Waste Heat To Power Market Will Reach USD 3207.4 Million By 2028 With A CAGR of 4.9% – Valuates Reports

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BANGALORE, India, Aug. 3, 2022 /PRNewswire/ — The  Waste Heat to Power market is segmented by Type – Steam Rankine Cycle, Organic Rankine Cycles, Kalina Cycle, by Application –  Chemical Industry, Metal Manufacturing, Oil and Gas, Others. Global Opportunity Analysis and Industry Forecast, 2022 – 2028. It is published in Valuates Reports under the  Energy & Utilities Category.

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The global Waste Heat to Power market size is estimated to be worth USD 2407.1 million in 2022 and is forecast to a readjusted size of USD 3207.4 million by 2028 with a CAGR of 4.9% during the forecast period. 

Major Factors Driving The Growth Of The Waste Heat To Power Market are

The rising electricity demand, cheaper costs, and strict regulatory requirements will fuel the growth of the market during the forecast period.

The urgent need for industrial waste heat recovery technologies in several end-user industry verticals will drive market expansion in the coming years. 

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL WASTE HEAT TO POWER MARKET

The increasing significance of energy management, rising electricity demand, and huge consumer awareness of the utilization of renewable energy sources will positively impact the market trends. Government initiatives aimed at maximizing energy efficiency are seeing the wide scale deployment of waste heat to power systems. This will bolster the growth of the waste heat to power market in the coming years. Effective energy utilization policies have shifted the focus of all related stakeholders towards environmental protection. 

WHP systems are cost-effective. The ranking cycle powers require low maintenance. The overall operation and maintenance cost is just USD 0.005 to 0.018 per kilowatt hour. This will foster the growth of the waste heat to power market. There is no additional fuel supplement use eliminating fuel costs. 

Metal manufacturing goes through a number of high-temperature processes which creates waste heat. For instance, steel mills have high waste recovery opportunities. This will in turn boost the demand for the global waste heat to power market. The excess heat is recovered from coke ovens, blast furnaces, and basic oxygen furnaces during steel production. Metal foundries have a variety of waste heat sources such as melting furnace exhaust, core baking, pouring, shot blasting, castings cooling, heat treating, and quenching. There is also enough recovery potential from secondary melting processes in the aluminum industry. 

The basic processes used in petroleum refineries include distillation, catalysis, thermal cracking, and treatment. A large amount of energy involving exothermic reactions produce heat. The oil and gas stations have integrated systems that recover heat from one process to use in other processes. High volumes of waste heat are released from petroleum coke calciners. As a result, the demand for waste to heat power market is going to expand rapidly in the coming years. The heat that is recovered from exothermic reactions or hot process streams in integrated systems is used in the production of biofuel, greenhouses, and eco-industrial parks. 

There are major segments in the chemical industry where high-temperature exhaust that is released can be recovered for power generation. It includes industrial gasses, cyclic crudes, alkalis, chlorine, petrochemicals, synthetic organic fibers, rubber, plastic materials, and agricultural chemicals. When the hot flue gas and exhaust air leave the stack it contains a significant amount of energy. The heat recovery system captures the heat from ovens, kilns, dryers, incinerators, calciners, steam boilers, and thermal oil heaters. This will bolster the growth of the waste heat to power market in the subsequent years. By using the wasted heat to generate emission-free electricity users can put the power back into the process or sell it to the grid for supporting clean energy production.

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WASTE HEAT TO POWER MARKET SHARE ANALYSIS

Based on type, the steam Rankine cycle is expected to be the most lucrative due to ease of operation and minimum maintenance cost The growing clean energy demand from energy-intensive industries and strict emission norms will further contribute to the growth. 

Based on application, the chemical industry will dominate in the waste heat to power market share during the forecast period. 

Based on region, Europe will witness significant growth with a 53% market share due to technological innovations, reduced costs, supportive policies, and the growing importance of energy efficiency standards. While North America is the second largest with a 30% share. 

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Market By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

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Key players

  • Siemens
  • GE
  • ABB
  • Amec Foster Wheeler
  • Ormat
  • MHI
  • Exergy
  • ElectraTherm
  • Dürr Cyplan
  • GETEC
  • CNBM
  • DaLian East
  • E-Rational

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