Europe ORC Waste Heat to Power Market
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Europe ORC Waste Heat to Power Market was valued at USD 1.6 billion in 2023 and is projected to observe around 16.3% CAGR from 2024 to 2032. This growth can attribute to increasing demand for sustainable energy solutions and need to optimize energy efficiency in various industrial processes. Key factors including rising industrialization, government incentives, and optimizing energy utilization in various sectors propel market growth.
Moreover, advancements in ORC technology, coupled with ongoing research and development initiatives, are expected to further boost market expansion. Market players are investing to introduce innovative solutions and expand their product portfolios, through strategic alliances to expand the market share.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Europe ORC Waste Heat to Power Market size in 2023: | USD 1.6 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 16.3 |
| 2023 Value Projection: | USD 6.2 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 130 |
| Tables, Charts & Figures: | 114 |
| Segments Covered: | Power Output and Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The market is growing significantly driven by rising demand for energy efficiency, sustainability, supportive policies, and technological progress. ORC technology is gaining traction in Europe as industries aim to enhance efficiency and cut costs. Expansion is fueled by collaborations between governments and market players, promoting renewable energy and sustainable practices. For example, in August 2022, ENOGIA secured a USD 7.06 million deal to supply ORC modules for integration into Germany's largest anaerobic digestion plant, showcasing Europe's growing interest in ORC technology and its transition to sustainable energy sources.
Based on power output segment, the > 1 - 5 MWe segment is forecasted to grow over USD 3.5 billion by 2032, driven by industrial sectors such as cement, steel, and glass production, which require efficient waste heat recovery systems. ORC systems are favored due to Europe's emphasis on energy efficiency and emission reduction, backed by regulatory support for higher-capacity solutions. The segment's prominence mirrors the rising demand for scalable, cost-effective, and eco-friendly solutions in large-scale industries.
The market from ≤ 1 MWe power output systems is anticipated to grow at a CAGR of over 17% through 2032, due to its compatibility with numerous industrial processes that generate low to medium temperature waste heat. Their cost-effectiveness, modular design, and flexibility enable seamless integration into existing facilities, allowing businesses to tailor waste heat recovery capacity to their specific requirements. Furthermore, European governments actively promote renewable energy technologies, providing financial incentives and favourable policies for smaller-scale projects like ≤ 1 MWe ORC systems. Overall segment's success reflects growing demand for cost-effective, adaptable, and eco-friendly waste heat recovery solutions in region.
Russia ORC waste heat to power market size is projected to surpass USD 1 billion by 2032, swayed by combination of abundant natural resources, supportive government policies, and technological advancements. Country's vast reserves of oil, gas, and other resources have spurred growth of energy-intensive industries that generate substantial waste heat. As per Russian Federal State Statistics Service, the Oil & Gas industry across Russia holds an average of 18% share in GDP in 2022, which complements the waste heat to power industry. As a result, there is a considerable demand for ORC systems to recover and convert this heat into electricity.
In Germany, stringent environmental regulations and a strong emphasis on sustainability are driving the ORC waste heat to power market. Industries seek efficient ways to comply with regulations while reducing environmental impact, fueling demand for ORC systems. Meanwhile, in the UK, a focus on renewable energy sources and government incentives to support clean energy technologies are propelling market growth. Rising energy costs and the need for cost-effective solutions further contribute to the adoption of ORC technology in both countries.
SUEZ commands a significant market share in Europe's ORC waste heat to power market due to its innovative solutions and extensive experience in sustainable energy solutions. Leveraging advanced technology and a strong presence across Europe, SUEZ offers efficient and reliable ORC systems tailored to meet the diverse needs of industries, solidifying its position as a key player in the market.
Some of the major key players operating across the Europe ORC waste heat to power industry are:
Market, By Power Output
The above information has been provided for the following countries:
Some of the key Europe ORC waste heat to power industry players are Atlas Copco AB, ABB, Enertime, Enogia SAS, Exergy International SRL, General Electric, IHI Corporation, Intec GMK, Mitsubishi Heavy Industries, and Ormat
Russia ORC waste heat to power market is projected to surpass USD 1 billion by 2032, led by the presence of abundant natural resources, supportive government policies, and technological advancements.
Europe ORC waste heat to power industry from the > 1 - 5 MWe power output segment is forecasted to exceed USD 3.5 billion by 2032, driven by the strong need for efficient waste heat recovery systems in industrial sectors, such as cement, steel, and glass production.
The market size of Europe ORC waste heat to power was reached USD 1.6 billion in 2023 and will record 16.3% CAGR from 2024 to 2032, led by the increasing demand for sustainable energy solutions and dire need to optimize energy efficiency in various industrial processes.