The demand for energy around the world is surging due to the rapidly increasing population. Most of the energy needs are fulfilled by fossil fuels, such as natural gas, petroleum, and coal; however, the rapid depletion of these resources is compelling governments to use energy efficiently, primarily in the industrial sector. Approximately 20%–50% of energy input in several industries is wasted, which is why there is an urgent need for efficient management and reduction of waste energy. One of the solutions to take care of this problem is the utilization of waste heat recovery systems, as they do not emit any greenhouse gases and decrease the dependency on fossil fuels.
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The different end users of waste heat recovery are chemical, metal production and casting, paper and pulp, petroleum refining, cement, and natural gas compression. Some other end-users include biorefinery industries, glass manufacturing, food, mining and mineral, and processing. Among all these, the largest demand for waste heat recovery systems was created by the petroleum refining category during 2012–2015 and the situation is expected to remain the same in the near future as well. Waste heat recovery systems are utilized in oil refineries for using energy efficiently. These systems are capable of supplying both electrical and heat power at the same time.
A major factor driving the growth of the waste heat recovery market is the rising cost of electricity. Energy is an important factor when it comes to determining the operational cost of an industry, which is why all industries need electricity at reasonable prices. However, the slow economic development has led to an increase in the prices of input energy. In addition to this, the crude oil prices are extremely volatile. Hence, due to all these factors the demand for efficient usage of available energy is increasing rapidly, which in turn in driving the requirement for waste heat recovery systems.
Among all the regions, namely Europe, North America, Asia-Pacific (APAC), and Rest of the World, the largest demand for waste heat recovery systems was created by Europe during 2012–2015 and the situation is going to be the same in the coming years as well. This is due to the strict environmental policies for reducing the harmful emissions from industries and early introduction of waste heat recovery technology in the region. The fastest growth in demand for waste heat recovery systems is predicted to be created by the APAC region in the near future because of the expansion of the cement industry.