Why Does Europe Deploy Highest Volume of Waste Heat Recovery Systems?

Waste heat is generated from the exhausts of fume incinerators, combustion engines, glass melting furnaces, and cooling water from furnaces and convective, conductive, and radiation heat losses from combustion engines and cement kilns. Waste heat is also generated from process off-gases. Heat losses in several industrial processes can be curtailed by using waste heat recovery systems. Such systems involve the capturing and reuse of waste heat for combustion air preheating, steam generation, load preheating, power generation, space heating, and waster preheating.

The burgeoning demand for electricity from the petroleum refining, cement, chemical, paper and pulp, natural gas composition, and metal production and casting industries will help the waste heat recovery market to advance at 6.8% CAGR during forecast period. According to P&S Intelligence, the market will generate a revenue of $70.5 billion by 2022. Owing to the high prices of conventional energy sources such as oil, gas, and coal, such industries are focusing on the recovery of waste heat, as it will allow them to reduce their operating costs.

Geographically, Europe emerged as the largest user of waste heat recovery systems in the recent past, due to the rising implementation of environmental policies aimed at curbing industrial harmful emissions in the continent. Whereas, Asia-Pacific (APAC) is expected to adopt waste heat recovery systems at the highest rate in the coming years, owing to the growth of the cement industry in the region. Moreover, the booming energy demand and toughening environmental protection regulations will also boost the usage of such systems in the region in the foreseeable future.

Therefore, the rising electricity demand from the manufacturing sector and surging need for alternative and clean energy sources will encourage the adoption of waste heat recovery units in the foreseeable future.

Source: www.psmarketresearch.com

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