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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
- Report ID: GMI5027
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
ORC Waste Heat to Power Market size valued at USD 5 billion in 2022 and is projected to expand at more than 15.5% CAGR from 2023 to 2032 owing to the rising demand for clean energy.
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Access to energy is critical for people's well-being and economic progress although a significant amount of energy is lost in residential structures due to higher supply than consumer demand. Subsequently, the organic Rankine cycle has emerged as a useful waste heat recovery device to conserve this energy. Governments worldwide are emphasizing renewable energy generation to ensure effective, secure, and safe access to modern energy alternatives. For instance, in September 2021, the Malaysian government announced the goal of becoming carbon neutral by 2050. Such government measures are set to promote industry growth.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 5 billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15.5% |
| 2032 Value Projection: | 21.2 billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 330 |
| Tables, Charts & Figures: | 328 |
| Segments covered: | Power Output |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Furthermore, the global capacity of power generation from solar panels, wind turbines, and other renewable technologies is expected to rise rapidly in the upcoming years. The International Energy Agency estimates that renewable energy sources would contribute to 95% of the growth in the total energy generation capacity by 2026. The proliferating significance of renewable energy is further accelerated by governments resolving major obstacles, such as complications with permits and grid integration, societal acceptability problems, uneven regulatory frameworks, and inadequate incentives, which is slated to complement business progression.
Increasing access to innovative alternative technologies to hinder ORC waste heat to power market expansion
The availability of several alternative technologies, including SRC and Kalina technology, which have better efficiency and lower costs, overshadows ORC technology and is foreseen to impede the growth of the ORC waste heat to power industry. However, unlike the Kalina cycle technology, which uses a combination of ammonia and water as the working fluid, the ORC technique uses pure organic fluids. Additionally, market participants are continually working to improve their offerings in order to provide greater efficacy, and these advancements are anticipated to assist them in overcoming this constraint.
Rising concerns regarding GHG emissions across APAC
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Asia Pacific ORC waste heat to power market valuation is poised to reach nearly USD 7 billion by 2032 on account of the growing focus on lowering GHG emissions while fostering energy supply to accommodate the demand of developing economies. This is creating potential growth opportunities for industry players to offer green technology solutions. To cite an instance, in June 2022, ORC systems and renewable energy specialists Geothermal Development & Investment (GDI) and EXERGY International partnered to distribute geothermal power plants using ORC technology in Japan. This marked the firms' entry into the Southeast Asia and African regions and ORC technology applications in waste heat recovery and other heat-related renewable energy.
High efficiency and flexibility to fuel > 10 MWe segment growth
In terms of power output, the ORC waste heat to power market from the > 10 MWe segment is predicted to observe approximately 18% growth rate through 2032. The high efficiency, dependability, and flexibility of these systems are impelling product penetration across >10 MWe installations. In addition, major players in the glass, cement, steel, and other industries are also working to improve their business standing through enhanced energy efficiency while manufacturers are collaborating with end users to understand their unique requirements to design and develop the most reliable ORC unit and to ensure good economic feasibility, which is likely to propel segment expansion.
Introduction of new innovative technologies to define the competitive landscape
Some leading enterprises engaged in the ORC waste heat to power market include Mitsubishi Heavy Industries, Atlas Copco AB, General Electric, Exergy International SrRankineat Technologies, Kaishan USA, Turboden S.p.a, Alfa Laval, Enorgia, ORCHAN ENERGY AG, INTEC GMK, Triogen, ABB, Enertime, and Elvosolar, a.s., among others. The escalating demand for organic Rankine cycle (ORC) in the waste heat recovery, biomass, geothermal, solar thermal, and oil & gas sectors has prompted manufacturers to increase investments toward boosting production capacity and developing new technologies. In September 2022, Mitsubishi Heavy Industries created an ORC-based binary power generation system to recover waste heat from sulfur-free fuel-burning engines and turn it into usable energy.
Impact of COVID-19 on the industry trends
The COVID-19 outbreak caused a steep decline in domestic demand and exports, negatively impacting almost all sectors, including the ORC waste heat to power market. The energy consumption in the transportation and manufacturing industries significantly decreased owing to travel restrictions and border closures, which resulted in the declining use of bioenergy and other renewable sources. Moreover, supply chain disruptions and project construction delays brought on by social distancing policies and lockdown measures adversely affected the commissioning of renewable power projects and renewable heat investments. Nevertheless, declining infection rates and the growing preference for incorporating renewable energy in the recovering manufacturing and construction operations, are estimated to augment business revenues.
The 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 Insights, 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