ORC Waste Heat to Power Market Size & Share, By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

ORC Waste Heat to Power Market was over USD 2.92 Billion in 2023 and is estimated to surpass USD 9.96 Billion by end of the year 2032, observing around 14.6% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 2.92 Billion
• CAGR (2024-2032): 14.6%
• Forecast Year Value (2032): USD 9.96 Billion
• Historical Data Period: 2019-2023
• Largest Region: Europe
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

One of the primary growth drivers for the ORC Waste Heat to Power Market is the increasing focus on energy efficiency and sustainability. Governments and industries are increasingly prioritizing the reduction of greenhouse gas emissions and the promotion of renewable energy sources. The waste heat recovery technologies, particularly ORC (Organic Rankine Cycle), enable the conversion of wasted thermal energy from industrial processes and power generation into electricity. This capability not only enhances energy efficiency but also supports regulatory requirements and corporate sustainability goals, fueling the adoption of ORC systems across various sectors.

Another significant growth driver is the rising industrialization and the growing demand for electricity in emerging economies. As industries expand and urban populations grow, there is a heightened need for reliable and sustainable electrical power sources. ORC technology offers an effective solution for utilizing low-grade waste heat, which is abundant in many manufacturing and processing industries. By incorporating ORC systems into their operations, industries can significantly reduce their energy costs while also ensuring a more stable power supply, thereby driving the market growth.

However, one more driving factor stems from technological advancements in ORC systems. Innovations in turbine designs, working fluids, and system integration techniques have improved the efficiency and performance of ORC units. These advancements are making ORC technology more competitive compared to other forms of energy conversion, leading to broader applications in various industries, including biomass, geothermal, and industrial waste heat recovery. As the technology continues to evolve, it presents new opportunities for market expansion and investment.

Report Scope

Report Coverage	Details
Segments Covered	Power Output
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	General Electric, Mitsubishi Heavy Industries,., Exergy International Srl, Turboden S.p.A, Calnetix Technologies, LLC, Kaishan USA, ENOGIA, Triogen, ABB, Atlas Copco AB, INTEC GMK, ORCAN ENERGY AG, Elvosolar, a.s., Enertime, Ormat Technologies, ALFA LAVAL

Industry Restraints:

One key constraint in the ORC Waste Heat to Power Market is the high initial capital investment required for the installation and commissioning of ORC systems. Although the long-term savings and return on investment can be attractive, the upfront costs can deter smaller enterprises or those with limited budgets from implementing these technologies. This financial barrier can slow down the widespread adoption of ORC systems, particularly in regions where financial resources are constrained.

Moreover, another significant challenge is the technical limitations related to the efficiency of ORC systems at lower temperature applications. While ORC technology is effective for medium to high-temperature waste heat sources, its efficiency diminishes significantly when dealing with low-temperature waste heat. This limitation restricts the applicability of ORC systems in certain industrial contexts, particularly where low-grade heat is prevalent. Consequently, this technical hurdle may inhibit the overall growth of the ORC Waste Heat to Power Market in specific sectors.

Regional Forecast:

North America is a key region in the ORC Waste Heat to Power market, with the United States and Canada driving significant growth. The United States is experiencing a rise in demand for sustainable energy solutions, leading to increased adoption of ORC waste heat to power systems across various industries. Canada, on the other hand, is focusing on reducing greenhouse gas emissions and transitioning towards a low-carbon economy, which is fueling the market growth for ORC waste heat to power systems in the country.

In Asia Pacific, countries like China, Japan, and South Korea are witnessing a rapid increase in industrial activities and urbanization, resulting in a higher amount of waste heat being generated. This has led to a growing interest in ORC waste heat to power systems as a means to harness this untapped energy source and reduce carbon emissions. China, as the world's largest emitter of greenhouse gases, is particularly keen on implementing renewable energy solutions like ORC waste heat to power to meet its sustainability goals.

Europe, including the United Kingdom, Germany, and France, has been at the forefront of embracing renewable energy technologies like ORC waste heat to power. These countries have stringent emissions regulations and ambitious climate targets, prompting industries to invest in sustainable solutions for heat recovery. The market for ORC waste heat to power systems in Europe is expected to flourish as more companies recognize the economic and environmental benefits of utilizing waste heat for power generation.

Segmentation Analysis:

In terms of segmentation, the global ORC Waste Heat to Power market is analyzed on the basis of Power Output.

≤ 1 MWe:

The ≤ 1 MWe segment in the ORC Waste Heat to Power market refers to power output equal to or less than 1 Megawatt electrical. This segment typically caters to smaller industrial facilities or processes that generate a lower amount of waste heat. Companies operating in this segment often focus on providing compact and cost-effective ORC systems to maximize energy efficiency and reduce operating costs for their clients.

> 1 5 MWe:

The > 1 5 MWe segment in the ORC Waste Heat to Power market covers power output ranging from more than 1 Megawatt electrical to 5 Megawatts electrical. This segment targets medium-sized industrial plants or processes with a moderate amount of waste heat available for conversion. Players in this segment offer scalable ORC solutions that can be customized to meet the specific energy needs and operational requirements of their customers.

> 5 10 MWe:

The > 5 10 MWe segment in the ORC Waste Heat to Power market includes power output exceeding 5 Megawatts electrical up to 10 Megawatts electrical. This segment serves larger industrial facilities or processes that generate a substantial amount of waste heat suitable for conversion into electricity. Participants in this segment focus on delivering high-capacity ORC systems with advanced features to enhance energy recovery efficiency and overall system performance.

> 10 MWe:

The > 10 MWe segment in the ORC Waste Heat to Power market comprises power output exceeding 10 Megawatts electrical. This segment caters to major industrial plants or processes with significant waste heat streams that can support large-scale electricity generation. Players in this segment specialize in developing robust and efficient ORC systems capable of handling high temperatures and volumetric flow rates to extract maximum energy from waste heat sources.

Competitive Landscape:

The ORC Waste Heat to Power Market is characterized by a diverse competitive landscape, with several key players competing to innovate and expand their market presence. This market is driven by the growing emphasis on energy efficiency and sustainability, prompting industries to harness waste heat and convert it into usable power. Companies are increasingly focusing on technological advancements, strategic partnerships, and mergers and acquisitions to enhance their product offerings and gain competitive advantages. Geographically, Europe and North America currently lead in implementation and technology development, although Asia Pacific is witnessing rapid growth due to industrialization and stringent environmental regulations. The competition among established players is intense, as they strive to maintain market share and address consumer demands for cleaner energy solutions.

Top Market Players

- Siemens AG

- General Electric Company

- ABB Ltd.

- Caterpillar Inc.

- ORMAT Technologies Inc.

- Exelon Corporation

- Mitsubishi Heavy Industries Ltd.

- Bell Geospace

- EnBW Energie Baden-Württemberg AG

- Turboden S.p.A.