D7.3 Market Analysis

The REGEN-BY-2 project, funded under the European Union’s Horizon 2020 program (Grant Agreement No. 851541), represents a pioneering initiative aimed at transforming the renewable energy landscape through the development of a novel multi-generation energy system. This system, enabled by two-phase fluid machines, is designed to convert a wide range of renewable thermal sources into electricity, heating, and cooling—offering a compact, efficient, and flexible solution for diverse energy needs across industrial and commercial sectors. 

At the heart of the project lies a patented thermodynamic cycle developed by TIFEO, which integrates two-phase compression and expansion processes to maximize energy conversion efficiency. The REGEN-BY-2 system is positioned as a Combined Cooling, Heating, and Power (CCHP) solution that surpasses traditional trigeneration systems by offering a fully integrated, all-in-one plant architecture. This innovation eliminates the inefficiencies of combining separate systems and introduces a new 
standard for compactness, modularity, and operational flexibility. 

The document provides an overview of the potential market of REGEN-by-2 technology and outlines the project's roadmap toward achieving the Technology Readiness Level 9 (TRL9) corresponding to a market-ready product by 2030. Starting from TRL2 at the project’s beginning in 2020, the REGEN-BY-2 system has progressed to TRL4 as of May 2025 (M57), with successful lab-scale validation of key components such as the two-phase expander and compressor. The roadmap details the intermediate steps required to reach TRL9, including pilot-scale demonstrations, system upscaling, certification, and market deployment. Strategic milestones include integration with renewable thermal sources up to 350°C and the ability to serve multiple end-users with varying power and temperature requirements. 

The market analysis section provides a comprehensive overview of the EU energy landscape, highlighting the increasing share of renewables (43.2% in 2022) and the pressing need to reduce dependency on imported fossil fuels. The REGEN-BY-2 technology aligns with EU policy goals, including the European Green Deal and the Renewable Energy Directive, by offering a solution that supports decarbonization, energy efficiency, and grid flexibility. 

From a commercial perspective, REGEN-BY-2 targets a broad range of applications, including data centers, hospitals, food retail, chemical and petrochemical industries, and emerging sectors such as electric vehicle manufacturing and biotechnology. Technology’s ability to operate efficiently across a wide range of thermal inputs and outputs makes it particularly suited for distributed energy systems and microgrids. 

The competitive landscape is populated by established players such as Ormat Technologies, Turboden, and Exergy, as well as emerging innovators like ElectraTherm and Recycled Energy Development. While these companies focus on Organic Rankine Cycle (ORC) systems and waste heat recovery, REGEN-BY-2 differentiates itself through its unique thermodynamic cycle, compact design, and multi-vector energy output. 

The document also emphasizes the importance of strategic partnerships and integration with ongoing Horizon 2020 projects such as WEDISTRICT, RESTORE, and REWARDHeat. These collaborations offer opportunities to enhance REGEN-BY-2’s capabilities through advanced thermal storage, smart grid integration, and digital energy management systems.