Increasing need for renewable energy to augment use of waste heat to power for electricity generation
Organic Rankine cycle technology to impact waste heat to power demand
With fossil fuels still supplying 84% of the world’s energy, rapid exhaustion of these sources is expected to raise alarming concerns worldwide. In this case, the requirement to unearth other ways for energy recycling has potentially taken up around the globe. Waste heat to power is one such concept, which has been gaining ground, subject to the very factor. It has been estimated that waste heat to power is likely to bring to the fore, the recent clean energy solutions that are poised to help resolve the energy crisis and challenges.
The latest report by Global Insights, Inc., predicts that the worldwide waste heat to power market would surge to USD 30 billion through 2025. The growth can be credited to the ability of waste heat to power technology to convert exhaust heat to electricity without any toxic emissions or fuel usage is one of the pivotal factors stimulating waste heat to power industry share.
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It would be essential to note that the industrial sectors across various global economies are deploying the byproducts obtained from industrial processes, for generating energy. In fact, it has been observed that various American manufacturing and oil & gas conglomerates are already exploring the possibilities of incorporating the waste heat generated from various industrial processes for electricity generation. For instance, Siemens Energy announced signing a strategic agreement with Canada-based TC Energy Corporation to develop first-of-its-kind waste heat to power facility in Canada. Reports suggest that the trial installation would potentially convert waste heat from a gas turbine into emissions-free power using supercritical CO2.
Moreover, it has been claimed that this facility bears the potential to power 10,000+ homes, resulting in an anticipated reduction in 44,000 tons per year in GHG emissions.
Having said that, such initiatives are certain to deliver positive attributes like emission free and low cost energy to various behemoths. Additionally, industrial users have the alternative to deploy this power in various applications or trade it to power grids, invariably influencing waste heat to power market.
Recent years have observed a significant surge in deployment rate of waste heat to power systems in numerous industrial sectors, especially across the geothermal domain. In a bid to install WHP systems, companies in waste heat to power industry have been primarily focusing on various technologies such as organic Rankine cycle, steam turbine technology, Stirling engine, supercritical technology, and more.
Organic Rankine cycle technology is reported to gain massive momentum across the market, owing to its ability to capture low temperature resources, subject to which firms across the United States have been preferring this technology on a large scale. Research estimates claim that waste heat to power market from ORC technology would record massive gains through the coming years. The ORC technology has turned out to be a promising one with a huge potential market. Reason? Its significant characteristics like ease of compatibility with diverse kinds of heat sources, low maintenance cost, and lower space requirement.
In a nutshell, with the growing adoption of waste heat to power technology, it can be aptly stated that waste to heat power market is set to embark on a developmental venture over the foreseeable time frame.
