Electricity & Steam Generation Waste Heat Recovery Systems Market Analysis

Electricity & Steam Generation Waste Heat Recovery Systems Market Analysis

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Steam rankine cycle WHRS will register around 9.9% growth rate till 2032, driven by key features such as reduced greenhouse gas emissions, application flexibility, and high energy efficiency. The deployment of WHRS in electricity and steam generation processes will be influenced by ongoing initiatives to curb greenhouse gas emissions and the escalating costs of power. Driving this trend are factors like a heightened focus on enhancing plant efficiency and a growing demand for on-site power production.
 

• The corporate growth in the sector is further fueled by increased investments in leveraging sustainable waste heat across diverse industries, thereby amplifying the demand for Waste Heat Recovery (WHR) systems.
   
• The burgeoning industrialization and escalating energy demands in developing nations, especially in Asia and Africa, present a compelling scenario for the adoption of waste heat recovery systems.
   
• These systems represent a promising opportunity to harness waste heat effectively, catering to the growing energy needs of these regions. Consequently, the waste heat recovery market is poised for noteworthy expansion in these developing countries.
   

The <230°C WHR systems are mostly used in medium-sized sectors including pulp & paper, food processing, and chemicals and will grow at a rate of over 11.9% through 2032. Implementation of these solutions enables plant managers to realize cost savings, enhance energy efficiency at their facilities, and reduce industrial CO2 emissions. The ongoing expansion of continuous co-generation units for environmentally friendly waste heat utilization is poised to provide additional support to industrial growth.
 

The utilization of exhaust heat from existing industrial processes, particularly in sectors like glass and cement employing high-temperature heat recovery machines, is integral for energy production. In the forthcoming years, the adoption of technology will be facilitated by key attributes such as reduced maintenance costs and user-friendly simplicity.
 

Asia Pacific electricity & steam generation waste heat recovery systems market will showcase about 11.9% CAGR through 2032. The region has established ambitious targets for energy efficiency to mitigate greenhouse gas emissions and preserve energy resources. Waste heat recovery systems are instrumental in attaining these objectives by capturing and utilizing otherwise wasted heat, thereby enhancing overall energy efficiency. In addition, the region hosts a substantial concentration of energy-intensive sectors like manufacturing, chemicals, petrochemicals, and steel production, all of which produce significant volumes of waste heat during their processes. Given the rapid industrial expansion in the region, there is an increased emphasis on the adoption of waste heat recovery systems to optimize energy utilization and bolster competitiveness.
 

• Asia Pacific stands as the largest consumer of coal, with the majority of power generation plants and various industrial facilities, including those in cement, chemicals, and metal processing, relying heavily on coal for their operations.
   
• For instance, as per the report published by the BP statistical review of World Energy 2022 revealed that the total coal consumption in Asia Pacific reached 127.63 Exajoules in 2021. The increasing reliance on fossil fuels for various industrial processes poses a significant challenge in terms of carbon emissions.
   
• Consequently, many developed nations are redirecting their focus towards the introduction of new and advanced alternatives in power generation facilities to mitigate air pollution.