Press release
Waste Heat to Power Market Forecast 2018-2024 | Top Players - Siemens, Thermax Limited, ABB, Mitsubishi, Triogen, Amec Foster Wheeler, ElectraTherm, AQYLON
Waste Heat to Power Market
The increasing awareness regarding the importance of renewable energy sources is another determinant that is projected to impel waste heat to power market. While solar and wind power are rather economic options for emission free energy generation, waste heat to power seems to be a more viable choice, especially when the power producing capacity of both the categories are considered.
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The capability of waste heat to power technology to convert exhaust heat to electricity without any emissions or fuel usage is the most essential factor that will stimulate waste heat to power industry share. For the record, worldwide waste heat to power market size was pegged at USD 11 billion in 2016, as per a report released by Global Market Insights, Inc.
The industrial sectors across various regions of globe have been massively deploying the byproducts obtained from industrial processes, for generating energy. In fact, it has been observed that various American manufacturing and oil & gas companies have been already deploying the waste heat generated from various industrial processes for electricity generation. Such initiatives are certain to deliver benefits such as low cost and emission free energy to the American behemoths. In addition, industrial users have the alternative to implement this power in various applications or sell it to power grids, which would invariably influence waste heat to power market size.
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The last few years have witnessed the deployment rate of WHP (waste heat to power) systems in several industrial sectors, particularly across the geothermal domain. In order to install WHP systems, companies in waste heat to power industry have been primarily focusing on various technologies such as organic rankine cycle, stirling engine, team turbine technology, supercritical technology, and the like. The Organic Rankine Cycle (ORC) technology, it is reported, is extremely capable of capturing low temperature resources, subject to which companies across the United States have been giving preference to this technology on a large scale.
Research estimates in fact, claim that waste heat to power market from organic rankine cycle technology will record an annual growth rate of more than 17% over 2017-2024. The significant characteristics of ORC such as ease of compatibility with different kinds of heat sources, lower space requirement, and low maintenance cost will boost the demand for the product in waste heat to power market.
Renowned biggies in waste heat to power market such as ElectraTherm, Thermax, Echogen Power Systems, Siemens, Amec Foster Wheeler, Triogen, Cyplan, ABB, Enogia SAS, Mitsubishi, Kalina power, Ormat Technologies, and AQYLON are increasingly focusing on the development of products that sync with the customer’s point of view. Also, they have been involved in developing advanced technologies to attract more customers and expand their consumer base.
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For instance, in 2014, the America based leader in advanced power generation technology, Echogen Power Systems launched a new heat engine system focusing on requirement of consumers in the marine, power generation, and oil & gas sectors. Considering the adoption rate of this technology, it can be aptly stated that WHP systems may evolve as one of most lucrative technologies in the renewable energy space. Adhering to the same, Global Market Insights, Inc., has estimated that, by 2024, waste heat to power industry will surpass a revenue collection of USD 30 billion.
Waste heat to power market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2013 to 2024, for the following segments:
Waste Heat To Power Market, By product
Steam Rankine Cycle
Organic Rankine Cycle
Kalina Cycle
Waste Heat To Power Market, By Application
Petroleum Refining
Cement
Heavy Metal
Chemical
Paper
Food & Beverage
Glass
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
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