About half the world's energy ends up as waste heat but this figure is expected to drop as the global waste heat recovery market expects to grow at a CAGR of 7.3% over the period 2014-2019. The reason for this market interest?
The need for more electricity.
This is according to the "Global Waste Heat Recovery Market 2015-2019" report which indicates that the increased demand for electrical power worldwide is a major driver that has led to a growing need to conserve energy. Many countries like China and India are expected to witness an increase in energy consumption due to rapid industrialization and improved standards of living.
Innovative waste heat technology
While there are a number of vendors snapping up the opportunity to convert waste heat into electricity (some names include ABB, Alstom, Siemens, Echogen Power systems, Foster Wheeler, and General Electric), one, Climeon, has been rated as one of the top 33 innovative technology companies in Sweden in the annual listing by prestigious business and technology publications, Affärsvärlden and Ny Teknik for its Ocean™ system. The technology, enabling electricity to be extracted from hot water, provides competitive, cost-effective electricity production via waste heat recovery.
Thomas Öström, CEO of Climeon says that the technology is able to extract electricity from large volumes of heat waste- one Climeon Ocean module can generate 150kW, enough to heat more than 100 average homes.
The Climeon Ocean technology is scalable and can be implemented in business areas and industries such as heat from engines, heavy industries, and solar, water or geothermal heat. Climeon Ocean uses an optimized and patented process for converting hot water (between 70 and 120 oC) to electricity in a vacuum process.
Sustainability is key
The innovation can replace many TWh of fossil-based electricity which is good news for the growth of clean (and more cost-effective) energy. Today, renewable energy accounts for about 20% of the total global energy supply and the renewable energy market is estimated to be worth hundreds of billion dollars.
With a relatively short return on investment, the Climeon Ocean system enables companies to reduce operating costs and reduce their environmental footprint, says Öström. A good example of this is cruise company Viking Line which installed the system in its newest ship, Viking Grace. The system is saving as much as 700,000kWh of power on-board the LNG-driven vessel, giving in return 200 tonnes of fuel savings per year.