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

  • Report ID: 5570
  • Published Date: Jan 24, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

ORC Waste Heat to Power Market size is expected to cross USD 152 Billion by the end of 2036, growing at a CAGR of 16% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of ORC waste heat to power was over USD 22 Billion. The need for an effective waste heat recovery system will be fueled by the heavy industries' rising electricity demand, which will further accelerate the adoption of organic rankine cycle (ORC) units. Around 30% of the world's total primary energy consumption is met by the industrial sector, which includes the production of iron, steel, cement, chemicals, and petrochemicals.

In addition to these, as the demand for electricity has increased, energy consumption has been rising annually all across the world. Fossil fuel-based energy production accounts for almost one-third of global greenhouse gas emissions, which contribute to pollution and climate change.


ORC Waste Heat to Power Market
Get more information on this report: Request Free Sample PDF


ORC Waste Heat to Power Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 16%

Base Year Market Size (2023)

 ~ USD 22 Billion

Forecast Year Market Size (2036)

 ~ USD 152 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Organic Rankine Cycle (ORC) Waste Heat to Power Market: Growth Drivers and Challenges

Market-Growth-Drivers

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.


ORC Waste Heat to Power Segmentation

Capacity (Less Than 1000 kW, 1001-4000 Kw, 4001-7000 kW, More Than 7000 Kw)

Based on capacity, less than 1000Kw segment in the ORC waste heat to power market is anticipated to hold 35% during the forecast period. These systems' great dependability, adaptability, and efficiency are driving product penetration in installations with less than 1000kW. Along with manufacturers working with end users to understand their specific requirements in order to design and develop the most reliable ORC unit and to ensure good economic feasibility, major players in the steel, glass, and other industries are also attempting to improve their business standing through enhanced energy efficiency. This collaboration is expected to drive segment expansion. This segment is appropriate for institutions and businesses with high energy demands because of its ability to generate significant amounts of electrical power. In comparison to steel factories overseas, which use 4.5–5.0 gig calories per tonne of crude steel, the majority of integrated steel plants in India use 6-6.5 gig calories per tonne of crude steel.

Application (ICE or Gas Turbine, Waste to Energy, Metal Production, Cement & Lime Industry, Glass Industry, Petroleum Refining, Chemical Industry, Landfill ICE)

Based on application, the petroleum refining segment is expected to hold 30% share of the global ORC waste heat to power market by 2036.  The energy-intensive business of petroleum refining produces a significant amount of waste heat as a by-product of its activities. With ORC technology, this waste heat represents a valuable resource that may be utilized. The overall daily capacity of crude oil refineries worldwide as of 2021 was approximately 101 million barrels. On the other hand, more than 79 million barrels of oil were refined per day globally.

Our in-depth analysis of the global ORC waste heat to power market includes the following segments:

     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

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

ORC Waste Heat to Power Industry - Regional Synopsis

North American Market Forecast

ORC waste heat to power market in North America region is attributed to hold largest revenue share of about 30% during the forecast period. The growth of the market in the region is because waste heat recovery as a means of producing electricity is becoming more widely recognized. Particularly noteworthy is the United States, which is home to a number of significant market participants in the ORC waste heat to electricity industry. This clustering of important industry participants supports the region's leadership in advancing ORC technology and propelling North American ORC waste heat to power market expansion.

APAC Market Statistics

ORC waste heat to power market in Asia Pacific region is anticipated to hold second largest revenue share of about 25% during the forecast period. The increasing emphasis on reducing greenhouse gas emissions in the region while promoting energy supply to meet the needs of emerging markets. Players in the business now have the chance to expand by providing green technology solutions. For example, ORC Systems and renewable energy experts Geothermal Development & Investment (GDI) and EXERGY International collaborated in June 2022 to spread ORC-powered geothermal power stations throughout Japan. With this, the businesses expanded across Southeast Asia and Africa, utilizing ORC technology for waste heat recovery and other heat-related renewable energy applications.

Research Nester
ORC Waste Heat to Power Market Size
Get more information on this report: Request Free Sample PDF

Companies Dominating the ORC Waste Heat to Power Market

top-features-companies
    • Strebl Energy Pte Ltd
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Kaishan USA
    • ORCAN ENERGY AG
    • BorgWarner Inc.
    • Siemens Energy
    • Echogen Power Systems
    • ALFA LAVAL
    • Corycos Group
    • Fujian Snowman Co., Ltd.
    • General Electric

In-the-news

In The News

  • BorgWarner announced its next venture with Plug and Play, a global innovation platform and accelerator ecosystem for startup companies, by becoming a partner of its newly planned incubator location in Detroit. Developed through a collaboration between Plug and Play and the Michigan Minority Supplier Development Council (MMSDC), Plug and Play Detroit will supply many startup companies with resources, guidance and financing through its global innovation platform in an effort to achieve technical advancements faster than ever before. Joining forces with Plug and Play in Detroit – in addition to its existing cooperation with Plug and Play in Silicon Valley – directly connects BorgWarner to a host of smart, innovative future collaborators.
  • Siemens licensed patented technology from Echogen Power Systems to use supercritical CO2 as working fluid in a closed-loop power cycle to accumulate waste heat from the generating source and further convert it into electrical energy. These cycles can operate autonomously with neutral water consumption and free from the risk of freezing, which is especially important across remote cold-weather sites.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5570
  • Published Date: Jan 24, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing industrialization and worries about climate change are the major factors driving the growth of the ORC waste heat to power market.

The market size of ORC waste heat to power is anticipated to attain a CAGR of 16% over the forecast period, i.e., 2024-2036.

The major players in the market are Kaishan USA, ORCAN ENERGY AG, BorgWarner Inc., Siemens Energy, Echogen Power Systems, ALFA LAVAL, Corycos Group, Fujian Snowman Co., Ltd., General Electric, and others.

The less than 1000Kw segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
ORC Waste Heat to Power Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying