세계의 폐열발전 시장 : 열원별, 기술별, 온도대별, 용도별, 최종 사용자별, 지역별 세계 분석 예측(-2030년)

According to Stratistics MRC, the Global Waste Heat to Power (WHP) Market is accounted for $28.42 billion in 2024 and is expected to reach $58.55 billion by 2030 growing at a CAGR of 12.8% during the forecast period. The process of collecting waste heat produced by industrial operations and turning it into electricity without the need for additional fuel is known as waste heat to power, or WHP. WHP systems recuperate heat from sources including steam, exhaust gases, or hot fluids in steel, cement, and chemical industries. WHP converts waste heat into a useful energy resource, reducing energy waste, increasing efficiency, lowering carbon emissions, and supporting sustainability through the use of technologies like Steam Rankine Cycle (SRC), Organic Rankine Cycle (ORC), or Kalina Cycle.

According to the United Nations Department of Economic and Social Affairs, a US-Based intergovernmental organization, 56.9% of the world's population resided in urban regions in 2023 and it is projected to rise to 68% by 2050.

Market Dynamics:

Driver:

Growing demand for sustainable energy

As organizations seek environmentally friendly methods to cut down on energy waste and carbon emissions, the industry is being driven by the growing demand for sustainable energy. Waste heat from industrial processes can be converted into power with WHP systems, increasing energy efficiency without using more fuel. WHP systems are being adopted by industries including steel, cement, and chemicals more frequently as a result of international programs focusing on clean energy transitions and stringent environmental restrictions. This technology is a crucial part of the contemporary energy environment because it not only helps achieve sustainability goals but also saves money by lowering reliance on traditional energy sources.

Restraint:

Fluctuating waste heat availability

An intermittent heat source can cause WHP systems to operate less steadily, which lowers overall efficiency and energy output. The systems might not produce enough electricity to cover the original investment expenses, which could have an effect on the WHP projects' economic sustainability. Furthermore, the system components may experience thermal stress as a result of varying heat input, which could shorten their lifespan and increase maintenance needs. Advanced control systems and energy storage options can be used to maximize WHP system performance and minimize these negative impacts, guaranteeing steady power generation even when waste heat availability fluctuates.

Opportunity:

Government incentives and subsidies

The adoption of Waste Heat to Power (WHP) technologies is significantly influenced by government subsidies and incentives. These funding sources have the potential to drastically lower firms' initial investment costs, increasing the economic appeal of WHP projects. Governments frequently provide incentives like as capital grants, feed-in tariffs, and tax reductions. Furthermore, WHP can benefit from legislative frameworks that support renewable energy and energy efficiency. The adoption of WHP systems can be accelerated by governments through the creation of supportive legislative frameworks and financial support, which will help create a more sustainable and energy-efficient future.

Threat:

Lack of awareness and education

The deployment of Waste Heat to Power (WHP) technology can be severely hampered by a lack of knowledge and instruction. The potential energy savings and environmental advantages that WHP can provide may not be well known to many industries. This ignorance may result in lost chances to turn waste heat into a useful energy source. Potential investors may also be turned off by a lack of knowledge about the technical difficulties and financial viability of WHP projects. Raising awareness through focused campaigns, workshops, and educational activities is crucial to addressing this problem.

Covid-19 Impact

The COVID-19 pandemic temporarily slowed the Waste Heat to Power (WHP) market due to disrupted supply chains, halted industrial activities, and delayed energy projects. Many industries scaled back operations, reducing waste heat generation and new WHP installations. However, as economies recover, there is renewed focus on energy efficiency and sustainability, driving WHP adoption. Government stimulus packages supporting green energy initiatives have also accelerated market recovery, emphasizing WHP systems as a cost-effective and eco-friendly energy solution post-pandemic.

The industrial waste heat segment is expected to be the largest during the forecast period

The industrial waste heat segment is estimated to be the largest, due to it produces a lot of waste heat during operations like metal smelting, cement production, and chemical production. Rising energy costs and the need for operational efficiency encourage industries to harness waste heat for power generation, reducing energy bills and environmental impact. Strict government regulations on emissions and sustainability goals further push industrial players to adopt WHP technologies, transforming waste heat into a valuable energy resource.

The cement segment is expected to have the highest CAGR during the forecast period

The cement segment is anticipated to witness the highest CAGR during the forecast period, due to its energy-intensive operations that produce substantial waste heat from kilns and preheaters. Rising energy costs and the industry's commitment to reducing greenhouse gas emissions encourage WHP adoption. Stringent environmental regulations and global sustainability goals further propel demand for WHP systems. Additionally, advancements in low-temperature heat recovery technologies and government incentives for energy-efficient practices make WHP a viable solution for cement manufacturers seeking cost savings and sustainability.

Region with largest share:

Asia Pacific is expected to have the largest market share during the forecast period due to rapid industrialization, particularly in countries like China and India, which generate significant waste heat in sectors like cement, steel, and chemicals. Rising energy costs and increasing environmental regulations fuel the demand for energy-efficient solutions. Additionally, government initiatives promoting renewable energy and energy efficiency, along with technological advancements in WHP systems, are accelerating market growth. The region's focus on sustainability and industrial modernization further boosts WHP adoption.

Region with highest CAGR:

North America is projected to witness the highest CAGR over the forecast period, driven by stringent environmental regulations, rising energy costs, and a strong focus on sustainability. Industrial sectors such as cement, steel, and petrochemicals are major contributors to waste heat generation, prompting the adoption of WHP systems to improve energy efficiency and reduce carbon footprints. Government incentives and tax credits for renewable energy projects further encourage the use of WHP technologies. Additionally, advancements in WHP technologies, such as organic Rankine cycle systems, are enhancing market growth in the region.

Key players in the market

Some of the key players profiled in the Waste Heat to Power (WHP) Market include General Electric Company (GE), Siemens AG, ABB Ltd., Mitsubishi Heavy Industries Ltd., Ormat Technologies, Inc., Thermax Limited, Bosch Thermotechnology GmbH, Durr Group, Turboden S.p.A, Kawasaki Heavy Industries, Ltd., Alfa Laval AB, Echogen Power Systems, LLC, IHI Corporation, ElectraTherm, Inc., MAN Energy Solutions, Triveni Turbine Limited, Siemens Energy, Exergy S.p.A, and Johnson Controls International.

Key Developments:

In March 2023, Climeon unveiled a new waste heat recovery unit, designed to further improve energy efficiency in manufacturing and other high-heat industries.

In March 2023, Energy International launched an advanced heat recovery system in, enhancing efficiency in utilizing low-temperature waste heat for power generation across industrial sectors.

In September 2022, Mitsubishi Heavy Industries introduced a binary power generation system, utilizing organic Rankine cycle (ORC) technology to recover waste heat from sulfur-free fuel-burning engines.

Sources Covered:

• Industrial Waste Heat
• Power Plant Waste Heat
• Data Center Waste Heat
• Petrochemical Waste Heat
• Other Waste Heat Sources

Technologies Covered:

• Steam Rankine Cycle (SRC)
• Organic Rankine Cycle (ORC)
• Kalina Cycle
• Fuel Cells
• Stirling Engine
• Other Technologies

Temperature Ranges Covered:

• High-Temperature Waste Heat
• Medium-Temperature Waste Heat
• Low-Temperature Waste Heat

Applications Covered:

• Industrial Processes
• Electricity Generation
• Space Heating and Cooling
• District Heating
• Cogeneration
• Combined Heat and Power (CHP)
• Other Applications

End Users Covered:

• Cement
• Chemical and Petrochemical
• Oil and Gas Industry
• Food and Beverage Industry
• Metal & Heavy Industries
• Pulp and Paper Industry
• Glass Industry
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Technology Analysis
• 3.7 Application Analysis
• 3.8 End User Analysis
• 3.9 Emerging Markets
• 3.10 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Waste Heat to Power (WHP) Market, By Source

• 5.1 Introduction
• 5.2 Industrial Waste Heat
• 5.3 Power Plant Waste Heat
• 5.4 Data Center Waste Heat
• 5.5 Petrochemical Waste Heat
• 5.6 Other Waste Heat Sources

6 Global Waste Heat to Power (WHP) Market, By Technology

• 6.1 Introduction
• 6.2 Steam Rankine Cycle (SRC)
• 6.3 Organic Rankine Cycle (ORC)
• 6.4 Kalina Cycle
• 6.5 Fuel Cells
• 6.6 Stirling Engine
• 6.7 Other Technologies

7 Global Waste Heat to Power (WHP) Market, By Temperature Range

• 7.1 Introduction
• 7.2 High-Temperature Waste Heat
• 7.3 Medium-Temperature Waste Heat
• 7.4 Low-Temperature Waste Heat

8 Global Waste Heat to Power (WHP) Market, By Application

• 8.1 Introduction
• 8.2 Industrial Processes
• 8.3 Electricity Generation
• 8.4 Space Heating and Cooling
• 8.5 District Heating
• 8.6 Cogeneration
• 8.7 Combined Heat and Power (CHP)
• 8.8 Other Applications

9 Global Waste Heat to Power (WHP) Market, By End User

• 9.1 Introduction
• 9.2 Cement
• 9.3 Chemical and Petrochemical
• 9.4 Oil and Gas Industry
• 9.5 Food and Beverage Industry
• 9.6 Metal & Heavy Industries
• 9.7 Pulp and Paper Industry
• 9.8 Glass Industry
• 9.9 Other End Users

10 Global Waste Heat to Power (WHP) Market, By Geography

• 10.1 Introduction
• 10.2 North America
  • 10.2.1 US
  • 10.2.2 Canada
  • 10.2.3 Mexico
• 10.3 Europe
  • 10.3.1 Germany
  • 10.3.2 UK
  • 10.3.3 Italy
  • 10.3.4 France
  • 10.3.5 Spain
  • 10.3.6 Rest of Europe
• 10.4 Asia Pacific
  • 10.4.1 Japan
  • 10.4.2 China
  • 10.4.3 India
  • 10.4.4 Australia
  • 10.4.5 New Zealand
  • 10.4.6 South Korea
  • 10.4.7 Rest of Asia Pacific
• 10.5 South America
  • 10.5.1 Argentina
  • 10.5.2 Brazil
  • 10.5.3 Chile
  • 10.5.4 Rest of South America
• 10.6 Middle East & Africa
  • 10.6.1 Saudi Arabia
  • 10.6.2 UAE
  • 10.6.3 Qatar
  • 10.6.4 South Africa
  • 10.6.5 Rest of Middle East & Africa

11 Key Developments

• 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 11.2 Acquisitions & Mergers
• 11.3 New Product Launch
• 11.4 Expansions
• 11.5 Other Key Strategies

12 Company Profiling

• 12.1 General Electric Company (GE)
• 12.2 Siemens AG
• 12.3 ABB Ltd.
• 12.4 Mitsubishi Heavy Industries Ltd.
• 12.5 Ormat Technologies, Inc.
• 12.6 Thermax Limited
• 12.7 Bosch Thermotechnology GmbH
• 12.8 Durr Group
• 12.9 Turboden S.p.A
• 12.10 Kawasaki Heavy Industries, Ltd.
• 12.11 Alfa Laval AB
• 12.12 Echogen Power Systems, LLC
• 12.13 IHI Corporation
• 12.14 ElectraTherm, Inc.
• 12.15 MAN Energy Solutions
• 12.16 Triveni Turbine Limited
• 12.17 Siemens Energy
• 12.18 Exergy S.p.A
• 12.19 Johnson Controls International