ORC Waste Heat to Power Market size is expected to surpass USD 15 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
ORC waste heat to power industry is anticipated to witness a noteworthy growth in the coming years on account of rising energy demand, rapid industrialization, and introduction of energy efficiency standards. These units follow a closed-loop thermodynamic cycle to generate electricity by utilizing multiple sources including renewables, conventional fuels, and waste heat from various industrial processes. Rising electricity cost along with stringent emission norms are some of the underlying factors that have led to increased product adoption in recent years.
However, the global economy has been hit hard due to an unexpected outbreak of the novel coronavirus also known as COVID-19. The virus was first recognized in China’s Hubei province in December 2019 and since then has become a worldwide health threat. Due to the ongoing impact of COVID-19, ORC waste heat to power systems witnessed a deep drop in installation in FY 2020 and will continue to witness the impact over the next few years. The lack of trade activities along with limited manpower availability due to the enforcement of unprecedented lockdowns has eased several large-scale utility projects globally. The above factors will adversely impact the deployment of ORC waste heat to power units.
Browse key industry insights spread across 81 pages with 60 market data tables & 20 figures & charts from the report, “ORC Waste Heat to Power Market Statistics, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast 2021 – 2027” in detail along with the table of contents:
Burgeoning efforts to limit GHG emissions will drive the Europe ORC waste heat to power industry demand
Europe ORC waste heat to power market is anticipated to observe a significant cumulative growth of over 4% in the forecast time period on account of increasing efforts by policy makers to curb the carbon footprint from the key economic sectors. Declining costs, technology innovations, and supportive policy environments have surged the deployment of various waste heat recovery technologies including ORC waste heat to power systems. Moreover, long-term advantages of decarbonization of energy intensive industries and increasing focus toward sustainable economic development have further raised the focus on heat recovery and its utilization from industrial waste streams, which in turn will fuel the market growth of the ORC technology.
Ongoing efforts to introduce energy efficient systems across energy intensive industries will augment the market statistics of the ORC systems in the forecast timeline. The regulators are coming up with initiatives and policies to achieve their set goals of carbon neutrality. For instance, in 2020, the European Commission introduced various new strategies for industrial growth in Europe to achieve their goals of carbon neutrality by 2050. These strategies include introduction of new CO2 reduction technologies, financial instruments for the infrastructural development of carbon neutral industries and regulatory framework pertaining to the EII’s. Furthermore, soaring energy demand from the industrial sector will fuel a requirement for more efficient energy systems, which in turn will enhance the ORC waste heat to power market outlook.
Key manufacturers and players operating in ORC waste heat to power market includes General Electric, Exergy SPA, IHI Corporation, and Siemens AG amongst others. The major players are engaged in mergers and acquisitions with small manufacturers and component manufacturers to achieve a bigger market share in the industry in coming years.