ORC Industrial Waste Heat to Power Market size to exceed $2bn by 2027
Published Date: May 21, 2021 Authors: Ankit Gupta, Aditya Singh Bais
ORC Industrial Waste Heat to Power Market size is expected to surpass USD 2 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
ORC Industrial waste heat to power industry is set to witness a substantial growth over the forecast period owing to the rapid industrialization, introduction of energy efficiency standards and soaring energy demands. These systems utilize the waste heat generated across various industrial processes and harness electricity, following a closed-loop thermodynamic cycle. Strict emission regulations along with increasing cost of electricity are few of the key indispensable factors that has driven the product penetration across the facilities. Moreover, effective exploitation of low-grade heat, flexibility and high performance are the underlying features offered by the ORC industrial waste to power systems that will positively fuel the industry landscape.
The global economy witnessed a significant decline on account of the outbreak of the novel coronavirus. The virus was first witnessed in Hubei province of China in December 2019 and ever since then, it has developed as a global health threat. ORC industrial waste heat to power systems have witnessed a moderate decline in installation in FY 2020 owing to the ongoing pandemic and will continue to observe the impact over the forecast period. The limitation in trade activities along with declining availability of human resource on account of the implementation of unparalleled lockdowns has slowed down several large-scale utility projects across the globe, thus negatively impacting the deployment of ORC industrial waste heat to power units.
Increasing penetration of cement industry across developing nations will drive the ORC industrial waste heat to power market
Ongoing development of cement industry across the developing nations in Asia Pacific region has augmented the requirement for ORC industrial waste heat to power systems to effectively recover the waste heat to harness energy. Major economies in the region including India and China accounted for over 60% of the total cement production across the globe. For instance, according to India Brand Equity Foundation (IBEF), India accounted for 545 MT of cement production in 2020. This has fueled the demand for more effective machineries and heat recovery systems to cope with the electricity requirement. Furthermore, increasing electricity tariff along with the ORC system’s high potential to efficiently recover waste heat to generate power will stimulate the market demand over the forecast timeframe.
Browse key industry insights spread across 108 pages with 120 market data tables & 24 figures & charts from the report, “ORC Industrial Waste Heat to Power Market Size By Application (Oil & Gas, Cement, Glass, Steel & Metals, Others) Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast 2021 – 2027” in detail along with the table of contents:
Growing efforts to curb carbon emissions will fuel the ORC industrial waste heat to power industry in Europe
Europe ORC industrial waste heat to power market will observe a noteworthy growth of over 5% between 2021 and 2027. This growth is accounted to the ongoing efforts of the regulatory bodies and governments to reduce the carbon emission across the key industrial sectors in the respective countries. Technological innovations, declining costs and supportive regulatory framework are few of the factors complementing the adoption ORC industrial waste heat to power units. Furthermore, growing efforts for sustainable economic development coupled with long term advantages of decarbonizing the Energy Intensive Industries (EII) will enhance the focus on heat recovery from the waste heat generated across industrial sector, fueling the market demand for ORC technology.
Key business players operating in ORC industrial waste heat to power market includes Durr Group, Exergy SPA, General Electric, and Climeon AB amongst others. These market players are strategically collaborating with small manufacturers and component providers to augment their market share in the ORC industrial waste heat to power business in the coming years.