Global Waste Heat to Power Market: Overview
Waste heat to power is the process of capturing heat discarded by an existing industrial process and using that heat to generate power. Energy-intensive industrial processes released hot exhaust gases and waste streams. These processes can be harnessed with well-established technologies to generate electricity.
A report by Transparency Market Research on the global waste heat to power market discusses the prospects and growth pace of the market in detail. This report gives information about the competitive dynamics by factoring in the strengths and weaknesses of prominent participants, their degree of competition among them, and key products in the market.
Global Waste Heat to Power Market: Drivers & Restraints
Resurgent economic growth along with rapid industrialization across key nations will drive the global waste heat to power market growth. Supportive policies coupled with government spending towards infrastructure development will further promote expansion of Energy Intensive Industries (EIIs). Furthermore, rising focus to reduce the overall operational cost of industries will increase the use of waste heat in power units. Furthermore, growing initiatives aimed at reducing the carbon footprint coupled with government policies favoring adoption of energy efficient systems will stimulate the product penetration in unexplored areas.
Waste heat to power units have found significant applications in petroleum refining, heavy metal production, cement, chemical and glass industries. Escalating demand for continuous and reliable electricity along with increasing focus towards energy optimization will increase the product consumption. Moreover, the expanding chemical industry along with stricter emission norms will shoot up the usage of waste heat to power systems across industries.
Increased focus toward heat recovery and utilization from industrial waste streams will fuel the global waste heat to power market growth. The waste heat to power systems are increasingly gaining prominence across energy-intensive industries owing to their ability to minimize carbon footprints and support clean energy initiatives. Escalating electricity demand and volatile fuel prices will further favor the global waste heat to power market..
Global Waste Heat to Power Market: Geographical Outlook
The global waste heat to power market is witnessing a steady growth in different regions around the world. Geographically, North America market is set to dominate the global waste heat to power market during the forecast period. Positive outlook toward industrial sector’s growth along with government policies supporting industrialization efforts will propel the business. Robust expansion across the manufacturing sector on account of increased domestic demand is set to fuel the product’s demand. The market is mainly expanding on the back of growth and expansion of energy intensive industries in the region.
Global Waste Heat to Power Market: Competitive Landscape
Companies such as Bosch Thermotechnology, IHI Corporation, Forbes Marshall Private, Siemens, and AMEC Foster Wheeler among others, enjoy a strong hold in the global waste heat to power market. The market is currently witnessing fierce competition among several leading players.