April 29, 2020
According to the research report titled ‘Waste Heat to Power Market Size By Product, By Application, Industry Analysis Report, Regional Outlook , Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, global waste heat to power market is expected to surpass USD 30 billion by the year 2025.
Swift industrialization along with improving global economic conditions are major factors driving the growth of waste heat to power industry. Escalating government investments and favorable reforms which promote infrastructural development will also fuel the market size. Shifting focus towards reducing the operational costs in the industrial sector is further creating lucrative growth avenues for the waste to heat power industry.
Additional factors such as growing demand for continuous and reliable electricity, emphasis on energy optimization, booming chemical industry and strict emission regulations are also stimulating the industry outlook. Industrialists are working towards waste heat recovery as well as optimization from waste streams. The product helps in reducing carbon footprint and complies with clean energy initiatives. Growing electricity demand and fluctuating fuel prices are fostering the adoption of waste heat to power solutions across the globe.
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As per the product type, organic rankine cycle segment is expected to grow with a CAGR of 16% between 2019 and 2025. Factors such as improved process control, better operational flexibility and low turbine mechanical pressure are driving the segmental growth. Favorable government initiatives which promote the use of green sources of energy is also favoring the market outlook.
Considering the geographical landscape, UK waste heat to power market is presumed to expand with a CAGR of 13% through 2025. Favorable government initiatives towards green infrastructural development and increasing awareness pertaining to long term advantages of decarbonizing high energy intensive industries have compelled industrialists to adopt heat recovery solutions.
On the other hand, waste heat to power industry is estimated to surpass USD 9 billion by the year 2025, primarily due to favorable government initiatives which promote expansion of industrial sector. Surging investments for enhancing energy efficiency in order to reduce the carbon footprint is swaying the business dynamics in North America.
Major contenders in worldwide waste heat to power industry are Cochran, Ormat, Viessmann, Dürr Group, AC Boilers, General Electric, Walchandnagar, Forbes Marshall Private, Siemens, Mitsubishi Hitachi Power Systems, Rentech Boiler Systems, Exergy, Thermax, Bosch Thermotechnology, IHI Corp.