San Francisco, CA -- (SBWire) -- 02/24/2023 --THE CASE FOR INDUSTRIAL HEAT RECOVERY: A RENEWABLE ENERGY OPPORTUNITY
Energy consumption is a major component of industrial operations. Industries are undertaking efforts to increase energy efficiency to reduce energy consumption and operating costs. According to a study by the U.S. Department of Energy (DoE), 20-50% of industrial energy consumption is discarded as waste heat, out of which nearly 18-30% can be reused. A research study by scientists from the University of Oxford found that 23.0–53.0% of global energy input ends up as waste heat.
HOW PRE-HEATERS CAN INCREASE THE POTENTIAL FOR WASTE-HEAT RECOVERY
Pre-heating has become an accessible solution for waste heat recovery. The ongoing energy transition has created new opportunities for pre-heating technologies. In January 2023, Northern Gas Networks initiated a trial of its pre-heating solution using hydrogen storage technology. Steam and electricity generation from waste heat is also gaining traction due to their ability to improve energy efficiency. Research is being conducted to improve process outcomes. For instance, in December 2022, South Korea's state environmental research institute trash incineration facilities with waste heat recovery systems can effectively reuse upto 73.5% of heat and make it a viable source of electricity production.
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NEW TECHNOLOGY CAN REDUCE THE COST OF WASTE HEAT RECOVERY SYSTEMS
One of the major challenges to global market growth is the high costs of these systems. Waste heat recovery systems are expensive due to the costs incurred in installation and maintenance. Waste heat recovery units vary widely depending on configuration and application and can range in price from US$5,000 to US$8,000 for domestic applications and over US$ 500,000 for major industrial units. Companies are developing new technologies to lower system costs and encourage wider adoption. For instance, in February 2021, CIC energiGUNE developed a low-cost, high-density waste thermal energy storage system for industrial applications.
HOW DATA CENTER WASTE HEAT RECOVERY HELPS CUT ENERGY COSTS
Developing and developed countries are striving to optimize their energy usage. India is a major industrializing country that is witnessing a rapid increase in energy demand. Indian businesses are undertaking various efforts to ensure judicial energy usage and reduce operating costs. In March 2022, major Indian cement manufacturers announced plans to invest ?1,700 crores (US$ 208.3 million) to set up 175 MW of waste heat recovery system (WHRS) capacities to save energy costs. U.S. generates a significant chunk of the global energy demand due to its highly industrialized economy. Companies are developing innovative solutions to recover heat. For instance, many data centers in U.S. are reusing waste heat from servers.
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UNLOCKING THE POTENTIAL OF ABB IN INDUSTRIAL ENERGY DYNAMICS
The major market players are engineering conglomerates with experience in industrial energy dynamics. ABB is a multinational engineering and technology company that is undertaking the implementation of various technologies to increase industrial energy efficiency. In October 2022, ABB's manufacturing center in Finland achieved carbon neutrality through the effective implementation of waste heat recovery systems. Siemens is a German multinational engineering company. The company uses its expertise to expand the adoption of waste heat recovery systems. In November 2022, Siemens Energy signed a deal with European energy operator EnBW to supply waste heat recovery systems for its power plants.
GLOBAL WASTE HEAT RECOVERY SYSTEM MARKET REPORT SCOPE
By Type
1. Pre-heating
2. Steam & Electricity Generation
3. Others
By End-User
1. Petroleum Refining
2. Metal production
3. Cement
4. Chemical
5. Paper & pulp
6. Textile
7. Food & Beverage
8. Glass
By Region
1. North America
2. South America
3. Asia Pacific
4. Middle East and Africa
5. Europe
Global Waste Heat Recovery System Market Size, Competitive Landscape and Market Forecast 2023 - 2030
Global Waste Heat Recovery System Market Is Segmented By Type (Pre-Heating, Steam & Electricity Generation, Others), By End-User(Petroleum Refining, Metal Production, Cement, Chemical, Paper & Pulp, Textile, Food & Beverage, Glass, Others), And By Region (North America, Latin America, Europe, Asia Pacific, Middle East, And Africa) – Share, Size, Outlook, And Opportunity Analysis, 2023-2030