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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.

ORC Waste Heat to Power Market

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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.

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

Global ORC Waste Heat to Power Market Size, By Region

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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

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of orc waste heat to power generated USD 5 billion in revenue in 2022 and is poised to exhibit sizable growth at 15.5% gains through 2032 driven by the rising clean energy demand.

The > 10 MWe power output segment is anticipated to grow at an 18% CAGR through 2032 on account of the high efficiency, dependability, and flexibility characteristics.

The Asia Pacific market is estimated to reach more than USD 7 billion by 2032 attributed to the growing concerns pertaining to GHG emissions.

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., amongst others are the top manufacturers engaged in the industry.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 328
  • Countries covered: 23
  • Pages: 330
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