Global Waste Heat to Power Market is estimated to value over USD 32 billion by 2029 end and it is expected to register a CAGR of over 12%during the forecast period 2019 to 2029.
Global Waste Heat to Power Market Introduction
The process of trapping heat that has been repudiated by an industrial process and using this trapped heat to generate power is known as waste heat to power (WHP). Industrial processes that require an extensive amount of energy release waste streams and hot exhaust gases. These processes can be controlled with ingrained technologies to generate electricity.
Global Waste Heat to Power Market Overview
Technology-wise, the market is bifurcated into steam rankine cycle, kalina cycle and organic rankine cycle. The steam rankine cycle segment is projected to expand the market significantly during the forecast period. Moreover, a growing insistence for clean energy from energy-intensive industries coupled with stringent emission norms shall propel the market growth.
Based on the type of application, the market is categorised as petroleum refining, cement industry, heavy metal production, chemical industry, pulp and paper, food and beverages, glass industry and others. A demand for uninterrupted and reliable electricity coupled with a shifting trend towards energy optimization shall bolster the petroleum refining industry segment. Exhaust refinery streams contain high-quality waste heat that can be utilised for generating power. Increasing demand for refined petroleum products along with rising industrial investments towards refining capacity additions shall stimulate the market growth further.
Global Waste Heat to Power Market Regional Insight
The global WHP market is regionally bifurcated as North America, Europe, Asia Pacific, Latin America and rest of the world. The European region is the second-largest market and it is expected to showcase similar growth trends during the forecast period. A growing focus towards energy security and sustainable development shall bolster the proliferation of the market.
China’s WHP market will exhibit robust market growth owing to the establishment of new industrial facilities coupled with a revitalizing economic growth in the country. The investments that are being currently provided across chemical industries along with the emphasis of regulatory regime to improve energy efficiency shall augment the market further. Additionally, the introduction of financial incentives keeping the emission reduction in mind shall bolster the industry outlook.
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Global Waste Heat to Power Market Segmentation
1. By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World
2. By Technology
• Steam Rankine Cycle
• Kalina Cycle
• Organic Rankine Cycle
3. By Application
• Petroleum Refining
• Cement Industry
• Heavy Metal Production
• Chemical Industry
• Pulp & Paper
• Food & Beverages
• Glass Industry
• Others
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
Key Market Players:
• IHI Corp.
• AMEC Foster Wheeler Cochran
• Forbes Marshall Private
• Mitsubishi Hitachi Power Systems
• Siemens
• Rentech Boiler Systems
• Thermax
FutureWise Key Takeaways
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the waste heat to power market by region, by technology, by application
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Asia Pacific, Europe, Latin America and rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
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