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LONDON, Nov. 15, 2022 /PRNewswire/ -- Government initiatives on maximizing energy efficiency will drive the waste heat to power market growth. The government initiatives on the managing of waste heat from the oil, gas, or cement industry will impact the market in a positive way. For instance, in January 2022, the government of India, announced it intends to achieve net zero emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030, marking a watershed point in the global effort to combat climate change. India is setting the bar for a novel approach to economic growth that might sidestep the carbon-intensive strategies many nations have previously adopted and serve as a model for other emerging markets. Government initiatives will support the waste heat to power market going forward.
The global waste heat to power market is expected to grow from $13.44 billion in 2021 to $15.67 billion in 2022 at a compound annual growth rate (CAGR) of 16.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The waste heat to power market share is expected to reach $25.65 billion in 2026 at a CAGR of 13.1%.
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Product Innovation Is A Key Trend In The Waste Heat To Power Market
As per the waste heat to power market research, product innovation is a key trend gaining popularity in the waste heat to power market with companies coming up with innovative waste heat to power processes and systems. For instance, Alfa Laval launched E-PowerPack, a game-changing advance in marine sustainability that converts waste heat to power. The E-PowerPack uses Organic Rankine Cycle (ORC) technology to turn waste heat into clean electrical power.
Mitsubishi Heavy Industries, Ltd Was The Largest Competitor In The Waste Heat To Power Market In 2021
Mitsubishi Heavy Industries, Ltd held a 4.48% share of the waste heat to power market. Mitsubishi's growth strategy focuses on contributing to decarbonization in the maritime industry through new product launches. For instance, in September 2022, the company's subsidiary Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. (MHI-MME) announced the development of a binary power generation system based on Organic Rankine Cycle technology (WHR-ORC system) mainly for waste heat recovery from sulfur free fuel burning marine engines.
Waste Heat To Power Market Segments
The global waste heat to power market is segmented -
- By Product: Steam Rankine Cycle, Organic Rankine Cycle, Kalina Cycle
- By Application: Preheating, Steam And Electricity Generation, Other Applications
- By End Use: Petroleum Refining, Cement Industry, Heavy Metal Production, Chemical Industry, Pulp And Paper, Food And Beverage, Glass Industry, Other End Users
See more on the Waste Heat To Power Market Report
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