PUBLISHER: The Business Research Company | PRODUCT CODE: 1489305
PUBLISHER: The Business Research Company | PRODUCT CODE: 1489305
Waste heat to power (WHP) refers to the technology and processes involved in capturing and reusing the waste heat generated during industrial processes to produce electricity. This approach plays a critical role in enhancing energy efficiency and reducing greenhouse gas emissions by utilizing heat that would otherwise be released into the environment without any beneficial use. Waste heat sources can include, but are not limited to, exhaust gases from industrial furnaces, engines and turbines that operate at high temperatures.
The WHP market consists of sales of WHP services and related products, by entities (organizations, sole traders and partnerships) that are involved in capturing heat discharged by an existing process and using it to create power.
The global waste heat to power market was valued at $12,250.11 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.88%.
Rising Energy Costs
Rising energy costs fueled the growth of the WHP market during this historic period. Businesses look for alternate ways to cut their energy costs as the cost of traditional energy sources rises. WHP technologies provide an economical way to reduce total energy costs and mitigate dependency on grid power by transforming industrial waste heat into useful electricity. Industries have been encouraged by this trend to invest in waste heat recovery technologies. For instance, in January 2022, according to the according to the Energy Information Administration (EIA), a US-based government agency responsible for collecting, analyzing and disseminating energy information, the Texas wholesale electricity price averaged $1,485 per megawatthour (MWh) for the month of February. The price of natural gas significantly influences electricity costs, as it often serves as the highest-cost fuel for power generation. While natural gas prices remained low, averaging $2.40 per million British thermal units (MMBtu) in 2020, they increased over the past year. By the fourth quarter of 2021, the delivered cost to electricity generators rose from $3.19/MMBtu in January 2021 to an estimated $5.04/MMBtu. Therefore, rising energy costs drove the growth of WHP market.
Innovative Products And Technologies To Improve Energy Efficiency Across The Shipping Industry
Companies in the WHP market are focusing on the introduction of innovative products and technologies aimed at improving energy efficiency across the shipping industry by reducing fuel consumption, emissions and operational costs while complying with stringent environmental regulations. For example, in September 2022, Climeon AB, a Sweden-based heat power system company to convert waste heat and geothermal heat, launched HeatPower 300 Marine, its latest waste heat recovery technology, to improve energy efficiency across the shipping industry. HeatPower 300 Marine lowers emissions of carbon dioxide (CO2) and fuel usage and helps ship owners comply with ever-tougher environmental laws by converting onboard waste heat into clean, carbon-free energy. Furthermore, in April 2022, Orcan Energy AG, a Germany-based electric utility company, launched the efficiency PACK M 150.200, a new, particularly powerful solution for utilizing waste heat on board ships. The new product includes Orcan's cutting-edge Organic Rankine Cycle (ORC) modules, created specifically for the marine industry. These modules can now convert any waste heat from ships even more efficiently into electrical energy, which lowers fuel consumption and CO2 emissions.
The global WHP market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 16.37% of the total market in 2022
Waste Heat To Power Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global waste heat to power market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for waste heat to power? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The waste heat to power market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider waste heat to power market; and compares it with other markets.