With regards to fossil fuels and their environmental impact, heat energy is a valuable commodity that we cannot afford to misuse. Waste heat recovery systems work to get the full value out of all heat energy by recovering it from combustion processes and repurposing it. The systems can use any exhaust gas stream with temperatures above 250 degrees fahrenheit. Typical examples include plant process heating, boiler feedwater pre-heating, combustion air preheating, and building heat.
The market for these waste heat recovery systems around the world has been projected to surpass $80 billion and will likely expand over eight percent by 2025. These numbers come from the latest study by Global Market Insights, Inc. The increasing demand for energy efficient manufacturing, the shifting focus toward emission control, and strict government regulations are the driving forces behind the growth in the market. On top of all that, falling operational costs for these renewable energy sources will sustain the growth through the coming years.
Shifts in Consumer Preference, Governmental Pressures, and Policies
The industries that use these systems aren’t only interested in optimizing their energy utilization—the market shift toward low temperature heat from industrial waste streams leads to increased accessibility for everyone. These systems are cutting operational costs across the board while reducing CO2 emission levels. As fuel prices and the demand for reliable electricity both rise, the heat recovery system market will continue to thrive.
The systems utilize SRC technology, which preheats boiler feedwater from extracted steam in the turbines. The units are primarily deployed across heavy metal manufacturing, cement and glass industries. This technological advancement along with greater operational flexibility and cost reduction are the driving forces behind the shift.
According to projections, the waste heat recovery system market in the United Kingdom should grow by over 7 percent by 2025. As the regulatory organizations for the industry shift their focus to sustainable development and take advantage of the long-term benefits of decarbonization, the demand for waste heat recovery systems will rise. The larger governmental policies that incentivize the reduction of CO2 emissions also bolster industry growth.
The Asia-Pacific market is projected to exceed $30 billion by 2025. As in other parts of the world, government legislation and policies for minimizing the carbon footprint in this part of the world are the main factors driving the growth. As of 2018, Asia Pacific made up over 50 percent of the global manufacturing value in the sector.
The Future of Waste Heat Recovery Systems
In recent years, waste heat recovery systems, have begun to penetrate the cement, petroleum refining, glass, heavy metal production, and chemical industries. As demand for reliable and continuous electricity that meets strict emission requirements, product penetration will only continue to grow.
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