Waste Heat to Power Market is expected to carve out a profitable growth path, subject to this very factor. This business space is touted to bring to fore, the latest clean energy solutions that would help resolve the energy crisis. The rise in carbon dioxide emissions due to industrialization has led to the adoption of low carbon energy sources, which would provide a boost to waste heat to power industry.
The rapidly declining rate of fossil fuels have necessitated the requirement to unearth other ways for energy recycling.
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The increasing awareness regarding the importance of renewable energy sources is another determinant that is projected to impel waste heat to power market. While solar and wind power are rather economic options for emission free energy generation, waste heat to power seems to be a more viable choice, especially when the power producing capacity of both the categories are considered. The capability of waste heat to power technology to convert exhaust heat to electricity without any emissions or fuel usage is the most essential factor that will stimulate waste heat to power industry share. For the record, worldwide waste heat to power market size was pegged at USD 11 billion in 2016, as per a report released by Global Market Insights, Inc.
The industrial sectors across various regions of globe have been massively deploying the byproducts obtained from industrial processes, for generating energy. In fact, it has been observed that various American manufacturing and oil & gas companies have been already deploying the waste heat generated from various industrial processes for electricity generation. Such initiatives are certain to deliver benefits such as low cost and emission free energy to the American behemoths. In addition, industrial users have the alternative to implement this power in various applications or sell it to power grids, which would invariably influence waste heat to power market size.
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The last few years have witnessed the deployment rate of WHP (waste heat to power) systems in several industrial sectors, particularly across the geothermal domain. In order to install WHP systems, companies in waste heat to power industry have been primarily focusing on various technologies such as organic rankine cycle, stirling engine, team turbine technology, supercritical technology, and the like.
The Organic Rankine Cycle (ORC) technology, it is reported, is extremely capable of capturing low temperature resources, subject to which companies across the United States have been giving preference to this technology on a large scale. Research estimates in fact, claim that waste heat to power market from organic rankine cycle technology will record an annual growth rate of more than 17% over 2017-2024. The significant characteristics of ORC such as ease of compatibility with different kinds of heat sources, lower space requirement, and low maintenance cost will boost the demand for the product in waste heat to power market.
Renowned biggies in waste heat to power market such as ElectraTherm, Thermax, Echogen Power Systems, Siemens, Amec Foster Wheeler, Triogen, Cyplan, ABB, Enogia SAS, Mitsubishi, Kalina power, Ormat Technologies, and AQYLON are increasingly focusing on the development of products that sync with the customer’s point of view.
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Also, they have been involved in developing advanced technologies to attract more customers and expand their consumer base. For instance, in 2014, the America based leader in advanced power generation technology, Echogen Power Systems launched a new heat engine system focusing on requirement of consumers in the marine, power generation, and oil & gas sectors. Considering the adoption rate of this technology, it can be aptly stated that WHP systems may evolve as one of most lucrative technologies in the renewable energy space. Adhering to the same, Global Market Insights, Inc., has estimated that, by 2024, waste heat to power industry will surpass a revenue collection of USD 30 billion.