Waste Heat to Power Market size is set to surpass USD 66 billion by 2032, according to a new research report by Global Market Insights Inc. The robust outlook of the industrial sector globally is likely to drive the demand for waste heat to power systems.
Governments across both developed and developing economies have been undertaking numerous efforts, such as trade facilitation, policy interventions, environmental regulations, technological advancements, etc., to foster their industrial production. According to the U.S. Energy Information Administration, the industrial sector amassed 35% of the total end-use energy consumption and 33% of the total energy consumption in the U.S in 2021. The growing energy usage across the industrial sector will lead to increased WHP generation.
Integration of cutting-edge technologies to augment the sales of ORC-based WHP systems
With regard to the technology, the waste heat to power market from ORC (Organic Rankine Cycle) segment is expected to grow at over 12% CAGR between 2023 and 2032. ORC-based WHP systems are designed to utilize other fluids with improved efficiencies and lower temperature ranges, varying between 150°C to 3000°C. The organic working fluid used in ORCs has a higher vapor pressure, molecular mass and mass flow, and lower boiling point than water, which enables higher turbine efficiencies than SRCs. The increasing technological improvements and subsequent cost reductions will boost the product installations.
High energy usage to propel the demand for efficient WHP generation techniques across heavy metal industries
In terms of end-use, the heavy metal segment in the waste heat to power market is slated to record more than 10.5% gains through 2032. Heavy metal manufacturing facilities have intensive energy usage and high waste heat recovery potential, driving the demand for advanced waste heat recovery systems across these establishments. The rising R&D efforts focused on enhancing the performance of existing heat recovery technologies, such as regenerators, recuperators, passive air preheaters, etc.
Browse key industry insights spread across 400 pages with 400 market data tables & 25 figures & charts from the report, “Waste Heat to Power Market Size By Technology (SRC, ORC, Kalina), By End-Use (Petroleum Refining, Cement, Heavy Metal, Chemical, Paper, Food & Beverages, Glass), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Strong industrial outlook to accelerate industry growth across the APAC
Asia Pacific waste heat to power market is predicted to observe nearly 11% growth rate till 2032. The increasing investments in new industrial development projects and the growing emphasis on introducing more energy-efficient technologies will proliferate the demand for WHP systems across the region. In addition, the region has a strong presence of major manufacturing firms, which is poised to escalate product installation across these facilities.
Collaborative efforts to strengthen the business landscape
Notable players in the waste heat to power market are Cochran Ltd., IHI Corporation, Thermax Ltd., Rentech Boiler System, AC Boiler SpA, General Electric, Forbes Marshall, Walchandnagar Industries Limited (WIL), Mitsubishi Heavy Industries, Aura GmbH, Exergy International, and Siemens Energy.
These companies have been emphasizing boosting their strategic game through partnerships, collaborations, acquisitions, and other tactical moves to utilize the available growth prospects. For instance, in August 2021, IHI Corporation announced its collaboration with Panamint Capital, a US-based investment management firm. Both organizations consented to an O&M service contract for IPSC to manage the operation & maintenance of the Panamint Capital's CG Cogeneration (Cottage Grove) facility and the Nevada Cogeneration Associate No.2 (NCA#2) plant.