ORC Industrial Waste Heat to Power Market Size 2022 Growth Research Report by 2027
ORC industrial waste heat to power market growth is expected to be influenced by mounting demand for electricity in the industrial sector and rising preference for clean energy over conservative sources of energy. Deployment of sustainable technologies that includes biogas and geothermal will augment the ORC waste heat to power industry size. Favorable policies and schemes are driving the adoption of clean energy technologies. As per a report published by Global Market Insights, the ORC industrial waste heat to power market is set to speculate a cumulative installation of over 750MW by 2027.
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Mentioned below some of the factors that will drive this speculated growth:
Demand for onsite power generation
Rising infrastructure development in North America has fueled the demand for onsite power generation systems. The ORC industrial waste heat to power market of North America is expected to showcase sturdy growth credited to developments in the industrial sector.
New investments targeted towards the development of various clean energy systems including biomass, geothermal, and other several solar-powered technologies will have a positive impact on the market. Additionally, rising consumer awareness and initiatives to curb GHG emissions are expected to push the penetration of ORC-based WHP plants in North America.
Rising electricity demand across heavy industries
The demand for electricity is increasing at an escalating rate across large-scale industries which could drive the requirement for efficient waste heat recovery system. Energy-intensive industries like integrated steel mills can recover heat from coke ovens, blast furnaces, and oxygen furnaces which can support product penetration. Initiatives to curb overall carbon footprint can incite the adoption of these systems. According to reports, Kanin Energy, a project development company, has been developing waste heat to power plants that utilize Organic Rankine Cycle (ORC) technology to reduce CO2 emissions and fuel consumption of industrial partners.
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New advancements and business strategies
Key players operating in the ORC waste heat to power industry such as General Electric, Mitsubishi Hitachi Power Systems, Ltd., IHI Corporation, Boustead International Heaters, and Climeon AB, amongst others are focusing on taking strategic initiatives like mergers, acquisitions, collaborations, and joint ventures for staying competitive in the market.
For instance, Canadian natural gas company TC Energy and Siemens Energy decided to commission a new waste-heat-to-power facility in Alberta by 2022 that seizes waste heat from a gas-fired turbine functioning a pipeline compression station and then converting it into a power using innovative sCO2 (supercritical carbon dioxide) power cycle.
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