The latest trends in the global waste to heat power market are driven by the enhancement of their service offerings by major market players. Considering an instance, in August 2020, Sunpower Group secured a tender amounting to 76.8 million yuan from Chongqing Iron & Steel Company, Sunpower’s repeat client.

As part of the deal, the mainboard-listed company planned to offer inclusive turnkey services for the purpose of upgrading and reforming waste-heat-to-power facilities for the China-based steel manufacturer. These services comprise design, integration, procurement, installation, as well as construction.

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In addition, Sunpower also utilized its proprietary waste heat recovery technologies for recycling waste heat for the reduction of emissions, generation of power, and the improvement of operational efficiency. Similar developments are likely to bolster the adoption of waste heat to power solutions, propelling revenue expansion over the ensuing years.

On this note, the global waste heat to power market size is anticipated to surpass USD 30 billion by 2025, states recent research by Global Market Insights, Inc.

This growth is primarily ascribed to the wide application of waste heat to power systems across various sectors comprising glass, heavy metal production, petroleum refining, cement, and chemical industries.

Key waste heat to power companies comprises Thermax, Rentech Boiler Systems, AC Boilers, Ormat, Siemens, Bosch Thermotechnology, IHI Corporation, AMEC Foster Wheeler, Forbes Marshall Private, General Electric, and others.

Few major trends driving waste to heat power industry growth include:

Surging government initiatives for supporting industrialization in North America

The rising number of government initiatives for supporting industrialization in North America is likely to boost market augmentation in the region. The North America waste heat to power industry is projected to surpass more than USD 9 billion through 2025.

The increasing number of policies towards the development of manufacturing sector on account of the scaling demand will bolster the adoption of numerous waste heat to power solutions. The demand is also impelled by the rising focus towards increasing energy efficiency for the mitigation of adverse environmental impacts.

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Increasing measures towards sustainable development in the United Kingdom

The expansion of the waste heat to power market in the UK is slated to be propelled by the surging sustainable development measures coupled with the long term benefits of decarbonizing energy intensive industries. These efforts are further supplemented with the increasing number of government policies for the reduction of carbon footprint.

The UK waste heat to power industry is poised to exhibit a commendable growth of over 13 per cent through 2025, owing to the increasing adoption of energy efficient systems in the country.

Rising demand for organic rankine cycle waste heat to power systems

The rising popularity of the organic rankine cycle waste heat to power systems is due to its multiple properties such as enhanced process control, low turbine mechanical stress, and greater operational flexibility. The organic rankine cycle waste heat to power market is poised to depict an appreciable growth of more than 16 per cent through 2025.

This is attributed to the numerous energy efficiency standards and codes related to the industrial sector for promoting the adoption of energy efficient systems.

On the whole, the increasing adoption of collaborative strategies by prominent industry participants for the expansion of their geographical footprint is touted to augment waste heat to power market share.

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