Growing Adoption of Korea Waste Heat Recovery System in Marine to Improve Fuel Efficiency, Auxiliary Engines and Less Co2 Will Be Released Is Vital Factor Fueling Market Growth

Growing environmental concerns and Rising focus to reduce carbon footprint are anticipated to boost Korea Waste Heat Recovery System market during the forecast period 2021-2026. Korea Waste Heat Recovery System Market Size is forecast to reach $2.9 million by 2026, at a CAGR of 8.8% during forecast period 2021-2026.

Korea Waste Heat Recovery System Market Size is forecast to reach $2.9 million by 2026, at a CAGR of 8.8% during 2021-2026.  Ultra High temperature (>900⁰C): Waste heat recovery from streams above 900⁰C requires use of special high-temperature materials that can be metallic or non-metallic such as ceramics. Selection of material and equipment design becomes very critical in many cases such as streams contain large amount of contaminants. The growing bakery industry and the wide usage of gas filed ovens in food manufacturing serves as an opportunity for its market growth as only one-third of the total energy used in these ovens add value to the final product and the remaining two thirds is discharged with the exhaust gases at 150⁰-250⁰C and thus represents an opportunity for heat recovery.

Moreover, the heat recovery system is estimated using a thermodynamic model developed based on energy and mass balance for the ovens. The design enables recovery of up to 50% of the energy available through the exhaust stack, increasing the energy efficiency of the overall processes to 60% and reducing the food manufacturing cost by one third. Thus, the growing food industry and the rising adoption of waste recovery system in food manufacturing is driving its market growth in the upcoming years. The growing food industry and the implementation of additional hydronic systems besides the steam network and refrigerants plants is potentially suitable to increase the overall energy efficiency of a production system in food industry and therefore reduces primary energy use. The paper and pulp industry is amongst the largest industries in the world. Growth has been declining in the recent years, but it is still expected to reach $399 billion in 2022.  Moreover, during processing of biomass pulp in paper mills, heat is supplied from a boiler. Heat from vessels containing pulp can be recovered and reused and exodraft’s heat recovery system is installed so that the heat from these boilers/ heaters is recovered and stored, for example in hot water tanks for later use.

Moreover, in February 2021, Energy Recovery announced its second contract award for the company’s new product Ultra PX energy recovery device, which will support the industrial wastewater treatment plans of natural gas plant in the Sichuan Province of China. Energy recovery ultra PX is designed to dramatically reduce energy needs, cost and environmental impacts associated with the industrial wastewater in ultra-high pressure revere osmosis application. Hence, the growing companies initiatives in developing a wide range of products is set to propel its market growth.  Ultra High (>900⁰C) segment of Korea Waste Heat Recovery System Market generated a revenue of $0.91m in 2020 and is projected to reach a share of 5% by 2026 growing at a CAGR of 8.9% during 2021-2026.

Cement is the worlds most widely used construction material. In addition, it is the binding material that is mixed with an aggregate such as sand or gravel and water to form concrete. Over three tons of cement are produced each year per person for the entire global population, making it the most widely used manufactured product in the world. The growing construction sector along with the increasing demand of cement plants in various countries is expected to drive its market growth. For instance, the construction industry in India is expected to grow at 5.6% during 2016-20, compared to 2.9% during 2011-15. The activities that registered the highest growth include export cargo (10%), highway construction/widening (9.8%), power generation (6.6%), import cargo (5.8%) and cargo at major ports (5.3%). Besides, this the increasing government investment in construction sector is expected to fuel its market growth.

Major players in Korea Waste Heat Recovery System include Wood Group, Siemens, Bosch Thermotechnology, GE, IHI Corp, Thermax Technology, ABB, Orcan Technology and others. In February 2021, Echogen Power System, the world leader in the development of supercritical carbon dioxide based power and energy storage system, has reached a milestone. Siemens Energy which as license Ecogen’s patented technology, announced the signing of an agreement to commission the world’s first SCO2 power plant, which will convert waste heat from a gas turbine into emission free-power.