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.
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Overall, the ORC industrial waste heat to power market is bifurcated in terms of application and region.
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.
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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.
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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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