Stringent emissions norms combined with construction done for geothermal energy sources will boost the ORC waste heat to power market growth. New emission norms are laid by governments for regulating emission of air pollutants from spark-ignition engine equipment and internal combustion engine of motor vehicles. Rising acceptance of clean energy over conservative sources will accelerate the adoption of ORC technology. A shift towards sustainable technologies that include biogas and geothermal may augment the ORC waste heat to power market size in the coming years.
As per a report published by Global Market Insights, the ORC waste heat to power market is set to record installation of over 5 GW by 2027. ORC technology has numerous possible applications and counts for more than 698 identified power plants and 2.7 GW of installed capacity worldwide. The escalating demand for electricity around the industrial sector may contribute to adoption of ORC waste heat to power systems. Favorable policies and schemes are being imposed for boosting the acceptance of clean technologies and solutions like biomass power plant, waste heat recovery and geothermal plants.
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Let’s take a look at some of the trends in the ORC waste heat to power market:
Demand for onsite power generation in North America
The demand for onsite power generation will extend extensively due to rising infrastructure development in North America. Estimates suggest that the ORC waste heat to power market in North America will showcase a sturdy growth in the industrial sector. Rising investments are being made towards the development of various clean energy systems including biomass, geothermal, and other solar-powered technologies in the region. Intensifying consumer awareness regarding the benefits of sustainable technologies could push the acceptance of ORC-based WHP plants in North America.
High electricity demand across heavy industries
Need for efficient waste heat recovery system is likely to boost the deployment of ORC units. According to the World Bank, the industrial sector plays a vital role in the global economy, producing about one-quarter of global GDP and accounting for 23% of total employment. However, the industrial sector is also one of the largest emitters of CO2. Concerns over lowering carbon footprint might endorse the adoption of ORC waste heat recovery systems across industries.
Construction of new WHP facilities
Key players operating across the ORC waste heat to power industry are General Electric, Mitsubishi Hitachi Power Systems, Ltd., IHI Corporation, Boustead International Heaters, and Climeon AB, amongst others. They are focusing on taking strategic initiatives like mergers, acquisitions, collaborations, and joint ventures for staying competitive in the market. In 2021, Canadian pipeline firm, TC Energy and Siemens Energy decided to commission a new waste-heat-to-power facility in Alberta 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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