Charts are illustrative — exact values, country-level breakdowns, and full forecast in the paid report. Request a Free Sample PDF.
To learn more about market share and segmentation, request the free sample pages.
Competitive Landscape of the Waste Heat to Power Market
The Waste Heat to Power (WHP) market features intense competition among key players like Siemens, GE, and Mitsubishi Heavy Industries, leads the market with advanced technologies and extensive global reach. Companies such as Caterpillar and Ormat Technologies are notable for their innovative solutions and strong market presence. The landscape is driven by technological advancements, regulatory support, and rising demand for energy efficiency. Competitors focus on enhancing system efficiency, reducing costs, and expanding into emerging markets.
In April 2023, Egypt has finalized a USD 120 million agreement to establish its first solid waste-to-electricity plant. The contract, signed by the Giza governorate and a consortium of Renergy Egypt and the National Authority for Military Production, will support the Abou Rawash facility in Giza. As part of Egypt's Vision 2030, the plant is designed to process 1,200 metric tons of household waste daily to generate power. (Source: https://www.zawya.com/en/business/energy/egypt-inks-120mln-contract-to-build-first-waste-to-energy-plant-in-giza-cdhjf0x4 ) In January 2023, Lostock Sustainable Energy Plant has awarded Babcock & Wilcox a contract to assist with the power train for a waste-to-energy facility near Manchester, UK. This plant is set to produce over 60 MW of energy and handle approximately 600,000 metric tons of waste annually. The contract is worth USD 65 million. (Source: https://www.power-eng.com/news/babcock-wilcox-awarded-65-million-contract-for-uk-waste-to-energy-plant/ ) In March 2022, The WASTE-TO-ENERGY Recycling Plant, a key initiative of the Greater Visakhapatnam Municipal Corporation (GVMC), has started operations in Kapuluppada, Visakhapatnam. Currently, the plant produces approximately 9.90 MW of power daily with a single boiler. Under an agreement with Jindal Group, the plant is expected to generate around 15 MW of electricity per day. To achieve this, GVMC plans to process about 1,200 tons of waste daily and is considering transporting 260 tons of garbage from nearby municipalities such as Srikakulam, Vizianagaram, and Nellimarla. (Source: https://www.thehindu.com/news/cities/Visakhapatnam/waste-to-energy-plant-starts-functioning-in-vizag/article65249551.ece )
Click any bar or cell to request the full company profile
Company
2022 (A)
2023 (A)
2024 (A)
2025 (A)
Siemens AG
•••
•••
•••
•••
General Electric
•••
•••
•••
•••
Caterpillar Inc.
•••
•••
•••
•••
Mitsubishi Heavy Industries
•••
•••
•••
•••
Ltd.
•••
•••
•••
•••
Andritz AG
•••
•••
•••
•••
Schneider Electric
•••
•••
•••
•••
Turboden S.p.A.
•••
•••
•••
•••
E.ON SE
•••
•••
•••
•••
ABB Ltd.
•••
•••
•••
•••
MAN Energy Solutions SE
•••
•••
•••
•••
Bosch Thermotechnology
•••
•••
•••
•••
Ormat Technologies
•••
•••
•••
•••
Inc.
•••
•••
•••
•••
Exergy International S.p.A.
•••
•••
•••
•••
Hurst Boiler & Welding Co.
•••
•••
•••
•••
Inc.
•••
•••
•••
•••
Hamon & Cie
•••
•••
•••
•••
Revenue data requires full access. *2nd & 3rd tier companies available on enquiry.
According to Cognitive Market Research, the global Waste Heat to Power market size was USD 23514.20 million in 2024. It will expand at a compound annual growth rate (CAGR) of 13.20% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 9405.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 7054.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 5408.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1175.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 470.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.9% from 2024 to 2031.
The SRC category is the fastest growing segment of the Waste Heat to Power industry
Introduction of the Waste Heat to Power Market
The Waste Heat to Power (WHP) market is growing as industries increasingly focus on energy efficiency and sustainability. WHP systems capture waste heat from industrial processes and convert it into electricity, helping reduce energy costs and carbon emissions. Key drivers include stricter environmental regulations, rising energy demand, and industrial expansion, particularly in sectors like steel, cement, and chemicals. Technological advancements, such as improved thermoelectric materials and Organic Rankine Cycle (ORC) systems, are making WHP more efficient and cost-effective, boosting adoption. Additionally, government incentives and support for clean energy technologies are accelerating market growth. Emerging economies, especially in Asia-Pacific, offer significant opportunities due to rapid industrialization and energy infrastructure development, while the global shift towards renewable energy complements the adoption of WHP technologies.
In June 2021, Germany has chosen projects totaling 57.85 MW of combined heat and power (CHP) plants in its most recent tender round, with 25.37 MW awarded to proposals in the innovative CHP capacity category. (Source: https://renewablesnow.com/news/germany-allocates-roughly-83-mw-in-chp-tenders-745017/ )
Global Waste Heat to Power Market Analysis Insights Video
Analyst Conclusion
Conclusion
The global Waste Heat to Power market will expand significantly by 13.20% CAGR between 2024 and 2031.
Petroleum refining captured the largest market share in the Waste Heat to Power market due to its high energy consumption and substantial waste heat generation, making it ideal for efficient WHP systems.
The <1 MWe power output segment captured the largest market share due to its suitability for smaller-scale applications, lower installation costs, and ease of integration into existing systems.
Kalyani Raje
Senior Research Analyst at Cognitive Market Research · Cognitive Market Research
Kalyani Raje is a distinguished research leader and the Co-Founder & Chief Research Officer at Cognitive Market Research and Consulting, a global market research and consulting firm specializing in data-driven intelligence and strategic business insights. With over a decade of experience in market research, competitive intelligence, and analytical consulting, she has played a pivotal role in helping organizations understand evolving market landscapes and make informed strategic decisions across industries including FMCG, IT, Telecom, Automotive, Electronics, Healthcare, and Consumer Goods.
As a research professional, Kalyani is recognized for her expertise in developing rigorous research methodologies, interpreting complex market data, and transforming insights into actionable business strategies. Her analytical approach, combined with a strong understanding of global industry trends and consumer behavior, has enabled enterprises, manufacturers, investors, and business leaders to navigate competitive environments with greater confidence and clarity.
Kalyani is an active member of ESOMAR and the Market Research Society of India (MRSI), reflecting her commitment to maintaining ethical, transparent, and internationally recognized research standards. She strongly advocates adherence to the ICC/ESOMAR International Code on Market and Social Research, reinforcing her dedication to research integrity, data quality, and responsible business practices within the global insights industry.
In 2026, Kalyani was invited as a Speaker at ESOMAR Africa 2026, where she shared her expertise on Africa’s Youthquake: Decoding the Continent’s Largest Generation and Its Transformative Impact. Her participation highlighted her thought leadership in understanding demographic shifts, emerging markets, and the evolving role of data and analytics in shaping future business opportunities.
Throughout her professional journey, Kalyani has been instrumental in driving research excellence, mentoring analytical teams, and building scalable research frameworks that deliver high-value intelligence to global clients. Her passion for innovation, strategic thinking, and evidence-based decision-making continues to strengthen Cognitive Market Research’s position as a trusted global insights partner for businesses worldwide.
The global market size for Waste Heat to Power in 2024 is USD 23514.20 million.
The global Waste Heat to Power market is expected to grow with a CAGR of 13.20% over the projected period.
North America held a significant global Waste Heat to Power market revenue share in 2024.
Asia-Pacific will witness the fastest growth of the global Waste Heat to Power market over the coming years.
The US had the most significant global Waste Heat to Power market revenue share in 2024.
The main driver of the growth of the Waste Heat to Power market is the Increasing Focus on Renewable Energy, Rising Industrialization and Economic Growth and Growing Energy Demand.
The Petroleum Refining category dominates the market.
★ Reviews
Rate this report
Global Waste Heat to Power Market Analysis — Table of Contents
Disclaimer: Redacted sample for representative purposes. Charts and data do not depict actual statistics. TOC varies by license selection.
License Edition
Country
Technology
SRC, ORC, Kalina
Power output
< 1 MWE, >1-5 MWE, >5-10 MWE, > 10 MWE
End-use
Foodservice, Food retail, Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverage, Glass, Other End Uses
List of Competitors
Siemens AG, General Electric, Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., Andritz AG, Schneider Electric, Turboden S.p.A., E.ON SE, ABB Ltd., MAN Energy Solutions SE, Bosch Thermotechnology, Ormat Technologies, Inc., Exergy International S.p.A., Hurst Boiler & Welding Co., Inc., Hamon & Cie
1.1 Global Power Realignment & Strategic Alliances
17.6 Future Gross Margin Outlook and Profitability Trends
18.1 Key Takeaways
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study.
You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
18.2 Analyst Point of View
18.3 Assumptions and Acronyms
19.1 Primary Data Collection
19.1.1 Steps for Primary Data Collection
19.1.1.1 Identification of KOL
19.1.2 Backward Integration
19.1.3 Forward Integration
19.1.4 How Primary Research Help Us
19.1.5 Modes of Primary Research
19.2 Secondary Research
19.2.1 How Secondary Research Help Us
19.2.2 Sources of Secondary Research
19.3 Data Validation
19.3.1 Data Triangulation
19.3.2 Top Down & Bottom Up Approach
19.3.3 Cross check KOL Responses with Secondary Data
19.4 Data Representation
Sample Format of Deliverables
The Tables, Graphs/Charts are only for representative purposes and do not depict actual statistics. Purchase full Report access to actual data.
Cognitive Market Research employs "The Full Truth™" methodology — a rigorous triangulation process that combines primary research, secondary validation, and expert calibration. Implemented by Kalyani Raje and team for the Global Waste Heat to Power Market Analysis Market analysis.
01
Primary Intelligence Gathering
Direct interviews with 50+ industry stakeholders including manufacturers, distributors, end-users, and regulatory bodies across all six regions.
02
Secondary Data Triangulation
Cross-referencing against trade databases, customs records, financial filings, patent databases, and verified industry publications.
03
Expert Validation Protocol
Each data point undergoes validation by minimum two independent domain experts with 15+ years of industry experience.
04
Athenaeum AI Processing
Our proprietary AI platform aggregates, normalizes, and identifies patterns across 10,000+ data points to surface non-obvious insights.
05
Editorial & QA Review
Final review by senior analysts ensures accuracy, coherence, and actionability of all insights and recommendations.
To maintain the integrity of our proprietary methodology and protect our elite expert network, specific source disclosures are reserved for full-access partners. Our research framework is anchored by a 70:30 primary-to-secondary ratio, ensuring your strategy is driven by real-time market intelligence rather than recycled, publicly available, or AI-generated data. Every deliverable includes an exhaustive source directory and grants direct analyst access.
We don't just hand over data. We partner with your team across three integrated service lines — each designed to give you decision-grade intelligence on the Global Waste Heat to Power Market Analysis market.
Service 01
Market Survey
B2BB2C
Structured primary research across both B2B and B2C channels. We design and execute custom surveys targeting manufacturers, distributors, procurement heads, and end-consumers in the global waste heat to power market analysis ecosystem — validated by our global panel of 10,000+ industrial respondents.
What's Included
Buyer intent & sentiment analysis
Purchase cycle mapping
Price sensitivity research
Channel preference profiling
Competitive perception study
Most Requested
Service 02
Customized Market Data & Reports
CustomReady Report
Choose from our ready-to-access 8th Edition report or commission a fully customized dataset tailored to your exact strategic questions. Cross-splits, custom geographies, proprietary segmentation — we build the intelligence asset your board actually needs.
What's Included
Ready syndicate report (250+ pages)
Custom data scope & segmentation
Excel quantitative models
Board-ready PPT with key findings
Secure cloud portal access
Service 03
Strategic Consultation
With SurveyWith Report
Every survey and every report comes with dedicated analyst consultation. Our senior research team walks your leadership through findings, answers strategic questions in real-time, and helps translate data into your next board presentation or investment thesis.
What's Included
Dedicated analyst assigned to you
Live walkthrough of findings
Strategic Q&A sessions
Go-to-market recommendations
NDA-protected engagement
Customize This Report
Tell us the specific segments, regions, or companies you need — and we will tailor the deliverable to your requirements.
