Home > Pressrelease > ORC Waste Heat to Power Market size worth $21 Bn by 2032
ORC Waste Heat to Power Market size worth $21 Bn by 2032
- Published Date: March 9, 2023
ORC Waste Heat to Power Market size is set to surpass USD 21 billion by 2032, according to a new research report by Global Market Insights Inc.
Strict regulatory frameworks have provided incentives for both consumers and producers to invest in emission-free technology, such as ORC, which considerably cuts GHG emissions. Moreover, numerous nations, particularly in the European Union, have set objectives and are implementing strategies to cut emissions in the coming years, consequently supporting industry growth.
Furthermore, the report cites that the mounting product demand from the glass sector, which is facing the challenge of generating more energy-efficient products while lowering CO2 emissions, is also expected to drive ORC waste heat to power market expansion. In April 2022, E. ON and glass maker AGC extended their current collaboration with a combined project for waste heat recovery and green power generation at AGC's float glass facility in Seingbouse, France, which was set to be planned, implemented, funded, and maintained by E.ON.
Growing adoption in the oil & gas sector to propel > 1 - 5 MWe segment expansion
ORC waste heat to power market from the > 1 - 5 MWe power output segment is slated to grow rapidly at more than 14.5% CAGR from 2023 to 2032. Presently, > 1 - 5 MWe capacity systems are gaining traction due to their use in several sectors, such as oil & gas, waste to energy, waste heat to electricity, and others, as they can be readily integrated into these industrial locations, which are significantly boosting product penetration. Additionally, prominent efforts of industrialists to establish clean energy manufacturing infrastructure facilities are poised to foster the segment outlook.
Browse key industry insights spread across 330 pages with 304 market data tables & 24 figures & charts from the report, “ORC Waste Heat to Power Market Size By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Rising demand for onsite power generation across North America
North America ORC waste heat to power market held an installed capacity of 258.5 MW in 2022, fueled by the mounting demand for onsite power generation across the industrial sector. In addition, the regional shift toward greener energy sources has encouraged enterprises to choose emission-free power supplies, which are predicted to accelerate regional revenue through 2032. For instance, in July 2022, Tallgrass, an energy infrastructure company, joined forces with green technology expert Kanin Energy to convert waste heat to electricity at four locations in the U.S., allowing the midstream operator to offset about 250,000 short tons of CO2 equivalent per year while producing carbon-free power.
Advancements in ORC technology to define the industry outlook
Key participants operating in the global ORC waste heat to power market are Mitsubishi Heavy Industries, ABB, Ormat Technologies, Kaishan USA, Exergy International Srl., Alfa Laval, Atlas Copco AB, Elvosolar, a.s., Enertime, Calnetix Technologies, LLC, Turboden S.p.a, Enorgia, Triogen, ORCHAN ENERGY AG, and INTEC GMK. To extend their consumer reach, businesses are employing new technologies to develop novel products. In April 2022, Alfa Laval, a global producer of heat transfer equipment and solutions, introduced the E-Powerpack system for ships, which employs organic Rankine cycle (ORC) technology to transform waste heat into electrical power, reducing ship fuel use and CO2 emissions.