Over the past few decades, the escalating fuel prices and the industrial impact on global warming and climate change have emerged as pressing and immediate concerns within the manufacturing sector. Consequently, manufacturers are leveraging methods to reduce their greenhouse gas emissions while maintaining production efficiency. Waste Heat Recovery (WHR) systems, which capture and utilize the heat energy generated during various industrial processes, have become a major area of interest. Companies are aiming to deploy these systems with a view to reducing fuel consumption and decreasing harmful emissions globally.
The growth in the WHR industry is attributable not only to manufacturers becoming more environmentally responsible, but also owing to strict regulations being implemented by governments. As part of their environmental conservation and sustainability strategies, governments across the world are offering subsidies, incentives, and tax breaks, emboldening manufacturers to adopt WHR technology. Additionally, the capacity of WHR systems to lower operating costs and produce power and heat on-site has led to further support these systems across industries.
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Currently, the most prominent application sectors of WHR systems are cement, glass, chemical, heavy metal manufacturing and petroleum refining. The range of implementation of the system, however, is expected to increase with succeeding technological innovations which would reduce system cost while improving efficiency. Organic ranking cycle (ORC), which uses heat transfer fluids capable of boiling at low temperature, has enabled the generation of electricity from low grade waste heat. Furthermore, ongoing research in this area aims to improve energy output through the installation of special flow expanders in existing ORC systems. Another noteworthy development is the integration of WHR systems with renewable energy technologies like solar and geothermal, with the aim of providing a combined heat and power generation solution.
For a considerable duration, a major impediment for manufacturers has been the storage of waste heat energy for future use. Phase change materials (PCM) have enabled storing large amounts of waste heat energy over a longer period of time. This has made it possible for companies to sell their excess waste heat energy to other companies or government agencies.
Moreover, the rapid industrialization of certain Asian and African nations has expectantly caused a significant rise in energy requirements. Thermal energy, occupies a position of prominence here given the region’s dependence on fossil fuels. As a result, utilizing waste heat recovered through WHR technology to meet energy demands remains a prominent opportunity, which in turn would help expand the WHR market in these countries.
The various benefits of WHR systems have been recognized by industry leaders, with prominent players including Promec Engineering, Mitsubishi Heavy Industries, Climeon, Siemens Energy, etc.
Contemplating the future of waste heat recovery technology evokes a picture of stable growth and progress. The WHR market (which was evaluated at USD 57.6 billion in 2022) is hurtling forward, and is expected to grow at a 7.1 per cent CAGR between 2023 and 2032. This meteoric expansion holds profound implications across the energy production landscape, offering a reliable and efficient power