Asia Pacific ORC Waste Heat to Power Market Size & Share 2024 – 2032
Market Size by Power Output (≤ 1 Mwe, > 1, 5 Mwe, > 5, 10 MWe, > 10 Mwe).
Report ID: GMI8972
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Published Date: April 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Vishal Saini
Asia Pacific ORC Waste Heat to Power Market Size
Asia Pacific ORC Waste Heat to Power Market size was valued at USD 2.3 billion in 2023 and is estimated to grow at a CAGR of 13.7% between 2024 and 2032. The industry’s shift toward utilizing reliable medium and low-temperature heat sources to generate power coupled with growing concerns about climate change and environmental sustainability will energize the business scenario.
Asia Pacific ORC Waste Heat to Power Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Additionally, the implementation of stringent emission regulations targeting CO2 emissions reduction, coupled with the increasing adoption of geothermal and biomass units, will further enhance the industry's prospects. For instance, in September 2021, the Chinese government declared its cessation of coal-fired power project construction and pledged to assist nations like Indonesia and Vietnam in adopting eco-friendly and low-carbon energy alternatives, thus driving the market growth.
Asia Pacific ORC Waste Heat to Power Market Trends
The increasing emphasis on energy efficiency and resource conservation in industries along with ongoing advancements in ORC technology, including improvements in heat exchanger efficiency, turbine design, and system optimization, has bolstered the expansion of the industry. Moreover, growing concerns about climate change and environmental sustainability drive the adoption of ORC systems.
For instance, in June 2022, ORC waste heat to power systems, alongside renewable energy specialists Geothermal Development & Investment (GDI) and EXERGY International, joined forces to promote the deployment of ORC-powered geothermal power plants across Japan. This collaboration facilitated the expansion of their operations into Southeast Asia leveraging ORC technology for waste heat recovery and various heat-related renewable energy applications.
Asia Pacific ORC Waste Heat to Power Market Analysis
The ≤ 1 MWe, market across Asia Pacific region is projected to reach over USD 2 billion by 2032. This segment benefits from the great dependability, adaptability, and efficiency of ORC systems, driving their widespread adoption in installations with smaller capacities. Moreover, manufacturers collaborate closely with end-users to tailor ORC units to their specific needs, ensuring both reliability and economic feasibility.
In addition, their compact size makes them suitable for installations where space is limited, allowing for flexibility in deployment across various industries and applications. Furthermore, the modular nature of small capacity ORC systems enables easy scalability, facilitating incremental expansion or customization based on evolving energy needs.
The > 1 - 5 MWe segment across Asia Pacific ORC Waste Heat to Power Market is projected to achieve a CAGR of over 12.5% by 2032, owing to their versatility and seamless integration into various industrial settings. This widespread adoption is significantly enhancing their penetration within a wide range of industries. Additionally, the emission-free electricity generated by ORC systems is further driving their uptake across industrial sectors, aligning with sustainability goals and environmental regulations. Moreover, these systems can employ various heat sources including geothermal, biomass, waste heat from industrial processes, and solar thermal energy. This versatility enables industries to make more efficient use of available resources, reducing waste and optimizing energy usage.
The ORC waste heat to power market in China is projected to exceed USD 2.5 billion by 2032. China's strategic focus on renewable energy sources, aiming to diminish coal dependency and tackle air pollution, underscores the adoption of ORC systems for power generation from geothermal, biomass, and waste heat sources, aligning with the nation's renewable energy objectives. For instance, in 2022, as per IRENA, China witnessed a substantial increase in its renewable energy capacity, reaching nearly 1.2 terawatts in 2022, reflecting a growth rate of approximately 14% compared to the previous year, which in turn is anticipated to create a favorable growth scenario for the ORC technology across China in the coming years.
Asia Pacific ORC Waste Heat to Power Market Share
General Electric is one the key players for manufacturing various waste heat recovery technologies, including SRC and ORC. With a long-standing legacy in sustainable technology, the company has successfully deployed ORC solutions across diverse applications in sectors such as oil & gas, waste-to-energy, and geothermal.
Asia Pacific ORC Waste Heat to Power Market Companies
The key players operating across the industry include:
Asia Pacific ORC Waste Heat to Power Industry News:
The Asia Pacific ORC waste heat to power market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:
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Market, By Power Output, 2019 -2032 (MW, USD Million)
The above information has been provided for the following country:
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