GVR Report cover Organic Rankine Cycle Market Size, Share & Trends Report

Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application (Geothermal, Biomass, Waste Heat Recovery, Solar Thermal), By Region, And Segment Forecasts, 2020 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-071-2
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 72

Report Overview

The global organic rankine cycle market size was valued at USD 211.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.3% from 2020 to 2028. The rise in the adoption of renewable energy, the longer life cycle of ORC, and low O&M cost are some of the major factors boosting the growth of the organic rankine cycle (ORC) market globally. North America 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 and the availability of supporting policies and financial support for clean energy projects. Furthermore, various large-scale ORC-based geothermal power projects are under pipeline in the U.S., which is expected to drive the market for ORC in North America during the forecast period.

U.S. organic rankine cycle (ORC) market size, by application, 2018 - 2028 (USD Million)

The U.S. has been one of the leading countries in the ORC market development and deployment from the past at the global level. The high presence of geothermal reserves has resulted in driving the market for ORC in the country owing to which the geothermal application segment holds a leading position in the U.S. market.

ORMAT has been the major company that has been active in the country in the ORC market as the company provides its ORC equipment along with EPC services for the development of geothermal ORC projects. Furthermore, the company owns and operates around 622 MW of geothermal and recovered energy generation projects across the U.S.

The rise in the adoption of renewable energy in countries, such as the U.S., China, Germany, and Canada, is leading to the emergence of supportive regulations and provision of 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 are expected to 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 technologies, such as steam rankine cycle (SRC), which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal.

Application Insights

The geothermal segment led the market and accounted for a revenue share of over 40.0% in 2020. The major factor driving this segment is the large-scale megawatt capacity of the geothermal projects as compared to other application segments, such as biomass, waste heat recovery, and solar thermal. Each of the geothermal projects is usually of the capacity of more than 10 MW, whereas ORC-based projects in other application segments are not always of capacities equivalent to 10 MW and are generally less than 1 to 2 MW.

Global organic rankine cycle (ORC) market share, by application, 2020 (%)

Countries with high geothermal potential such as the U.S., Turkey, Kenya, New Zealand, and Indonesia have taken significant steps to utilize the available geothermal potential available in their respective countries. For instance, from 2017 to 2018, Indonesia has started commercial operation of geothermal power plants with a cumulative capacity of 330 MW.

Regional Insights

Europe dominated the market and accounted for a revenue share of over 45.0% in 2020. In Europe, Turkey held a significant revenue share in 2020. The availability of large geothermal potential in the country serves as the major driver for the market in the country. The European market for organic rankine cycle is primarily driven by the implementation of favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe. This has resulted in making Europe a dominant regional market.

Furthermore, new ORC-based geothermal power projects are under construction and are expected to commission in the forecast period in countries, such as Turkey and France. For instance, Turboden is constructing an 11 MW ORC-based geothermal power project in France for Fonroche Geothermie, which is expected to commence operation in the forecast period. These developments will lead to the growth of the geothermal application segment in the forecast period in the region.

Key Companies & Market Share Insights

The market is characterized by the presence of key players, along with a few medium and small regional players. Leading market players compete based on their product development capabilities and new technologies used in product formulations. Established players such as Turboden are investing in the development of innovative ORC systems that give them an edge over their competitors. For instance, in 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. Some prominent players in the global organic rankine cycle market include:

  • Turboden S.p.A.

  • Exergy S.p.A.

  • Zhejiang Kaishan Compressor Co., Ltd.

  • Ormat

  • TAS

  • Elvosolar, a.s.

  • General Electric

  • INTEC GMK

  • Enogia SAS

Organic Rankine Cycle Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 415.1 million

Revenue forecast in 2028

USD 926.3 million

Growth Rate

CAGR of 20.3% from 2020 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2020 - 2028

Quantitative units

Revenue in USD million and CAGR from 2020 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Germany; Turkey; Italy; China; Japan; Thailand

Key companies profiled

Turboden S.p.A.; Exergy S.p.A.; Zhejiang Kaishan Compressor Co., Ltd.; Ormat; TAS; Elvosolar, a.s.; General Electric; INTEC GMK; Enogia SAS; Triogen; Calnetix Technologies, LLC; ABB; SUMEC GeoPower AG; Atlas Copco AB; ORCAN ENERGY AG

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global organic rankine cycle market on the basis of application and region:

  • Application Outlook (Revenue, USD Million, 2017 - 2028)

    • Waste Heat Recovery

    • Biomass

    • Geothermal

    • Solar Thermal

  • Regional Outlook (Revenue, USD Million, 2017 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • Turkey

      • Italy

    • Asia Pacific

      • China

      • Japan

      • Thailand

    • Central & South America

    • Middle East & Africa

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