The waste heat recovery industry is expected to be worth more than $114 billion by 2028 as rising energy use and the cost of electricity drive the market, according to a report by Market Research Future.
As energy demands in growing industries has soared, companies are developing strategies to transform waste heat into energy. Technology in the field has also increased as there is a growing focus on energy efficiency, according to the report.
Waste heat recovery is reusing heat energy that would otherwise be disposed of or released into the atmosphere. By recovering waste heat, companies can reuse it to create energy while reducing costs and carbon emissions.
The US Office of Energy and Renewable Energy says up to half of industrial energy input is lost as a result of heat waste from exhaust gasses, cooling water and equipment surfaces. That leaves a lot of potential for capturing that energy and putting it to renewable uses, which can cut energy costs and cut carbon emissions.
In Canada earlier in 2021 Siemens Energy and TC Energy agreed to build a heat-to-power facility that will capture heat waste and convert it into emissions-free power. The companies say the electricity produced from the capture will be put into the grid and save an estimated 44,000 tons of greenhouse gas reductions per year.
The waste heat industry is forecast to grow by a CAGR of more than 9% from 2021-2028, according to the report, and the market was at $59.4 billion in 2020.
North America is the leading region in the waste heat recovery industry. It accounted for a third of the world’s market share, according to the report. That is boosted in part because of on-site energy production and companies in the region spend heavily on energy efficient systems.
The report says that Asia Pacific will have the fastest growth in the waste heat recovery market, and that Europe will also grow rapidly because of increased environmental concerns and governmental energy regulation. Power crunches have impacted both China and Europe this year, with the EU promising to increase renewable energy to address the problem.
The COVID-19 pandemic slowed growth in the market some as manufacturing and industry slowed down, which resulted in less investment in equipment and technology. Although, the report says the market is projected to return to normal.
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