ORC Industrial Waste Heat to Power Market size valued at USD 3.5 billion in 2022 and is projected to expand at over 12.5% CAGR from 2023 to 2032.
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The growing concerns associated with climate change, carbon footprint, and environmental pollution will have a significant impact on the industry dynamics. In the last decade, several governments worldwide have introduced very stringent government regulations and norms pertaining to the effects of fossil fuel consumption on the environment. For instance, in December 2022, the European Commission rolled out new environmental regulations aimed at making chemical and textile plants greener. These regulations were also introduced to enable effective management and treatment of gas across textile and chemical facilities.
|ORC Industrial Waste Heat to Power Market Size in 2022:||3.9 Billion (USD)|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||12.9%|
|2032 Value Projection:||14.1 Billion (USD)|
|Historical Data for:||2019 to 2022|
|No. of Pages:||150|
|Tables, Charts & Figures:||212|
|Pitfalls & Challenges:|
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Lack of grid infrastructure and the optimum need for high initial investments for the development of ORC-based waste heat for powering plants could hamper the adoption of these systems. The ongoing strides in the field of ORC technology are adding to the costs of these systems. This scenario will hamper the product adoption across underdeveloped and developing regions with lack of capital backbone and slow economic growth. However, the surging demand for clean electricity is compelling massive public and private investments to curb emissions, further helping industry players to overcome current roadblocks.
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Asia Pacific ORC industrial waste heat to power market size is poised to surpass USD 5 billion by 2032. The region is anticipated to emerge as a major hotspot for ORC systems with increasing CO2 emissions driven by the massive footprint of energy-intensive sectors. ORC technology is emerging as a promising technology across China, India, and other APAC countries owing to the growing pressure on power generation to cater to the energy demands of the surging population rate. The increasing adoption of this technology can also be attributed to its ability to trap the waste heat from industrial processes to curb the carbon footprint.
ORC industrial waste heat to power market size from steel & metals application segment is projected to exhibit over 12% CAGR through 2032. Steel is extensively used across a wide range of industry verticals as it plays a crucial role in the manufacturing of automotive products, construction equipment, and consumer electronics. According to the World Steel Association, steel mills in the U.S. produced more than 85 million tons of steel in 2021, showcasing an 18.3% rise as compared to the 72.7 million tons in 2020. This was recorded as the largest annual growth in steel production among leading steel-producing countries. Steel production is one of the most energy-intensive operations requiring large amounts of coal, natural gas, electricity, and other energy sources. As a result, numerous techniques and technologies allowing energy recovery from waste heat are set to represent significant potential for meeting high power requirements cost-effectively.
Some of the leading companies in the global ORC industrial waste heat to power market include
These firms are focusing on the development of novel technologies for enhancing product capabilities. For instance, in September 2022, Mitsubishi Heavy Industries designed a binary power generation system featuring organic Rankine cycle technology capable of converting waste heat into usable energy.
The COVID-19 crisis had a notable impact on the ORC industrial waste heat to power market. The surging number of hospitalization rates and the growing concerns associated with COVID-19-related mortality resulted in very stringent lockdown impositions and social distancing norms. Government restrictions led to the shutdown of a wide range of non-utility sectors, negatively influencing the demand for ORC systems. However, an estimated surge in energy demand in the post-pandemic period is expected to offer lucrative business prospects for the industry. For instance, according to ExxonMobil, the commercial and residential energy demand is anticipated to rise by 15%, with a 75% surge in household electricity consumption between 2021 and 2050.
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Market Insights, By Application
The above information has been provided for the following regions and countries: