Press release
Waste Heat to Power Market to Exceed USD 30 Bn in 2024
Rapid urbanization and industrialization coupled with growing focus to cut the maintenance and operational cost will fuel the waste heat to power market share. Growing installations of heating units across utility and industrial sectors along with favourable measures for sustainable energy consumption will further influence the industry growth. In 2017, during the 13th five-year plan government of China announced to invest USD 2,170 billion towards development of infrastructure and transportation sectors.
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Germany waste heat to power market is anticipated to cross 800 MW by 2024. Rapid fossil fuel consumption along with growing concern to achieve decarbonization target will propel the industry growth. Stringent government regulation to curb carbon emissions coupled with rising energy security concern will further complement the business landscape. In 2016, according to AG Energiebilanzen, the total energy consumption of the country increased by 1.6% from 2015 level.
Introduction of several standards and codes to encourage the adoption of energy efficient systems in industrial sector will embellish waste heat to power market share. In December 2015, Green Building Council of South Africa introduced the building certificate scheme which will cover carbon emissions, energy usage and conservation across commercial, residential and industrial buildings.
Heavy metal application is anticipated to expand over 12% by 2024. Increasing investments toward infrastructure sector in the developing economies along with industries’ efforts to fulfil growing energy demand from residual heat utilization will foster the waste heat to power market growth. Ability to offer reduced thermal emissions, flexibility and higher thermodynamic efficiency are some of the features which will stimulate the Kalina cycle waste heat to power market size.
Stringent government regulations to curb emissions from industrial facilities will propel the U.S. waste heat to power market size. Increasing demand for retrofitting and expansion of existing industrial equipment will further complement the industry landscape. The U.S. Environmental Protection Agency introduced section 112 of clean air act to limit air pollutant emissions including mercury, particulate matter and carbon dioxide.
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Glass application accounted for over 8% of global waste heat to power market share in 2016. Growing flat glass demand from infrastructural and automotive sector coupled with rising focus towards conservation of energy will propel the business growth. In 2015, global automobile production was around 90 million units where China accounted for approximately 20 million units.
Major participants in the waste heat to power market include Mitsubishi, Enogia SAS, Amec Foster Wheeler, AQYLON, Echogen, ABB, Ormat, Kalina power, ElectraTherm, Triogen, Siemens, Thermax and Cyplan.
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