ORC Industrial Waste Heat to Power Market size is set to surpass USD 14 billion by 2032, according to a new research report by Global Market Insights Inc.
The increasing manufacturing output across developed and developing countries will complement the industry outlook. For instance, according to the Federal Reserve, manufacturing output in the U.S. increased 1.2% in April 2022 after the 0.1% hike at the beginning of the year. Meanwhile, the National Statistical Office (NSO) of India reported a 6.8% growth in the manufacturing sector in April 2022. As several governments are empowering the manufacturing sector and boosting industrialization for economic development with supportive policies, energy-intensive industries (EIIs) are expected to witness significant growth. The growing emphasis on infrastructure development supported by hefty investments will foster demand for ORC systems for energy-efficient heat recovery
Increasing need for geothermal power in oil & gas applications to drive industry growth
The oil & gas applications accounted for more than 33% share of the ORC industrial waste heat to power market in 2022. ORC systems are extensively deployed across the upstream and downstream oil & gas sector due to their ability to enhance efficiency across conventionally operated processes. For example, oil & gas plants make use of ORC-based turbogenerators to reduce their environmental footprint for converting waste high-to-low-grade heat into usable mechanical or electrical power. The growing environmental concerns pertaining to greenhouse gas (GHG) emissions, and high carbon intensity will further fuel the adoption of ORC systems across oil and gas plants.
The steady rise in the number of initiatives focusing on the development and advancement of geothermal power and associated technologies will have a positive impact on the ORC industrial waste heat to power market. For instance, in May 2022, EXERGY International signed an agreement with STRABAG Umwelttechnik GmbH to develop, build, and operate turn-key ORC-based geothermal power plants, subsequently emphasizing on climate-neutral base-load energy.
Browse key industry insights spread across 150 pages with 187 market data tables & 25 figures & charts from the report, “ORC Industrial Waste Heat to Power Market Size By Application (Oil & Gas, Cement, Glass, Steel & Metals), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Climate-neutral targets to complement ORC industrial waste heat to power market in Europe
The Europe industry size is anticipated to expand at over 11% CAGR between 2023 and 2032. Europe is home to very strict sustainability targets, and carbon emission reduction goals, encouraging the adoption of energy-efficient technologies. For instance, in June 2021, the European Council adopted the European climate law, mandating all EU countries to reduce greenhouse gas emissions by at least 50% by 2030 to become climate-neutral by 2050. Therefore, several EU countries are scaling up efforts to achieve net-zero emissions, eventually accelerating the adoption of ORC systems in the region. Furthermore, the increasing number of power generation initiatives focusing on renewable energy sources such as solar, biomass, and geothermal will positively influence the demand for ORC technologies in the region.
New product development efforts to foster ORC industrial waste heat to power market
General Electric, DÜRR Group, Siemens, IHI Corporation, Mitsubishi Heavy Industries, Ltd., Ormat Technologies, Exergy International Srl, Climeon, AURA, BIHL, Kaishan USA, ALFA LAVAL, Turboden S.p.A, TransPacific Energy (TPE), Strebl Energy, and Calnetix Technologies, LLC are some of the leading companies in the global industry. These firms are focusing on the advancement of their product portfolios to expand customer reach and gain a competitive lead. For instance, in November 2021, Alfa Laval announced plans to remotely develop and commercialize the rebranded ORC solutions for marine applications. The initiative intends to decontaminate, refine & reuse materials, and enhance the utilization of existing assets.