Inclination towards ORC waste heat to power devices to rise with increasing energy efficiency benefits
ORC waste heat to power systems demand to rise across Europe with surging regulatory policies for curbing carbon footprint
The ORC waste heat to power market value is set to grow at a considerable rate impelled by multiple advantages; one of which is the production of profitable power. ORC waste heat to power devices helps in the reduction of parasitic cooling load, enhancing efficiency via the reduction of energy consumption/costs. The capability to generate power while decreasing the cooling load enables the ORC system to function as an integrated net-zero cooling and power solution.
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Further, these devices utilize a resource that was earlier dumped into water bodies and the atmosphere and upcycle it into clean electricity. This, in turn, reduces emissions while producing emission-free power.
Propelled by these factors, the ORC waste heat to power market share is anticipated to exceed USD 15 billion by 2027.
The product is slated to register a high demand in Europe driven by increasing efforts by policy makers for curbing the carbon footprint from major economic sectors. The usage of numerous waste heat recovery technologies comprising ORC waste heat to power systems is propelled by supportive policy environments, technology innovations, and declining costs.
ORC waste heat to power systems — an effective solution for maximizing energy efficiency
Given that more than half of the applied energy in industrial processes and power generation is lost as waste heat, ORC waste heat to power solutions are useful as they upcycle this waste energy into clean power. This reduces the cooling load and further provides additional horsepower to the engine.
The systems have the potential for enhancing energy efficiency by 10%, further reducing the costs of energy and improving the bottom line. The product demand is on the rise due to the ability to reduce the requirement for scaling-down operations on account of insufficient cooling in applications suffering from engine derate owing to high ambient temperatures.
The rise in output could lead to escalations in revenue when the amount of power that has been supplied has a direct effect on income potential, such as what is found in compression stations.
Rising adoption of corporate strategies by ORC waste heat to power companies to impel product demand
Major ORC waste heat to power industry players are adopting strategic initiatives such as mergers, acquisitions, and product developments for consolidating their position in the market.
Citing an instance, in July 2020, two plants were commissioned for waste heat recovery in Saint-Gobain Group’s flat glass manufacturing lines situated in Italy (Pisa) and India (Sriperumbudur).
Considering yet another instance, in February 2021, Siemens Energy, one of the major waste heat to power companies, inked a partnership agreement with Canada-headquartered TC Energy Corporation for commissioning a novel waste heat-to-power pilot installation in Alberta. The unit is set to capture waste heat from a gas-fired turbine, that is functioning at a pipeline compression station and is converting it into emissions-free power.
In a nutshell, an escalation in technological advancements for the development of new products will boost ORC waste heat to power market size through the assessment period.
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