Supportive policies coupled with government spending toward infrastructure development will further provide an impetus to the expansion of Energy Intensive Industries (EIIs) which in turn will complement the industry landscape. Furthermore, rising focus to reduce the overall operational cost of industries will thrust the deployment of WHP units.
The UK market size is set to expand over 13% by 2025. Long term benefits of decarbonization of energy intensive industries and growing focus toward sustainable development have aligned focus toward heat recovery from industrial sector. Furthermore, growing initiatives aimed at reducing the carbon footprint coupled with government policies favoring adoption of energy efficient systems will stimulate the product penetration.
Waste heat to power units have found significant penetration across petroleum refining, heavy metal production, cement, chemical and glass industries. Escalating demand for continuous and reliable electricity along with increasing focus toward energy optimization will boost the product penetration. Moreover, expanding chemical industry along with strengthening of emission norms will propel the installation of waste heat to power systems across industrial sector.
Organic rankine cycle waste heat to power market size is anticipated to expand over 16% by 2025. Features comprising improved process control, low turbine mechanical stress and greater operational flexibility when compared to other alternatives have significantly contributed toward Waste Heat to Power (WHP) market growth. Furthermore, introduction of various energy efficiency standards and codes for industrial sector with an aim promote deployment of energy efficient units will complement the product penetration.
Increased focus toward heat recovery and utilization from industrial waste streams will fuel the market growth. The WHP systems are increasingly gaining prominence across energy-intensive industries owing to their ability to minimize carbon footprints and support clean energy initiatives. Escalating electricity demand and volatile fuel prices will further favor the industry outlook.
North America market is set to surpass USD 9 billion by 2025. Positive outlook toward industrial sector growth along with respective government policies to support the industrialization efforts will propel the business outlook. Robust expansion across the manufacturing sector on account of increased domestic demand is set to fuel the product demand. Moreover, strengthening focus toward energy conservation with an aim to minimize adverse environmental impacts will significantly contribute toward industry growth.