Press release
Organic Rankine Cycle (ORC) Waste Heat To Power Market Size, Share, Industry, Forecast and outlook (2023-2030)
Market Summary:The global ORC waste heat to power market reached USD YY million in 2022 and is anticipated to grow significantly, reaching up to USD YY million by 2030, exhibiting a CAGR of 11.8% during the forecast period (2023-2030).
ORC waste heat to power technology utilizes waste heat from industrial processes to generate electricity using the Organic Rankine Cycle, using organic fluids instead of water as the working fluid.
Market Dynamics and Trends:
Growing demand for renewable energy: ORC systems are a renewable energy technology aiding industries in generating electricity from waste heat, reducing reliance on fossil fuels, lowering carbon emissions, and improving energy efficiency.
High installation costs: The expensive installation and maintenance costs of ORC systems, including specialized equipment, qualified personnel, and the cost of organic fluids, can hinder market growth.
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Market Segment Analysis:
Segmented based on product, application, and region.
Petroleum refining dominance: The petroleum refining segment significantly contributes to the market due to its substantial waste heat generation, making ORC systems highly efficient and cost-effective for this industry.
Geographical Penetration:
Europe's dominance: Strict environmental regulations, emission reduction targets, and government incentives in Europe have spurred the adoption of ORC waste heat to power systems, making it the dominant region in the market.
Competitive Landscape:
Major players in the global market include Turboden S.p. A., Kaishan USA, Siemens AG, General Electric, Climeon AB, among others.
Key developments involve the launch of state-of-the-art ORC technologies by companies like Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Climeon AB, and Siemens Energy, aiming at waste heat recovery and clean energy production.
The ORC waste heat to power market is witnessing significant growth, primarily driven by the rising demand for renewable energy sources and the push towards emission reduction targets, particularly in regions like Europe with stringent environmental regulations. The competition among key players is centered around technological innovations, aiming to improve energy efficiency and reduce costs for widespread adoption across various industries.
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