There are many power grids across the world that do not depend on coal and are equipped to burn waste products and convert the heat into power, and setting up such grids is becoming a huge market in itself. Energy recovered from a furnace, kiln, oven, and other industrial processes can be converted to electricity via a thermodynamic process such as a Rankine cycle steam turbine. Steam Rankine Cycle is among the most common technology used in the global waste heat to power market and is also among the most commercially available technology in the United States.
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The stringent emission norms prevalent globally is significantly driving the growth of global waste heat to power market. Many countries, especially those in North America and Europe have strict laws that are directed towards reducing the carbon emissions and air pollution. Government authorities are inclined to reduce the dependence on fuels that cause high level of air pollution. Factors such as grid support & reliability and energy efficiency are anticipated to retain the growth of global waste heat to power market over the forecast period.
The global waste heat to power market accounted for US $ 17,873.64 Mn in 2020, and is expected to grow at a compound annual growth rate (CAGR) of 12.6% during the forecast years (2021-2029).
The detailed research study provides qualitative and quantitative analysis of global waste heat to power market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of sources, high-temperature heat sources segment held the largest market share during 2020 as these sources were seen as conventional sources.
- During the forecast period, supercritical carbon dioxide (CO2) cycle segment is estimated to register highest CAGR over the period of next eight years. The technology uses carbon dioxide for heat-driven power cycle, which is non-flammable and non-toxic working fluid, available at a lower cost.
- Test operation and installation support services are among the fastest growing segments in the global waste heat to power market. The installation of new technology can lead to optimum output if the installation is right. Furthermore every equipment is required to be tested properly before it is installed, which is supplementing the segment’s growth in the market.
- In terms of organization size, large organizations held the bigger market share in 2020 as large organizations had more capital to invest. During the forecast period, the small & medium organizations segment is estimated to witness faster growth as many new market players are investing in the global waste heat to power market to address the aggravating market demand.
- During the forecast period, the cement and ceramic manufacturing segment in the global waste heat to power market is estimated to grow at the highest rate owing to large scale production to address the burgeoning demand in the real estate industry.
- In 2020, North America dominated the global waste heat to power market as laws meant to protect the environment have been strictly enforced in countries like United States of America (USA) and Canada.
- Some of the major players operating in the global waste heat to power market are Kalina Power Limited, IHI Corporation, John Wood Group PLC (Amec Foster Wheeler), Forbes Marshall, Mitsubishi Hitachi Power Systems Ltd., Siemens AG, Thermax, Bosch Industriekessel GmbH, Ormat, Shinoda Co. Ltd., and others.
Global Waste Heat to Power Market:
- By Source of Waste Heat Stream
- Medium to Low temperature heat sources
- High-temperature heat sources
- By Technology
- Steam Rankine Cycle
- Organic Rankine Cycle
- Kalina Cycle
- Supercritical Carbon Dioxide (CO2) Cycle
- Heat Recovery Systems
- By Offering
- Thermoelectric Generators
- Piezoelectric Generators
- Thermionic Devices
- Thermo-photovoltaic Generators
- Small steam-electric generator
- Electric Generator Using Waste Steam
- Steam Screw Expanders (SSE)
- Stirling Engines
- Installation Support
- Construction Planning
- Installation Adjustments
- Test Operation
- Installation Supports
- By Organization Size
- Small & Medium Organizations
- Large Organizations
- By Application
- Petroleum and Coal Products
- Glass Production, Incineration Systems and Cogeneration Systems
- Garbage Incineration Plant, Woody Biomass Boiler, Industrial Scale Incineration Systems and Industrial Furnaces
- Chemical Manufacturing
- Cement and Ceramic Manufacturing
- Primary Metal Manufacturing and Nonmetallic Mineral Product Manufacturing
- Heavy Metal Production
- Pulp and Paper Industry
- Food and Beverage
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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