PUBLISHER: The Business Research Company | PRODUCT CODE: 1966492
PUBLISHER: The Business Research Company | PRODUCT CODE: 1966492
Waste heat to power refers to the process of harnessing heat discarded by an existing thermal process to generate electricity, thereby reducing pollution, equipment size, and auxiliary energy consumption.
The primary methods in waste heat to power are the steam Rankine cycle, the organic Rankine cycle, and the Kalina cycle. The steam Rankine cycle is a simplified thermodynamic process where heat converts into mechanical work within a constant-pressure heat engine. This cycle typically employs water (in liquid and vapor phases) as its working fluid. Applications of waste heat to power include preheating, steam and electricity generation, among others, across various industries such as petroleum refining, oil and gas extraction, cement, heavy metal production, chemicals, pulp and paper, food and beverage, glass manufacturing, and more.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs are influencing the waste heat to power market by increasing costs of imported turbines, heat exchangers, generators, control systems, and specialized materials used in recovery systems. Industrial sectors in North America and Europe are most affected due to reliance on imported high-efficiency components, while Asia-Pacific faces cost pressure on system exports. These tariffs are raising installation costs and extending payback periods. However, they are also encouraging domestic equipment manufacturing, regional engineering capabilities, and localized deployment of waste heat recovery technologies.
The waste heat to power market research report is one of a series of new reports from The Business Research Company that provides waste heat to power market statistics, including waste heat to power industry global market size, regional shares, competitors with a waste heat to power market share, detailed waste heat to power market segments, market trends and opportunities, and any further data you may need to thrive in the waste heat to power industry. This waste heat to power market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The waste heat to power market size has grown rapidly in recent years. It will grow from $20.61 billion in 2025 to $23.06 billion in 2026 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to high levels of industrial thermal energy loss, expansion of energy-intensive manufacturing processes, rising industrial electricity demand, early adoption of cogeneration systems, increasing fuel cost pressures.
The waste heat to power market size is expected to see rapid growth in the next few years. It will grow to $36.07 billion in 2030 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to increasing investments in industrial decarbonization, rising adoption of energy efficiency regulations, expansion of waste heat recovery in heavy industries, growing focus on on-site power generation, increasing deployment of modular waste heat systems. Major trends in the forecast period include increasing adoption of organic rankine cycle systems, rising deployment of industrial waste heat recovery units, growing integration of digital performance monitoring, expansion of low-temperature waste heat applications, enhanced focus on energy efficiency optimization.
The expansion of the industrial sector is expected to drive the growth of the waste heat to power market in the coming years. Key factors influencing industrial growth include capital investment, labor input, financial investment, and technological innovation. Sectors such as non-metallic mineral production, petroleum refining, and heavy metal manufacturing offer significant potential for waste heat recovery. For example, in February 2024, according to Xinhua News Agency, a China-based government organization, Mexico's industrial activity rose by 3.5% in 2023 compared to the previous year. Therefore, the growth of the industrial sector is contributing to the expansion of the waste heat to power market.
Major companies in the waste heat-to-power market are focusing on developing innovative solutions such as modular and scalable units that can efficiently expand or contract based on energy requirements. Modular and scalable units are designed so that individual modules can be easily added or removed, allowing the system's capacity to adjust according to demand. For example, in October 2025, Turboden S.p.A., an Italy-based subsidiary of Mitsubishi Heavy Industries specializing in power generation, commissioned a 19 MW ORC-based waste heat-to-power plant at Strathcona's Orion SAGD facility in Alberta, Canada, marking the first project of its kind in North America. This plant recovers low-grade heat (~150°C) from produced steam and non-condensable gases that were previously vented, converting it into carbon-free electricity capable of offsetting up to approximately 80% of the facility's grid electricity consumption.
In May 2023, Kalina Power Limited, a US-based energy technology company, partnered with the University of Calgary to advance collaborative research in geothermal energy and waste heat-to-power systems. Through this partnership, Kalina Power aimed to strengthen its technological capabilities and accelerate innovation by leveraging the university's research expertise and fostering industry collaboration to enhance the efficiency and commercial viability of clean energy power generation solutions. The University of Calgary, based in Canada, specializes in advanced research on energy systems, geothermal technologies, and sustainable power generation, supporting industry-focused innovation and applied energy solutions.
Major companies operating in the waste heat to power market are Mitsubishi Heavy Industries Ltd, Bosch Thermotechnology, Ormat Technologies, IHI Corporation, Durr Group, Thermax Limited, Exergy SPA, Siemens Energy, ElectraTherm, Enogia SAS, Shenzhen Energy Group, Kawasaki Heavy Industries Ltd, Siemens AG, Orcan Energy, Vital Energi, EDF Energy, E. ON Next, ScottishPower, Shell Energy, Hitachi Zosen Inova (HZI), EcoTerra BioGas, CEZ Group, Romelectro, ZiO-Podolsk, Notus Energy, Polish Energy Group
Europe was the largest region in the waste heat to power market in 2025. The regions covered in the waste heat to power market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the waste heat to power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The waste heat to power market includes revenues earned by entities by providing services such as ORC, steam cycle, and cascaded steam-organic cycle. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Waste Heat to Power Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses waste heat to power market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for waste heat to power ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The waste heat to power market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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