The global Waste Heat To Power Market was valued at USD 21.5 Billion in 2022 and is projected to reach a value of USD 54.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 14.2% over the forecast period.
Waste heat is the energy generated during industrial processes that are wasted and released into the atmosphere without being put to any good use. Waste heat sources include heat released during combustion processes and heat lost by conduction, convection, and radiation from industrial products, equipment, and processes. Due to numerous driving factors, the global Waste Heat To Power market is expected to grow rapidly during the forecast period. Governments and regulatory bodies worldwide have been prompted to adopt a tight regulatory framework to decrease carbon footprint due to the increasing emission levels and negative impacts of burning fossil fuels on the ecosystem and climate. As an illustration, the UK government recently unveiled the Road to Zero initiative, which encourages the transition to zero-emission road transportation.
Waste Heat To Power Market Size, 2022 To 2030 (USD Billion)
By 2030, the sale of new diesel and gasoline vehicles will be prohibited, and by 2050, all fuel-based vehicles will be completely outlawed. Resource recovery and energy cogeneration technology will also accelerate the industry's growth. Due to strict emission regulations, the chemical industry is installing more WHP systems, which is expected to increase segment revenues throughout the projection period. Systems for recovering waste heat are frequently employed in the chemical industry for various purposes. They involve drying air or water, preheating combustion air, and capturing waste heat from exhaust or flu gas. Also, the business will experience significant growth in the upcoming years' thanks to the rising need for chemicals worldwide.
The increase of waste heat in the power industry is anticipated to be fueled by the expansion of the industrial sector. The main elements affecting industrial growth are capital investment, labour input, financial investment, and technical innovation. Some of the primary application areas with significant waste heat recovery potential are the manufacturing of non-metallic minerals, petroleum refineries, and heavy metals. For instance, according to the U.S. Energy Information Administration, the industrial sector accounted for 36% of all end-use energy consumption in the United States and 33% in the country in 2020. According to new Central Statistical Office statistics, the factory output of the non-metallic mineral goods sector increased by 8.0% in February 2020 compared to February 2019.
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The world bank has predicted a recession in many nations in 2023 due to the central banks' increased interest rates. The GDP growth rate in 2023 is predicted to be 1.7%, which would be the slowest rate of the recession since 1993. The downturn is expected to be noticeable in advanced/developed economies like the United States. A crisis has resulted from Russia's invasion of Ukraine, but it is worse in European nations. Due to Russia's illegal and unprovoked conflict with Ukraine, the markets for phenoxycycloposphazene have seen a major decline in European sales.
Top Market Trends
1. Development of Lead-Free Materials: A significant market trend is the development of lead-free (PB) materials for waste power recovery. The only significant element employed in waste heat recovery systems until 2020 was lead, restricting the widespread utilization of waste heat. Scientists are developing revolutionary lead-free materials to combine waste heat with attributes that appear disparate into a single material—strong electrical conductivity of metals, high thermoelectric sensitivity of semiconductors, and poor thermal conductivity of glasses.
2. Increasing Collaborations Among Prominent Players: A significant market trend is the development of lead-free (PB) materials for waste power recovery. The only significant element employed in waste heat recovery systems until 2020 was lead, restricting the widespread utilization of waste heat. Scientists are developing revolutionary lead-free materials to combine waste heat with attributes that appear disparate into a single material—strong electrical conductivity of metals, high thermoelectric sensitivity of semiconductors, and poor thermal conductivity of glasses. For instance, the creation of a binary power generation system based on ORC (organic rankine cycle) technology was announced by Mitsubishi Heavy Industries. The system collects waste heat from the engines that burn sulfur-free fuel and transforms it into useful energy.
3. Rising Awareness Among the Masses: The Waste Heat To Power market systems are mostly utilized in organizations, sole proprietors, and partnerships that sell Waste Heat To Power goods. These companies absorb heat released by an existing process and use it to generate electricity. Waste heat is energy generated during industrial processes but not used. Therefore, it is either lost, thrown away, or released into the environment. Among other energy-intensive industrial operations, steel mills, refineries, glass furnaces, and cement kilns all produce hot waste streams and exhaust gases that can produce electricity using well-established technology. It decreases auxiliary energy use, pollutants, and equipment size.
The global Waste Heat To Power market can be categorized on the following: Technology, Power Output, End Use, and Region. Based on Technology, the market can be segmented into SRC, ORC, and Kalina. Furthermore, based on Power Output, the market can be split between < 1 MWE, >1-5 MWE, >5-10 MWE, and > 10 MWE. In addition, based on End Use, the market can be further fragmented into Petroleum Refining, Cement, Heavy Metal, Chemical Industry, Paper, Food & Beverage, Glass, and Other End Uses. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Technology
SRC to Dominate Global Market Owing to a Cost-Effective Technology
The global Waste Heat To Power market is expected to be dominated by the SRC in terms of revenue and share during the forecast period. One of the most often used thermodynamic cycles for power generation worldwide is the SRC. The technology has a greater potential for harnessing the waste heat from 3/7 autos because it is highly efficient and economical. The Waste Heat To Power industry will experience profitable growth as more research is done on the possibilities of implementing the rankine cycle in on-road vehicles, namely passenger cars. The segment is preferred due to its ease of operation and low maintenance cost. The ORC segment is expected to grow with the fastest-growing CAGR during the forecast period owing to a reduction in cooling loads which leads to the supply of additional horsepower to the engine.
Based on End Use
Cement to Account for the Largest Market Share Owing to the Growing Prominence of ORC based Systems
The cement sector is expected to dominate the global Waste Heat To Power market during the forecast period in terms of revenue and share. The Waste Heat To Power market for cement industry applications is being driven by the growing popularity of ORC-based systems and the enormous potential for heat recovery given by the cement industry. One of the key businesses required for sustainable growth is the cement industry. It could be viewed as the foundation for development. The solid waste known as cement by-pass dust, gathered from the bottom of the dust filter, is the principal source of pollution the cement industry produces. Petrol refining is expected to grow with the fastest-growing CAGR during the forecast period due to the amount of benzene and other similar organic chemicals in crude oil. Unfined petroleum wastes are usually always sufficient to classify them as hazardous waste.
Based on Region
Europe to Lead Global Market Sales Owing to Easy Adaptability & Supportive Infrastructure
The global Waste Heat To Power market is expected to be dominated by the region of Europe during the forecast period in terms of revenue and share. The region is exhibiting significant growth due to increased efforts to reduce carbon and GHG emissions and strict energy-efficiency standards. The rate of technological advancement is accelerating, the price of WHP systems is falling, and environmental activities are supported throughout the European region. These elements will help the regional landscape, together with the spread of revolutionary waste heat recovery technology. The market for waste to heat in this area is expanding due to benevolent government policies and initiatives to lower GHG emissions.
Asia Pacific is expected to grow with the fastest-growing CAGR during the forecast period. The growth of the Waste Heat To Power market is anticipated to be fueled by the expansion of the industrial sector. The main elements affecting industrial growth are capital investment, labour input, financial investment, and technical innovation. Some of the primary application areas with significant waste heat recovery potential are the manufacturing of non-metallic minerals, petroleum refineries, and heavy metals.
The global Waste Heat To Power market is expected to be fragmented due to the number of several players. Various players in the industry are focusing on organic growth strategies such as product advancements, reallocation of resources, and patent allocation. Players have also focused on inorganic growth strategies such as acquisitions, mergers, and partnerships. A combination of these activities is increasing the presence of market leaders and widening their respective consumer bases.
The key players in the global Waste Heat To Power market include - IHI Corporation (Japan), AMEC Foster Wheeler Ltd. (UK), Cochran Ltd. (UK), Forbes Marshall Private Ltd. (India), Rentech Boiler Systems Inc. (U.S.), Thermax Ltd. (India), Viessmann Limited (Germany), General Electric (U.S.), Ormat Technologies (U.S.), Exergy SPA. (Italy) among others.
Recent Market Developments
· February 2022: A lead-free material called Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) that can efficiently recover electricity from waste heat has been discovered by researchers at the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), an autonomous institution of the Department of Science and Technology (DST), Government of India. This discovery marks a paradigm shift in the thermoelectric puzzle.
· February 2021: An unspecified sum was agreed upon between TC Energy Corporation and Siemens Energy AG, a German energy business, to commission a waste heat-to-power plant installation in Alberta, Canada. As part of the agreement, Siemens Energy will construct and manage the facility, with TC Energy having the option to retake ownership in the future. The facility would collect waste heat from a gas-fired turbine at a pipeline compression station and transform it into emissions-free power. A projected 44,000 tonnes of greenhouse gas emissions will be reduced annually due to the electricity generated being sent back into the grid.
Segmentation of the Global Waste Heat To Power Market
- Technology (SRC, ORC, Kalina)
- Power Output (< 1 MWE, >1-5 MWE, >5-10 MWE, > 10 MWE)
- End Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverage, Glass, Other End Uses)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- IHI Corporation (Japan)
- AMEC Foster Wheeler Ltd. (UK)
- Cochran Ltd. (UK)
- Forbes Marshall Private Ltd. (India)
- Rentech Boiler Systems Inc. (U.S.)
- Thermax Ltd. (India)
- Viessmann Limited (Germany)
- General Electric (U.S.)
- Ormat Technologies (U.S.)
- Exergy SPA. (Italy)
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