Growing concerns over carbon emissions to supplement waste heat to power market outlook
Selbyville, Delaware, United States, September 15 2020 (Wiredrelease) Global Market Insights, Inc –:Rapid industrialization across developed as well as developing economies is expected to boost global waste heat to power (WHP) market size. WHP systems have gained prominence across multiple energy sensitive industries as it helps in recovering heat and optimizing energy generation.
Rising demand for electricity as well as volatile fuel prices have compelled industries to explore energy-efficient ways to generate clean energy. Meanwhile, growing efforts to curb overall operational cost across industries could accelerate the demand for advanced waste heat to power units in the forthcoming years. A research conducted by Global Market Insights, Inc., predicts that the waste heat to power market could outdo USD 30 billion by 2025.
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According to product landscape, the WHP market is segmented into organic rankine cycle, steam rankine cycle and kalina cycle. Out of these, organic rankine cycle WHP market is projected to record 16% growth rate by 2025. Industries prefer WHP units as they offer enhanced process control, better operational capability and low mechanical stress over turbines. Introduction of numerous energy-efficient norms and standards that focus on promoting the adoption of energy-efficient products could supplement organic rankine cycle WHP industry forecast.
Reportedly, over the past few years, WHP units have witnessed heavy deployment across industrial verticals like petroleum refining, chemical, glass, cement, and heavy metal production. This mounting demand could be given to growing need for continuous and reliable power supply and rising inclination towards energy optimization. The chemical industry comes as a promising application sector for WHP systems due to rapid industrial expansion and strengthening emission norms.
As a matter of fact, several countries have come forward to curb carbon emissions by offering supportive initiatives to promote the usage of sustainable heat recovery devices. Such initiatives can often be seen in Europe where government authorities are initiating pathbreaking initiatives to lower their carbon footprint.
North America is meanwhile considered to be a valiant ground for waste heat to the power market as federal authorities around the region roll out supportive initiatives to strengthen the growth of industrialization. Emergence of new industrial plants along with growing adoption of environment-friendly norms to limit GHG emissions could improve the growth prospects of waste heat to power market in North America. A study suggests that North America waste heat to power market is likely to exceed over USD 9 billion by 2025.
Growing concerns over carbon emissions have influenced various industry participants to develop more energy-efficient WHP systems using new and advanced technologies. Currently, companies like IHI Corporation, AMEC Foster Wheeler, Thermax, Bosch Thermotechnology, Rentech Boiler Systems, Exergy and Mitsubishi Hitachi Power Systems are concentrating their efforts towards this cause in order to maintain a competitive edge in the overall WHP market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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