Title: ORC Industrial Waste Heat to Power Market Top Trends, Future Analysis & Forecast 2023-2032
1ORC Industrial Waste Heat to Power Market is
expected to be USD 14.1 Billion by 2032
2Industry Overview
- ORC Industrial Waste Heat to Power Market is set
to witness massive growth through 2032, primarily
owing to the increasing demand for clean energy
from various industries worldwide. For instance,
in the United States, renewable energy is the
fastest-growing source of energy, which increased
by 42 between 2010 and 2020. Besides, after
adding a whopping 256 GW of power capacity,
renewable energy also made up 29 of country's
total electricity generation in 2020. - In addition, key providers in the ORC industrial
waste heat to power market are also seeking to
gain a better foothold in the market by expanding
their portfolio and engaging in meaningful
acquisitions and mergers. To cite an instance, in
September 2022, Transitional Energy and
ElectraTherm announced entering a partnership,
which will be focused on the conversion of heat
waste into power, in the oil and gas industry.
Transitional Energy claims that the collaboration
will bring respite to energy security and also
reduce emissions. - Overall, the ORC industrial waste heat to power
market is bifurcated in terms of application and
region.
3Continue
- On the basis of application, the market is likely
to be characterized by the cement segment, which
will grow at more than 11 CAGR through 2032. The
tariff on electricity is steadily rising across
the globe, which along with the immense potential
for heat recovery will result in the segmental
expansion during the upcoming decade. For
instance, the tariff cap on electricity in the
United Kingdom had risen by 179 between January
2022 to August 2022. - In the regional context, the North America ORC
industrial waste heat to power market recorded an
installed capacity of more than 165 MW in 2022.
The regional market expansion can be attributed
to the increasing requirement for onsite power
generation and a positive outlook toward the
industrial sector. Moreover, companies operating
in the region are engaging in strategic effort to
gain a competitive advantage. - For instance, in July 2022, Kanin Energy and
Tallgrass announced collectively developing four
waste heat to power clean energy projects. While
three of them will be in Ohio, the remaining one
will be in Indiana, and these power projects will
be operational from 2024. Besides, they will
generate around 410,000 MWh of electricity each
year, providing a clean power supply to 38,000
houses in the country.
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