass over $3 billion market valuation by 2032.