The waste heat to power market is expected to reach $30 billion by 2024, according to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc.
Growing measures to reduce the energy bills by residual heat utilisation will drive the waste heat to power market size. Volatile fuel prices along with rising electricity demand will further influence the industry growth.
In 2016, according to the US energy information administration, industrial and commercial sector consumed approximately 4,450 trillion British thermal unit energy.
Rapid industrialisation along with rising focus to reduce overall operational cost of industries will propel the waste heat to power market share. Increasing installations of heating units across industrial and utility applications coupled with ongoing measures towards energy conservation will further complement the business landscape.
In March 2017, the government of China announced to spend $2,170 billion toward transportation and infrastructure developments during the thirteenth five-year plan.
Germany waste heat to power market is predicted to reach over 800 MW by 2024. Strict government norms toward carbon emissions along with growing measures towards energy security will fuel the business growth.
Rising concern to meet decarbonisation target coupled with rising energy consumption will further complement the industry outlook. According to AG Energiebilanzen (AGEB), total energy consumption of the country rose by 1.6% in 2016 when compared with 2015.
Waste heat to power market will witness strong growth owing to introduction of several energy efficiency codes and standards for industries to promote adoption of energy efficient systems.
In December 2015, South Africa Green Building Council committed to introduce the building certificate scheme by 2020, which will cover energy usage, conservation, and carbon emissions across industrial, commercial and residential buildings.
Heavy metal applications in predicted to witness gain over 12% by 2024. Industries effort to meet their rising energy demand by residual heat utilisation along with growing investments toward infrastructure establishment will fuel the waste heat to power market.
Implementation of these systems will decrease the overall operational cost, which will enhance the product demand over the forecast timeframe.
The US waste heat to power market share will grow on account of growing measures toward utilisation of waste thermal energy to produce electricity. Government mandate toward emissions for industrial facilities will further stimulate the product penetration.
In 2013, the US Department of Energy (DOE) granted $1 million to Cool Energy, Inc. (CEI) for supporting R&D on a 20-kW waste heat Stirling engine generator to generate electricity.
Glass applications in 2016 accounted for over 8 of the global waste heat to power market share. Increasing demand for flat glass from automotive and infrastructural sector along with increasing industries focus towards energy conservation will augment the product demand. In 2015, international automotive production was around 90 million units, with China made dominant contribution of approximately 20 million units.
Notable players in the waste heat to power market include ABB, Siemens Mitsubishi, Ormat, Thermax, Enogia SAS, Kalina power, Amec Foster Wheeler, ElectraTherm, Cyplan, AQYLON, Triogen and Echogen, it stated.