ORC Waste Heat to Power Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast 2021 – 2027

Industry Trends

ORC waste heat to power market size was valued at over USD 10 billion in 2020 and its cumulative installation is anticipated to exceed 5 GW by 2027. Supportive policy framework coupled with an increasing investment towards industrial infrastructural development will augment the market opportunities. Moreover, major Energy Intensive Industries (EII) including cement, pulp & paper, manufacturing and petrochemical amongst others have a high waste heat recovery potential, which will drive the industry growth over the coming years.
 

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ORC waste heat to power systems are significantly gaining prominence mainly across energy intensive industries due to their capability to reduce carbon footprints and support clean energy initiatives. The geothermal, biomass, and heat recovery industries are some of the key application areas where the ORC units are deployed. Growing investments in the development of new industrial centers along with the rising significance of energy optimization & management across process industries will encourage the adoption of these systems over the forthcoming years.
 

The ORC waste heat to power industry has witnessed sluggish growth in FY 2020 on account of the ongoing Coronavirus pandemic across the globe. The non-utility industries are shut down in majority of the affected countries pertaining to strict lockdown protocols introduced by their respective governments. Moreover, the supply deficit of raw materials and labor has impacted the ORC waste heat to power equipment manufacturers moderately and has further affected the market statistics of the technology adversely. However, the industry is anticipated to bounce back in the first half of 2021, on account of easing of lockdown protocols coupled with release of various vaccinations to curb the spread of the virus.
 

The study features a detailed analysis of industry trends across the globe segmented on a regional & country basis. Moreover, the market forecasts & estimates are in line with the data represented by authorities including the International Energy Agency (IEA), Energy Information Administration (EIA), ASHRAE, government regulatory bodies, and company press releases.
 

Shifting manufacturing bases from developed to developing nations will propel the Asia Pacific ORC waste heat to power market opportunities

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Asia Pacific region accounted for over 20% of ORC waste heat to power market share in 2020. The region is rapidly emerging as a global manufacturing hub. Major multinational corporations are shifting their manufacturing facilities toward Asia Pacific on account of ease of availability of raw material. In 2019, Asia Pacific accounted for over 50% of the global value-added and thereby acting as the center of many energy intensive industries, which is beneficial for the market penetration of the technology. Strict governmental regulations pertaining to growing GHG emissions from the EII coupled with soaring energy demand across the industrial sector will fuel the ORC waste heat to power market demand in the forecast timeframe.
 

The ongoing investments toward the development of new industrial facilities along with the focus of various governments to improve energy efficiency will drive the ORC waste heat to power industry across the developing nations in the region. Respective governments have introduced plans that mandate the active participation of industries in energy management programs. For instance, in Thailand, the implementation of energy management programs and external auditing are required in manufacturing facilities with energy capacity exceeding 1,000 kW. The simplification of waste heat to power installations and reducing costs have further propelled the market growth of ORC waste heat to power systems in the region. Moreover, the growing penetration of cement and other energy-intensive industries with a sizeable potential to recover waste heat will further drive the market outlook in the forthcoming years.
 

Growing geothermal energy opportunities across Turkey to stimulate the product demand

Turkey is emerging as the focal point of the ORC waste heat to power system manufacturers over the last few years on account of increasing geothermal energy opportunities. Central government is investing readily in the deployment of these clean energy technologies in order to reduce dependency on conventional power systems and meet the international emission reduction targets. This in turn will complement the market demand of ORC systems. These units are utilized across geothermal power plants on account of high production of low temperature waste heat, thus augmenting the business outlook in the coming years.
 

Mergers and acquisitions acting as a focal point of key ORC waste heat to power market players

Mergers and acquisitions with the purpose to diversify the technology portfolio have been a primary phenomenon across the industry landscape. However, the strengthening of R&D facilities along with the integration of advanced control units and efficient working fluids will further influence the ORC waste heat to power market trends. Cost minimization through economies of scale along with onsite manufacturing practices institute a strong market opportunity for the major players operating in the ORC waste heat to power industry.
 

The prominent industry players profiled in the market report include IHI Corporation, General Electric, Mitsubishi Hitachi Power Systems, Ltd., Ormat Technology, Siemens AG, and Durr Group amongst other players.
 

ORC waste heat to power market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” and ‘USD” from 2017 to 2027, for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • Spain
  • Russia
  • Turkey
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Philippines
  • Thailand
  • Indonesia
  • New Zealand
• Middle East & Africa
  • Kenya
  • South Africa
• Latin America
  • Chile