Market Overview
The global organic Rankine cycle (ORC) waste heat to power market is projected to growing at a CAGR of 11.8% during the forecast period (2024-2031).
Organic Rankine cycle (ORC) waste heat to power is a technology that uses waste heat generated by industrial processes to produce electricity. The Organic Rankine Cycle is a thermodynamic process that is similar to the conventional rankine cycle used in power generation, but it uses organic fluids instead of water as the working fluid. In the ORC process, the organic fluid is heated by the waste heat generated by an industrial process, causing it to vaporize and expand. The expansion of the vapor drives a turbine that generates electricity, which can be used on-site or exported to the grid.
Market Scope
| Metrics | Details |
| CAGR | 11.8% |
| Size Available for Years | 2023-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Application, and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Europe |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing demand for renewable energy
The growing demand for renewable energy is a major driver of the global organic Rankine cycle (ORC) waste heat to power market. This is because ORC systems are a type of renewable energy technology that helps industries generate electricity from waste heat, reducing their reliance on fossil fuels and conventional energy sources. In addition to reducing carbon emissions and improving environmental sustainability, ORC waste heat to power systems also offers economic benefits. They can help industries reduce their energy bills, improve their energy efficiency and increase their profitability.
High installation costs
High installation costs are a major challenge that can restrain the growth of the global organic Rankine cycle (ORC) waste heat to power market. ORC systems can be expensive to install and maintain, which can discourage some industries from adopting them. The necessity for specialized equipment, such as the turbine and generator, as well as the requirement for qualified personnel to design, install and maintain the systems all contribute to the high installation costs of ORC systems. In addition, the cost of the organic fluid used in the ORC process can also be relatively high, depending on the specific application.
Market Segment Analysis
The global organic Rankine cycle (ORC) waste heat to power market is segmented based on product, application and region.
Due to the significant amount of waste heat conversion in petroleum refinery, the petroleum refining segment contributes to the market growth
Petroleum refining is one of the major end-users of the organic Rankine cycle (ORC) waste heat to power systems. The petroleum refining industry generates a significant amount of waste heat during its processes, which can be harnessed by ORC systems to generate electricity.
The ORC waste heat to power systems are highly efficient and cost-effective for the petroleum refining industry, which is a major reason for its dominance in the market. The ORC systems can utilize waste heat at temperatures as low as 80°C, which is the typical range of waste heat generated in petroleum refining processes.
Source: DataM Intelligence Analysis (2023)
Market Geographical Share
Due to strict environmental regulations and targets aimed at reducing greenhouse gas emissions, Europe dominates the global organic Rankine cycle (ORC) waste heat to power market
Europe has strict environmental regulations and targets aimed at reducing greenhouse gas emissions and increasing the use of renewable energy sources. These regulations have encouraged industries to adopt ORC waste heat to power systems as a means of reducing their carbon footprint and improving energy efficiency. In addition, government incentives and subsidies have been provided to promote the adoption of ORC systems, further accelerating the market growth in Europe. The European Union's 2030 climate and energy targets have also played a significant role in driving the adoption of ORC systems in the region.
Source: DataM Intelligence Analysis (2023)
Market Companies
The major global players include Turboden S.p. A., Kaishan USA, Siemens AG, Boustead International Heaters, TransPacific Energy Inc., General Electric, Strebl Energy Pvt Ltd, Mitsubishi Hitachi Power Systems, Ltd., Climeon AB, and IHI Corporation.
Key Developments
- On September 5, 2022, the state-of-the-art binary power generation system based on Organic Rankine Cycle technology (WHR-ORC system) was developed by Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. (MHI-MME) primarily for waste heat recovery from sulfur free fuel burning engines, which are gaining popularity in the shift to a low-carbon and decarbonized society. It has a series of three variants with rated outputs ranging from 200kW to 700kW and may be employed on a variety of vessel types.
- On April 19, 2022, during Seatrade Cruise Global in Miami, Climeon AB unveiled the Climeon HeatPower 300 Marine, the company's newest generation of Climeon HeatPower, to the cruise industry. A waste heat recovery product called the Climeon HeatPower 300 Marine was developed to produce clean energy from onboard, low-temperature waste heat in marine environments.
- On February 12, 2021, Siemens Energy and TC Energy Corporation (TC Energy), a Canadian company, signed a contract to launch an innovative waste heat-to-power pilot installation in Alberta. Siemens Energy's advanced heat recovery process will be at the center of the plant. Supercritical carbon dioxide (sCO2) is used as the working fluid in the patented technology, which is licensed under Echogen Intellectual Property. It is based on an upgraded Rankine Cycle and utilizes waste heat to generate power.
Why Purchase the Report?
- To visualize the global organic Rankine cycle (ORC) waste heat to power market segmentation based on product, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of data center infrastructure management market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global organic Rankine cycle (ORC) waste heat to power market report would provide approximately 53 tables, 49 figures and 184 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
