"The Global Waste Heat To Power Market was valued at USD 16.69 billion in 2025 and is projected to reach USD 48.56 billion by 2034, growing at a CAGR of 12.6%."
The Waste Heat to Power (WHP) Market involves harnessing waste heat from industrial processes, power plants, and engine exhaust systems to generate electricity. By converting excess thermal energy typically exhausted at high temperatures into mechanical or electrical power via Organic Rankine Cycle (ORC), steam turbines, or Kalina cycle systems, WHP solutions improve overall energy efficiency and reduce fuel consumption. These systems are widely deployed in industries such as manufacturing, cement, steel, waste-to-energy, and district heating. With global energy costs rising and sustainability mandates tightening, companies are increasingly exploring waste heat recovery projects to enhance energy resilience and reduce greenhouse gas emissions while yielding additional power generation revenue.
Growth in the WHP market is driven by expanding industrial output, stringent environmental regulations, and the push for decarbonization in hard-to-abate sectors. Geographic drivers include robust industrial activity and incentives in regions such as Asia Pacific and North America, where industries benefit from favorable policies encouraging energy efficiency upgrades. Europe is also investing heavily in WHP technologies as part of broader circular economy and low-carbon strategies. Advances in modular ORC systems, improved heat-to-power conversion efficiency, and digital monitoring platforms are enhancing the viability of WHP projects. Hybrid systems combining waste heat recovery with solar or grid storage are also emerging. Overall, the WHP sector is expected to grow steadily, offering long-term value to EPC firms, technology vendors, and industrial end users pursuing sustainable productivity gains.
Report Scope
| Parameter | Detail |
|---|---|
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2026-2034 |
| Market Size-Units | USD billion/Million |
| Market Splits Covered | By Product Type ,By Application ,By End User ,By Technology ,By Distribution Channel |
| Countries Covered | North America (USA, Canada, Mexico) Europe (Germany, UK, France, Spain, Italy, Rest of Europe) Asia-Pacific (China, India, Japan, Australia, Rest of APAC) The Middle East and Africa (Middle East, Africa) South and Central America (Brazil, Argentina, Rest of SCA) |
| Analysis Covered | Latest Trends, Driving Factors, Challenges, Supply-Chain Analysis, Competitive Landscape, Company Strategies |
| Customization | 10% free customization(up to 10 analyst hours) to modify segments, geographies, and companies analyzed |
| Post-Sale Support | 4 analyst hours, available up to 4 weeks |
| Delivery Format | The Latest Updated PDF and Excel Datafile |
Regional Insights
North America Waste Heat to Power Market
The North American waste heat to power (WHP) market is gaining traction as industrial operators seek cost-effective energy reclamation solutions and emissions reduction compliance. Key sectors including cement, steel, and petrochemicals are implementing WHP systems like modular ORC turbines and Kalina cycles to capture residual heat and generate onsite power. Emerging trends include Energy‑as‑a‑Service (EaaS) models that monetize waste heat via performance-based contracts, reducing capital barriers for industrial clients. Technological innovation in skid-mounted ORC units and hybrid WHP-solutions combined with solar or battery storage is improving feasibility for brownfield retrofits. Companies offering digital commissioning, predictive maintenance, and system optimization services stand to benefit significantly as regulatory incentives and decarbonization mandates encourage investment in industrial efficiency assets.
Asia Pacific Waste Heat to Power Market
Asia Pacific represents one of the fastest-growing regions for WHP deployment, driven by mounting industrial activity, rising energy costs, and environmental regulations in China, India, and Southeast Asia. Industries with high-temperature processes such as glass, steel, and cement manufacturing are increasingly adopting ORC-based WHP systems to improve overall plant efficiency and reduce operational emissions. National energy-efficiency initiatives and subsidy programs are actively promoting waste heat recovery installations. Opportunities exist for technology providers with scalable WHP modules optimized for mid- and low-temperature exhaust streams, and service models that support modular deployment and fast ROI. Integration with smart industrial IoT platforms is advancing predictive analytics and operational insight capabilities across WHP assets.
Europe Waste Heat to Power Market
Europe’s WHP market is being shaped by progressive energy recycling strategies and stringent industrial decarbonization targets under the EU’s carbon reduction frameworks. A growing trend is the integration of industrial waste heat recovery with district heating schemes and commercial buildings, enabling multi-sector energy reuse. Governments in countries like Germany, the UK, and Scandinavia are mandating recovering thermal credit or supplying heat to local networks. Premium opportunities exist for vendors offering hybrid WHP systems, combining ORC with thermal storage or solar overspill to ensure stable electricity supply. Innovations in micro-ORC units, turnkey retrofit packages, and digital monitoring systems are enabling companies to deliver efficient, low-emission energy solutions that align with circular economy initiatives.
Key Market Insights
Waste Heat to Power (WHP) systems capture unused heat from industrial operations and convert it into electricity, improving overall energy efficiency and lowering operational costs for heavy industries like cement, steel, glass, and refineries.
Organic Rankine Cycle (ORC) technology is the most widely adopted solution in WHP applications due to its ability to generate power from low-to-medium temperature heat sources, making it suitable for diverse industrial setups.
Stringent emissions and energy efficiency regulations are encouraging industries to adopt WHP solutions to meet decarbonization targets and reduce carbon footprints without disrupting core production operations.
Industries in Asia Pacific, especially China and India, are witnessing robust WHP adoption driven by large-scale industrialization, energy conservation mandates, and supportive government incentives for waste heat recovery systems.
Europe is investing in WHP as part of its circular economy and energy reuse strategies, with strong emphasis on heat recovery integration within industrial energy management and district heating grids.
Hybrid WHP systems that combine waste heat recovery with energy storage or renewable sources like solar are gaining traction, offering grid stability benefits and peak load support for industrial users.
Capital investment in WHP projects is often offset by long-term energy savings and tax benefits, with many governments offering funding support, low-interest loans, or carbon credit advantages to project developers.
Technology vendors are focusing on modular, skid-mounted WHP units that reduce installation time and cost, allowing quick deployment across brownfield and retrofit projects in existing plants.
Digital monitoring and predictive maintenance technologies are being integrated with WHP systems to improve operational reliability, detect performance deviations, and extend the lifespan of critical turbine and heat exchanger components.
WHP is gaining relevance in emerging sectors such as data centers and hydrogen production, where high-grade process heat is readily available and electricity needs are growing, making it a key enabler for industrial energy self-sufficiency.
Waste Heat To Power Market Segments Covered In The Report
By Product Type
- Organic Rankine Cycle
- Steam Rankine Cycle
- Kalina Cycle
By Application
- Industrial Processes
- Power Generation
- HVAC Systems
By End User
- Manufacturing
- Oil and Gas
- Chemical
By Technology
- Thermal Engines
- Turbines
- Heat Exchangers
By Distribution Channel
- Direct Sales
- Distributors
- Online Sales
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Vietnam, Rest of APAC)
- The Middle East and Africa (Middle East, Africa)
- South and Central America (Brazil, Argentina, Rest of SCA)
Key Market Players
Siemens Energy, Mitsubishi Heavy Industries, Ormat Technologies, ABB, General Electric, Calnetix Technologies, Echogen Power Systems, Thermax Limited, Kawasaki Heavy Industries, Siemens Turbomachinery, Exergy S.p.A, Baldor Electric Company, ElectraTherm, Bosch Industriekessel, CryostarRecent Industry Developments
June 2025: Renew Energy Partners introduced an Energy‑as‑a‑Service model offering waste heat monetization on a per‑kWh or per‑therm basis, enabling industrial operators to monetize excess thermal output through performance-based contracts.
July 2024: Kanin Energy and Tallgrass partnered with Samuel EPC to build a ~10 MW WHP facility in Ohio; the system will supply continuous carbon‑free power to the University of Dayton beginning in 2025.
2025 (ongoing): UK regulators are advancing district heating mandates requiring data centers and commercial complexes to source at least half of their thermal energy from waste heat or renewable sources by 2027.
December 2024: Chevron commenced a pilot with MGA Thermal using thermal block energy storage to capture high-temperature waste heat and convert it to electricity for manufacturing operations.
May 2025: Siemens, GE, and Mitsubishi Power unveiled next‑generation WHP platforms featuring improved ORC efficiency and reduced capital intensity, targeting sectors such as cement, steel, and waste‑to‑energy.
What You Receive
• Global Waste Heat To Power market size and growth projections (CAGR), 2024- 2034• Impact of recent changes in geopolitical, economic, and trade policies on the demand and supply chain of Waste Heat To Power.
• Waste Heat To Power market size, share, and outlook across 5 regions and 27 countries, 2025- 2034.
• Waste Heat To Power market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2025- 2034.
• Short and long-term Waste Heat To Power market trends, drivers, restraints, and opportunities.
• Porter’s Five Forces analysis, Technological developments in the Waste Heat To Power market, Waste Heat To Power supply chain analysis.
• Waste Heat To Power trade analysis, Waste Heat To Power market price analysis, Waste Heat To Power Value Chain Analysis.
• Profiles of 5 leading companies in the industry- overview, key strategies, financials, and products.
• Latest Waste Heat To Power market news and developments.
The Waste Heat To Power Market international scenario is well established in the report with separate chapters on North America Waste Heat To Power Market, Europe Waste Heat To Power Market, Asia-Pacific Waste Heat To Power Market, Middle East and Africa Waste Heat To Power Market, and South and Central America Waste Heat To Power Markets. These sections further fragment the regional Waste Heat To Power market by type, application, end-user, and country.
1.1 List of Tables
1.2 List of Figures
2. Waste Heat To Power Market Latest Trends, Drivers and Challenges, 2024 - 2034
2.1 Waste Heat To Power Market Overview
2.2 Market Strategies of Leading Waste Heat To Power Companies
2.3 Waste Heat To Power Market Insights, 2024 - 2034
2.3.1 Leading Waste Heat To Power Types, 2024 - 2034
2.3.2 Leading Waste Heat To Power End-User industries, 2024 - 2034
2.3.3 Fast-Growing countries for Waste Heat To Power sales, 2024 - 2034
2.4 Waste Heat To Power Market Drivers and Restraints
2.4.1 Waste Heat To Power Demand Drivers to 2034
2.4.2 Waste Heat To Power Challenges to 2034
2.5 Waste Heat To Power Market- Five Forces Analysis
2.5.1 Waste Heat To Power Industry Attractiveness Index, 2024
2.5.2 Threat of New Entrants
2.5.3 Bargaining Power of Suppliers
2.5.4 Bargaining Power of Buyers
2.5.5 Intensity of Competitive Rivalry
2.5.6 Threat of Substitutes
3. Global Waste Heat To Power Market Value, Market Share, and Forecast to 2034
3.1 Global Waste Heat To Power Market Overview, 2024
3.2 Global Waste Heat To Power Market Revenue and Forecast, 2024 - 2034 (US$ billion)
3.3 Global Waste Heat To Power Market Size and Share Outlook By Product Type, 2024 - 2034
3.4 Global Waste Heat To Power Market Size and Share Outlook By Application, 2024 - 2034
3.5 Global Waste Heat To Power Market Size and Share Outlook By End User, 2024 – 2034
3.6 Global Waste Heat To Power Market Size and Share Outlook By Technology, 2024 - 2034
3.7 Global Waste Heat To Power Market Size and Share Outlook by Region, 2024 - 2034
4. Asia Pacific Waste Heat To Power Market Value, Market Share and Forecast to 2034
4.1 Asia Pacific Waste Heat To Power Market Overview, 2024
4.2 Asia Pacific Waste Heat To Power Market Revenue and Forecast, 2024 - 2034 (US$ billion)
4.3 Asia Pacific Waste Heat To Power Market Size and Share Outlook By Product Type, 2024 - 2034
4.4 Asia Pacific Waste Heat To Power Market Size and Share Outlook By Application, 2024 - 2034
4.5 Asia Pacific Waste Heat To Power Market Size and Share Outlook By End User, 2024 – 2034
4.6 Asia Pacific Waste Heat To Power Market Size and Share Outlook By Technology, 2024 - 2034
4.7 Asia Pacific Waste Heat To Power Market Size and Share Outlook by Country, 2024 - 2034
5. Europe Waste Heat To Power Market Value, Market Share, and Forecast to 2034
5.1 Europe Waste Heat To Power Market Overview, 2024
5.2 Europe Waste Heat To Power Market Revenue and Forecast, 2024 - 2034 (US$ billion)
5.3 Europe Waste Heat To Power Market Size and Share Outlook By Product Type, 2024 - 2034
5.4 Europe Waste Heat To Power Market Size and Share Outlook By Application, 2024 - 2034
5.5 Europe Waste Heat To Power Market Size and Share Outlook By End User, 2024 – 2034
5.6 Europe Waste Heat To Power Market Size and Share Outlook By Technology, 2024 - 2034
5.7 Europe Waste Heat To Power Market Size and Share Outlook by Country, 2024 - 2034
6. North America Waste Heat To Power Market Value, Market Share and Forecast to 2034
6.1 North America Waste Heat To Power Market Overview, 2024
6.2 North America Waste Heat To Power Market Revenue and Forecast, 2024 - 2034 (US$ billion)
6.3 North America Waste Heat To Power Market Size and Share Outlook By Product Type, 2024 - 2034
6.4 North America Waste Heat To Power Market Size and Share Outlook By Application, 2024 - 2034
6.5 North America Waste Heat To Power Market Size and Share Outlook By End User, 2024 – 2034
6.6 North America Waste Heat To Power Market Size and Share Outlook By Technology, 2024 - 2034
6.7 North America Waste Heat To Power Market Size and Share Outlook by Country, 2024 - 2034
7. South and Central America Waste Heat To Power Market Value, Market Share and Forecast to 2034
7.1 South and Central America Waste Heat To Power Market Overview, 2024
7.2 South and Central America Waste Heat To Power Market Revenue and Forecast, 2024 - 2034 (US$ billion)
7.3 South and Central America Waste Heat To Power Market Size and Share Outlook By Product Type, 2024 - 2034
7.4 South and Central America Waste Heat To Power Market Size and Share Outlook By Application, 2024 - 2034
7.5 South and Central America Waste Heat To Power Market Size and Share Outlook By End User, 2024 – 2034
7.6 South and Central America Waste Heat To Power Market Size and Share Outlook By Technology, 2024 - 2034
7.7 South and Central America Waste Heat To Power Market Size and Share Outlook by Country, 2024 - 2034
8. Middle East Africa Waste Heat To Power Market Value, Market Share and Forecast to 2034
8.1 Middle East Africa Waste Heat To Power Market Overview, 2024
8.2 Middle East and Africa Waste Heat To Power Market Revenue and Forecast, 2024 - 2034 (US$ billion)
8.3 Middle East Africa Waste Heat To Power Market Size and Share Outlook By Product Type, 2024 - 2034
8.4 Middle East Africa Waste Heat To Power Market Size and Share Outlook By Application, 2024 - 2034
8.5 Middle East Africa Waste Heat To Power Market Size and Share Outlook By End User, 2024 – 2034
8.6 Middle East Africa Waste Heat To Power Market Size and Share Outlook By Technology, 2024 - 2034
8.7 Middle East Africa Waste Heat To Power Market Size and Share Outlook by Country, 2024 - 2034
9. Waste Heat To Power Market Structure
9.1 Key Players
9.2 Waste Heat To Power Companies - Key Strategies and Financial Analysis
9.2.1 Snapshot
9.2.3 Business Description
9.2.4 Products and Services
9.2.5 Financial Analysis
10. Waste Heat To Power Industry Recent Developments
11 Appendix
11.1 Publisher Expertise
11.2 Research Methodology
11.3 Annual Subscription Plans
11.4 Contact Information
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FAQ's
The Global Waste Heat To Power Market is estimated to generate USD 16.69 billion in revenue in 2025.
The Global Waste Heat To Power Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period from 2025 to 2034.
The Waste Heat To Power Market is estimated to reach USD 48.56 billion by 2034.
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