Organic Rankine Cycle Industry Overview
The global organic rankine cycle market size was valued at USD 415.12 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2022 to 2030.
The rise in the adoption of renewable energy and the longer life cycle of ORC coupled with low O&M costs are some of the major factors driving the growth of the organic rankine cycle (ORC) market. ORC technology faces stiff competition from the availability of substitute technology such as Steam Rankine Cycle (SRC) which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal which is expected to restrain the growth of the market over the forecast period.
Europe emerged as one of the major regions for the organic rankine cycle market in 2020. Geothermal has the largest market share in the application segment in the global ORC market in 2020. Geothermal projects are of usually higher capacity as compared to biomass and waste heat recovery projects owing to which the ORC market is higher for geothermal application in 2020 due to the deployment of large-scale geothermal projects in recent years.
Gather more insights about the market drivers, restrains and growth of the Global Organic Rankine Cycle Market
The North America region is expected to witness higher demand for ORC installation over the coming years owing to the rising focus on the development of power through clean energy sources with the availability of supporting policies and financial support for clean energy projects. Further, various large-scale ORC-based geothermal power projects are also under pipeline in the U.S. which is expected to drive the market for ORC in North America during the forecast period.
A rise in the adoption of renewable energy in countries such as the U.S., China, Germany, and Canada is making supporting regulations and providing financial incentives for the deployment of renewable energy. Financial incentives such as feed-in-tariff, subsidies, and tax benefits are some of the major tools utilized by countries around the world to attract investment in the renewable energy sector. These factors propel the growth of the organic rankine cycle (ORC) market in the near future.
However, the organic rankine cycle technology faces stiff competition from available substitute technology such as steam rankine cycle (SRC) which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal.
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Organic Rankine Cycle Market Segmentation
Grand View Research has segmented the global Organic Rankine Cycle (ORC) market based on application and region:
- Organic Rankine Cycle (ORC) Application Outlook (Volume, MW; Revenue, USD Million, 2017 - 2030)
- Waste Heat Recovery
- Petroleum Refinery
- Chemical
- Glass
- Cement
- Metal Production and Casting (Iron & Steel)
- Biomass
- Geothermal
- Solar Thermal
- Oil & Gas (Gas pipeline pressure stations)
- Waste to Energy
- Organic Rankine Cycle (ORC) Regional Outlook (Volume, MW; Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Market Share Insights
- February 2020: Turboden signed a contract to provide the Meadow Lake Tribal Council (MLTC), Canada with an 8000 kW ORC power generation system, which uses sawmill residual woody biomass as fuel.
Key Companies profiled:
Some prominent players in the global organic rankine cycle market include:
- Elvosolar, a.s
- Enogia SAS
- Exergy S.p.A.
- General Electric
- INTEC GMK
- Ormat
- TAS
- Triogen
- Turboden S.p.A.
- Zhejiang Kaishan Compressor Co., Ltd.
- SUMEC GeoPower AG
- Atlas Copco AB
- ORCAN ENERGY AG
Order a free sample PDF of the Organic Rankine Cycle Market Intelligence Study, published by Grand View Research.
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