Waste Heat to Power Market to Reach Valuation of USD 54.4 Billion by 2030 – Growth in the Adoption of Cloud and Big Data Drives the Market

The growing concerns about global warming combined with the desire to reduce greenhouse gas emissions and improve the efficiency of its factories are the main drivers behind the development of the thermal energy market. Strict government energy regulations on CO2 emissions from waste heat are also driving the development of the thermal energy market. New technological advances from WHP system suppliers are another important factor driving the global expansion of the waste heat market. The growth of the industrial sector is expected to drive the growth of the waste heat market in the future. Capital investment, labor input, financial investment and technological innovation are the main growth drivers of the industry. Production of non-metallic minerals, petroleum refining and heavy metal production are some of the major application areas with high waste heat recovery potential. For example, the industrial sector accounted for 36% of total US final energy consumption and 33% of total US energy consumption in 2020, according to the American Energy Information Administration.

Key Highlights from the Report

· Based on Technology, the steam rankine cycle (SRC) The segment is expected to dominate the {keyword}} market with the largest market share over the forecast period considering that it is highly efficient and cost-effective.

· By End Use, the market is segmented as petroleum refining, cement industry, heavy metal production, chemical industry, pulp and paper industry, food and beverage industry, glass industry and others. The cement industry segment is expected to remain the largest segment by application type during the forecast period.

· In terms of Region, Europe held the major market share in 2021 and is likely to be the most gainful market in the future. The region excels at accelerating the pace of technological innovation, lowering the cost of health and safety systems, and supporting eco-friendly initiatives.

Market Dynamics

Waste Heat to Poweris the recovery of waste heat from an industrial process, which can then be used to generate electricity. Waste heat flows are generated by turbines, engines, furnaces, furnaces, etc. in the entire industrial sector. Landfills, mines and compressor stations also generate waste heat for the power supply, which is mainly used in industrial areas with favorable waste heat flow properties. The introduction of strict emissions regulations in several economies in response to ongoing climate change and environmental degradation will help propel the industry forward. Strict government energy regulations regarding CO2 emissions from waste heat are also driving the growth of the thermal energy market. New technological advances from WHP system suppliers are another major factor driving the global expansion of the Waste Heat to Powermarket.

The growth in the industrial sector is expected to drive the growth of the Waste Heat to Power market in the future. Capital investment, labor input, financial investment and technological innovation are the main growth drivers of the industry. Production of non-metallic minerals, petroleum refining and heavy metal production are just a few of the main application areas with great potential for waste heat recovery. For example, according to the American According to the Energy Information Administration, the industrial sector accounted for 36% of total US final energy consumption and 33% of total US energy consumption in 2020.

However, there is a general lack of end-user awareness of waste heat technologies, and their benefits are a major factor slowing down the development of the waste heat market. The lack of network infrastructure and the high capital expenditure associated with WHP technologies can also be a barrier to growth.

Europe Waste Heat to Power market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like IHI Corporation, AMEC Foster Wheeler Ltd., Cochran Ltd., Forbes Marshall Private Limited, are anticipated to accelerate market growth in the area. Europe is estimated to be the largest waste heat market for electricity in the forecast period. The European market for waste heat for power generation is expected to grow by more than 10% by 2032, thanks to increased efforts to minimize carbon and CHG emissions and strict energy efficiency standards in the region. The region excels at accelerating the pace of technological innovation, lowering the cost of health and safety systems, and supporting eco-friendly initiatives. These factors, combined with the proliferation of new waste heat recovery technologies, will favor the regional landscape. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

The Global Waste Heat to Power Market is Segmented as follows

• 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

List of the Key Players of the Global Waste Heat to Power Market is

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)

The Global Waste Heat to Power Market Scope can be Tabulated as below