Global ORC Waste Heat to Power Market Size, Share, Growth Analysis, By Model, By Application, By Products, By Power Output - Industry Forecast 2024-2031

Global ORC Waste Heat to Power Market size was valued at USD 5 billion in 2022 and is poised to grow from USD 5.78 billion in 2023 to USD 18.29 billion by 2031, growing at a CAGR of 15.5% in the forecast period (2024-2031).

The increasing electricity demand in heavy industries underscores the imperative for efficient waste heat recovery systems, thereby accelerating the adoption of Organic Rankine Cycle (ORC) units. Moreover, the existence of supportive policy structures aimed at fostering the uptake of sustainable technologies across different sectors will synergize with the goals of expanding the ORC waste heat to power industry.

Top-down and bottom-up approaches were used to estimate and validate the size of the ORC Waste Heat to Power Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

ORC Waste Heat To Power Market Segmental Analysis

The global ORC waste heat to power market is segmented into four major segments i.e. by power output, model, application, products, regions. Based on product the market is segmented as, single-mode readers, absorbance microplate readers, fluorescence microplate readers, luminescence microplate readers, others, multi-mode readers, filter-based microplate readers, monochromator-based microplate readers, hybrid microplate readers. Based on application the market is segmented as, genomics & proteomics research, drug discovery, clinical diagnostics, others. Based on end-use the market is segmented as, pharmaceutical & biotechnology companies & CROS, academic & research institutions, others. Based on Region, the market is segmented as, North America, Europe, Asia Pacific, Latin America.

Drivers of the ORC Waste Heat To Power Market

The escalating reduction in primary energy usage across industrial operations has brought waste heat to power to the forefront as a highly promising renewable energy source for electricity generation. This approach boasts remarkable efficiency in power production by effectively curtailing energy and fuel consumption within industrial processes. Utilizing waste heat enables the emission-free generation of electricity, seamlessly integrating into existing industrial operations or contributing to the grid for wider distribution.

Restraints in the ORC Waste Heat To Power Market

The advent of alternative technologies like SRC and Kalina presents a potential obstacle to the growth of ORC technology within the waste heat to power sector. These alternatives offer enhanced efficiency and cost-effectiveness, posing a competitive threat. Nonetheless, one distinguishing factor lies in the fluid composition: while the Kalina cycle utilizes a blend of ammonia and water, ORC relies on pure organic fluids.

Market Trends of the ORC Waste Heat To Power Market

A significant global trend persists in the heavy reliance on fossil fuel resources for electricity generation, evident in the proliferation of fossil-fired power plants worldwide. Despite their contribution to electricity supply, these plants generate waste heat as a byproduct, posing environmental concerns regarding its release.