Major waste heat to energy market participants includes Cochran Ltd., IHI Corporation, Thermax Ltd., Rentech Boiler System, AC Boiler SpA, General Electric, Forbes Marshall, Mitsubishi Heavy Industries, Aura GmbH, Exergy International, and Siemens Energy, among others.
| Source: Global Market Insights Inc.
Selbyville, Delaware, Nov. 22, 2022 (GLOBE NEWSWIRE) —
The waste heat to energy market is expected to record a valuation of 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.
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ORC Waste heat to energy market is estimated to attain more than 12% growth rate through 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.
The heavy metal end-use segment in the waste heat to energy market is predicted to observe nearly 10.5% CAGR till 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.
Asia Pacific waste heat to power market size is poised to register over 11% gains through 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 set to escalate product installation across these facilities.
Key companies operating in the waste heat to energy 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 leaders 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.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Waste Heat to Power Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.2.1 IHI Corporation
3.2.2 Mitsubishi Heavy Industries
3.2.3 Dürr Group
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
22.214.171.124 Stringent emission norms
126.96.36.199 Robust industrial sector growth
188.8.131.52 Increasing demand for clean energy
3.5.2 Industry pitfalls & challenges
184.108.40.206 High initial investment and lack of grid infrastructure
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 Competitive landscape, 2022
3.9 PESTEL Analysis
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