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ORC Waste Heat to Power Market Size
ORC Waste Heat to Power Market was valued at USD 2.89 billion in 2023 and is estimated to expand over 14.5% CAGR between 2024 and 2032. In recent years, there has been a notable shift in the industry towards harnessing dependable medium and low temperature heat sources for power generation. This trend encompasses various sources such as biomass, geothermal energy, and solar power. Organic Rankine Cycle (ORC) systems are extensively employed in electricity production by capturing heat from biomass combustion and geothermal energy.
Continued economic expansion and swift industrialization in pivotal nations are poised to propel the business growth. The implementation of stringent emission regulations aimed at curbing CO2 emissions, alongside the increasing adoption of biomass and geothermal units, will further bolster the industry's potential.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 2.89 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 14.5% |
| 2032 Value Projection: | USD 9.92 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 250 |
| Tables, Charts & Figures: | 329 |
| Segments covered: | Power Output |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID-19 Impact
The consequence has led to a notable decrease in the overall installation of diverse large-scale projects. Nevertheless, developed economies are prioritizing efforts to mitigate the recent impacts of COVID-19 by expediting the development of industrial establishments worldwide. Furthermore, the persistent need for electricity to sustainably power a variety of industrial operations will significantly propel the business outlook.
ORC Waste Heat to Power Market Trend
As the current industrial landscape unfolds, the clean energy sector in North America is navigating through a unique phase of policy uncertainty. Despite this, it is also benefiting from strong supporting factors that are likely to drive long-term growth. While those outside the industry might anticipate challenges stemming from regulatory intentions to withdraw from the Paris climate accord and dismantle the Clean Power Plan, the renewable energy sector is closely monitoring a trio of federal policy actions and proposals yet to be resolved, particularly those from December.
ORC Waste Heat to Power Market Analysis
The > 1 - 5 MWe segment will grow at a CAGR of more than 13.5% through 2032. Currently, > 1 – 5 MWe capacities hold a significant market share on account of their application in various industries as they can be easily integrated in these industrial sites, which is substantially increasing the product penetration. Moreover, the electricity generated by ORC systems does not produce additional emissions, which is further increasing their adoption across these industries.
The Europe ORC waste heat to power market is forecasted to exceed USD 4.9 billion by 2032. All European Union (EU) member states are mandated to monitor and assess emissions through the EU's Greenhouse Gas Monitoring Mechanism, which establishes internal reporting regulations in accordance with internationally agreed obligations. Moreover, thermal energy released from numerous industrial processes typically falls within the low temperature range of 400°C to 800°C. This energy can be effectively utilized for industrial applications, greenhouse heating, heating networks, and other purposes, thereby enhancing the overall energy chain efficiency to approximately 100%
ORC Waste Heat to Power Market Share
General Electric holds a significant stake in the waste heat to power market, known for its extensive expertise in engineering and manufacturing various waste heat recovery systems, including ORC, SRC, among others. With a robust history deeply ingrained in the industrial machinery sector, the company has provided transformer solutions across a wide range of applications, covering oil & gas, geothermal, and others.
ORC Waste Heat to Power Market Companies
Some of the key participants players operating across the ORC waste heat to power industry are:
- ABB
- ALFA LAVAL
- Atlas Copco AB
- Calnetix Technologies, LLC
- Elvosolar, a.s.
- Enertime
- ENOGIA
- Exergy International Srl
- General Electric
- INTEC GMK
- Kaishan USA
- Mitsubishi Heavy Industries, Ltd.
- ORCAN ENERGY AG
- Ormat Technologies
- Triogen
- Turboden S.p.A
ORC Waste Heat to Power Industry News
- In September 2022, Mitsubishi Heavy Industries developed a binary power generation system based on ORC technology. This system recovers waste heat from sulfur-free fuel-burning engines and converts it into usable energy. The lineup includes three models with a rated output ranging from 200 kW to 700 KW, which is suitable for powering various vessel types.
- In November 2021, Alfa Laval, remotely developed and marketed its ORC solutions as an extensive arrangement of marine equipment. The company offers advanced products for decontaminating, refining & reusing materials, and increasing the utilization of normal assets.
This ORC waste heat to power market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in MW and USD Million from 2019 to 2032, for the following segments:
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Market, By Power Output
- ≤ 1 MWe
- > 1 - 5 MWe
- > 5 - 10 MWe
- > 10 MWe
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Belgium
- Spain
- Russia
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Philippines
- Thailand
- Vietnam
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Latin America
- Brazil
- Argentina
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