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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.