Organic Rankine Cycle (ORC) Waste Heat to Power Market Size & Share, by Size (Small, Medium, Large); Capacity (Less Than 1000 kW, 1001-4000 Kw, 4001-7000 kW, More Than 7000 Kw); Model (Steady-State, Dynamic); Application (ICE or Gas Turbine, Waste to Energy, Metal Production, Cement & Lime Industry, Glass Industry, Petroleum Refining, Chemical Industry, Landfill ICE) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing Industrialization and Worries About Climate Change- This level entails a number of adjustments that support the expansion and prosperity of the society. Industrialization appears to be a process of gradual development over time rather than a sudden one. As a result, a lot of fossil fuels will be used indirectly, which causes the climate. A major problem that has been evolving along with the quickening pace of industrialization is the cause of climate change. Industrialization is necessary for economic growth, but one of the main issues that needs to be addressed is climate change. This will result in the industrial process implementing efficient and sustainable technology, such as the WHP system. Environmental protection will be aided by the use of such technology in light of the growing industrialization and concerns about climate change.
• Rising Interest in Renewable Energy- The organic Rankine cycle (ORC) waste heat to power market is driven primarily by the increasing need for sustainable energy sources. This is so that businesses can become less dependent on fossil fuels and other traditional energy sources by producing electricity from waste heat through the use of ORC systems, a sort of renewable energy technology. ORC waste heat to power systems not only enhance environmental sustainability and lower carbon emissions, but they also yield financial advantages. They can assist businesses in lowering their energy costs, enhancing energy economy, and boosting profitability. By 2028, more than 42% of the world's electricity will come from renewable sources.
• A Greater Emphasis on Enhancing Power Plant Efficiency- The production of power worldwide is primarily reliant on fossil fuel resources, including coal, natural gas, and oil. Globally, there are now more existing fossil-fired power generation plants, and the construction of new ones is becoming popular. On the other hand, waste heat is released into the atmosphere from a power plant. The primary strategy for increasing thermal efficiency and lowering greenhouse gas emissions for fossil fuel-fired power plants is waste heat recovery. Furthermore, it is discovered that implementing waste heat recovery technology is becoming more crucial to raising power plant efficiency. Consequently, a closed loop thermodynamic cycle-based waste heat ORC system is utilized to provide thermal power and electricity appropriate for plant operations. Numerous power plant operations, including the regenerator, heat pump, rotary heat exchanger, and economizer, have been discovered to be supported by this system. This increases the power plant's efficiency and supports its operation.

Challenges

• High Installation and Maintenance Costs- Despite the many benefits of waste heat recovery systems, the ORC waste heat to power market expansion is constrained by installation costs. A number of methods, including the steam rankine cycle (SRC), organic rankine cycle (ORC), and kalina cycle, can be used to recover waste heat. Depending on the magnitude of the industrial sector and the output, these technologies will have varying costs. Furthermore, the overall cost of installing or implementing waste heat to power (WHP) systems in any business includes a number of components and machinery, including equipment for power generation, waste heat recovery, power conditioning, and connectivity. The soft costs related to system design, permitting, and construction would also be included in the overall cost. Despite the many benefits of waste heat recovery systems, the ORC waste heat to power market expansion is constrained by installation costs. There are several methods for recovering waste heat, including but also included are the heat recovery boilers' maintenance needs and plant balancing, which can change depending on the technology and site circumstances.
• Lack of technical expertise may impede the ORC waste heat to power market growth.
• The growth of the ORC waste heat to power business is expected to be hindered by the availability of various competing technologies, such as SRC and Kalina technology, which have lower costs and greater efficiency than ORC technology.