Dublin, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The "Waste Heat to Power Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global waste heat to power market is expected to grow from $13.44 billion in 2021 to $15.67 billion in 2022 at a compound annual growth rate (CAGR) of 16.6%. The waste heat to power market is expected to grow to $25.65 billion in 2026 at a CAGR of 13.1%.
The waste heat to power market consists of sales of waste heat to power products by entities (organizations, sole traders, and partnerships) that are involved in capturing heat discharged by an existing process and using it to create power. Waste heat is energy produced in industrial operations that are not consumed and are thus lost, thrown away, or discharged into the environment.
Steel mills, refineries, glass furnaces, and cement kilns, among other energy-intensive industrial operations, all emit hot exhaust gases and waste streams that can be used to generate power using well-established technology. It reduces pollution, equipment size, and auxiliary energy consumption.
The main types of products in waste heat to power are the steam Rankine cycle, organic Rankine cycle, and Kalina cycle. The steam Rankine cycle is a simplified thermodynamic cycle of a constant-pressure heat engine that turns some heat into mechanical work. Heat is provided externally to a closed loop in this cycle, which typically uses water (in both liquid and vapor phases) as the working fluid.
The various application includes preheating, steam, and electricity generation, among others, and are used by several sectors such as petroleum refining, cement industry, heavy metal production, chemical industry, pulp and paper, food and beverage, glass industry, others.
Europe was the largest region in the waste heat to power market in 2021. The regions covered in waste heat to power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The growth in the industrial sector is expected to propel the growth of waste heat to the power market going forward. Capital investment, labor input, financial investment, and technological innovation are the major factors influencing industrial growth. Non-metallic mineral production, petroleum refining, and heavy metal production are some of the key application areas with considerable waste heat recovery potential.
For instance, according to the U.S. Energy Information Administration, in the year 2020, the industrial sector accounted for 36% of the total United States' end-use energy consumption and 33% of total U.S. energy consumption. Also, according to new Central Statistics Office data, factory output in the non-metallic mineral products industry increased by 8.0% in February 2020 compared to February 2019.
The non-metallic mineral products industry grew faster than overall industrial output, which increased by 4.5%. Nonmetallic mineral products accounted for 4.09% of total industrial production (IIP) and contributed 0.33% to IIP growth. Therefore, the growth in the industrial sector is driving the growth of waste heat to the power market.
The development of Lead (PB) free materials for waste power recovery is a key trend in the market. Till 2020, Lead was the only major element used in waste heat recovery systems which is limiting the mass applications of waste heat. As a result, scientists are working on novel lead-free materials to recover waste heat with seemingly different qualities into a single material: the strong electrical conductivity of metals, the great thermoelectric sensitivity of semiconductors, and the poor thermal conductivity of glasses.
For instance, in February 2021, scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), an autonomous institution of the Department of Science and Technology (DST), Government of India, have discovered a lead-free material called Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) that can efficiently recover electricity from 'waste heat,' signaling a paradigm shift in the thermoelectric puzzle.
In February 2021, Siemens Energy AG, a Germany-based energy company has signed an agreement with TC Energy Corporation for the commission of a waste heat-to-power plant installation in Alberta, Canada, for an undisclosed amount. As part of the deal, Siemens Energy will build and run the facility, with the possibility of TC Energy regaining ownership at a later date.
The facility would capture waste heat from a gas-fired turbine operating at a pipeline compression station and will further convert it into emissions-free power. The electricity generated will be fed back into the system, resulting in an estimated 44,000 tons of greenhouse gas reductions each year. TC Energy Corporation is a Canada-based natural gas company.
The countries covered in the waste heat to power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the waste heat to power market are
- ABB Ltd.
- Amec Foster Wheeler Ltd.
- Cnbm Group
- Cochran Ltd.
- Dalian East New Energy Development Co. Ltd.
- Durr Group
- Electratherm
- E-Rational
- Forbes Marshall
- General Electric
- Getec Energie Holding GmbH
- Ihi Corp.
- Mitsubishi Power Ltd.
- Ormat Technologies
- Rentech Boiler Systems Inc.
- Siemens
- Thermax Limited
- Viessmann Limited
- Ac Boilers Spa
- Bosch Thermotechnology
- Walchandnagar
Key Topics Covered:
1. Executive Summary
2. Waste Heat to Power Market Characteristics
3. Waste Heat to Power Market Trends And Strategies
4. Impact Of COVID-19 On Waste Heat to Power
5. Waste Heat to Power Market Size And Growth
5.1. Global Waste Heat to Power Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Waste Heat to Power Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Waste Heat to Power Market Segmentation
6.1. Global Waste Heat to Power Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Steam Rankine Cycle
- Organic Rankine Cycle
- Kalina Cycle
6.2. Global Waste Heat to Power Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Preheating
- Steam And Electricity Generation
- Other Applications
6.3. Global Waste Heat to Power Market, Segmentation By End Use, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Petroleum Refining
- Cement Industry
- Heavy Metal Production
- Chemical Industry
- Pulp And Paper
- Food And Beverage
- Glass Industry
- Other End Uses
7. Waste Heat to Power Market Regional And Country Analysis
7.1. Global Waste Heat to Power Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Waste Heat to Power Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/warh47
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