Press release
ORC Waste Heat To Power Market Size, Share, Trends | Leading players are IHI Corporation, General Electric, Ormat Technology, Siemens AG
Growing energy demand across the industrial sector over the past few years is increasing the need for alternative sources of electricity generation. In addition, depletion of non-renewable resources and growing environmental concerns is further encouraging the adoption of alternative energy sources that are more sustainable and cleaner. In this regard, ORC waste heat to power systems are gaining immense popularity as they fulfill the above-mentioned requirements. This is expected to provide a major impetus to ORC waste heat to power market over the upcoming years.
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For the records, ORC unit is a system that generates thermal and electric power using multiple sources like renewables (solar energy, biomass, geothermal energy), conventional fuels as well as waste heat produced from industrial processes, engines, gar turbines or waste incinerators. Significant rise in the installation of geothermal energy sources in conjunction with stringent emission regulations is supporting the business outlook considerably.
Heavy industries, in particular, are showing higher installation rates for ORC units due to higher electricity demand which in turn is fueling the requirement for efficient waste heat recovery systems. In addition, supportive policy framework for encouraging the adoption of sustainable technologies across industries is complementing the ORC installation further.
The burgeoning demand for ORC waste heat to electricity systems has urged industry players to focus on developing more advanced solutions. For this, they are increasing investments in R&D activities and are collaborating with other companies on technological developments.
To illustrate, in 2019, Germany based MAN Energy Solutions signed a cooperation agreement with the prominent CleanTech firm Orcan Energy for developing technologies pertaining to waste heat recovery. Under this deal, Orcan Energy was anticipated to provide its efficiency PACK technology to MAN Energy Solutions’ marine and power plant clients for retrofitting the engines.
Such developments are being supported by favorable schemes and policies pertaining to clean technologies. For instance, in 2021, the US government introduced the Consolidated Appropriations Act, 2021 which included Investment Tax Credit of 26% for Waste Energy Recovery Property.
The waste energy recovery property refers to the property which produces electricity specifically from the heat generated by buildings or equipment, provided the primary purpose of the building or equipment is not electricity generation. It includes waste heat to power systems.
These types of initiatives in the country are expected to enhance the industry landscape of the overall ORC waste heat to power market in North America. The region is witnessing an elevated demand for onsite power generation along with the significant expansion of the regional industrial sector. There has been a notable rise in investments toward the development of clean energy systems such as biomass, geothermal and other solar-powered technologies. And, this is fostering the product adoption in the region.
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