Organic Rankine Cycle (ORC) Market Size, Share & Trends Report

Organic Rankine Cycle (ORC) Market Size, Share & Trends Analysis Report By Application (Geothermal, Biomass, Waste Heat Recovery, Solar Thermal), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: May, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-071-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 83

Industry Insights

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 climate change issues and environmental concerns has led various countries around the world to reduce their carbon footprint. Major countries are opting for cleaner and green power generation technologies. This factor is driving the demand for the market which aids in power generation through cleaner forms of energy.

U.S. Organic Rankine Cycle Market

The U.S. has been one of the leading countries in the organic rankine cycle (ORC) market development and deployment from the past on a global level. The high presence of geothermal reserves has resulted to drive the market in the country owing to which geothermal application segment has dominated its position in the U.S. ORC market.

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

However, the organic fluid used for ORC has a lower boiling point which provides more vapor pressure in comparison to water. This aids to enhance the efficiencies of the cycle as well as the expander. In addition, operation at lower temperatures helps to enhance the lifetime of the equipment and further leads to lower downtime for the equipment. These factors support the growth of the ORC market.

In contrast, ORC 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, and waste heat recovery. SRC technology is applicable for wider temperature ranges such as low, medium, and high and further, it has less USD/kW cost as compared to ORC.

Application insights

In 2020, Geothermal segment accounted for the largest share in the global ORC market. 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.

The rise in focus of energy efficiency around the world has resulted in the industrial sector identifying suitable and potential ways to utilize available energy more efficiently. The exhaust steam produced in various processes in industries can be utilized and repurposed to produce clean power generation by industries. Further, ORC-based waste heat recovery projects can be utilized for applications such as gas turbines and waste-to-energy projects. This technology can be employed by major industries such as cement, glass, metal, and oil & gas

Global Organic Rankine Cycle Market

Biomass energy has witnessed growth around the world on account of rising in environmental concerns. This has led most of the major countries around the world to make supportive policies and to provide financial incentives for biomass projects. These efforts have resulted to boost the installed capacity of biomass projects globally from 66.93 GW in 2010 to 115.73 GW in 2018. This has aided the growth of ORC-based biomass projects which have been majorly deployed in European countries and in Canada.

Further rise in adoption of ORC based biomass projects in the world is expected in the forecast period owing to presence of large-scale projects which are under pipeline stage majorly in European countries and other major countries around the world. This will lead the biomass application segment to grow at the fastest rate in the forecast period.

Regional insights

Asia Pacific region emerged as the largest regional level market for the ORC market in 2020. In the year 2018, Asia Pacific region witnessed the installation of two largescale ORC based geothermal plants of which one got operational in Indonesia and another one in New Zealand. These large-scale geothermal projects have made the Asia Pacific region emerge as the largest region in 2020 in the global ORC market.

U.S. dominated the ORC market in the North American region owing to high geothermal potential in the country. Further, the country has taken active steps to enhance the deployment of geothermal potential for power generation applications from the past. 

ORMAT has been the major company working in the U.S. to tap geothermal potential in the country by use of its ORC technology. This factor is expected to make the U.S. dominant in the North American region for the ORC market in the forecast period.

The European region has been one of the front runners in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe. This has resulted to make European region accounting for a dominant share in the global ORC market.

Organic Rankine Cycle Market Share Insights

Technological capability and R&D became one of the most important factors for companies to perform in this industry. Leading players are investing heavily in R&D so as to be technology updated and expand their product portfolio along with their geographical footprint. 

ORC market is a concentrated market where major companies such as Ormat, Turboden, and Exergy account for more than 75% of the market share in the global ORC market in 2020. These companies apart from equipment supply are also focusing on providing EPC and long-term maintenance services to enhance their market share further. This factor is expected to make these companies hold their dominance in the ORC market in the forecast period. 

Organic Rankine Cycle Market Report Scope

Attribute

Details

Base year for estimation

2020

Actual estimates/Historical data

2016 - 2019

Forecast period

2021 - 2028

Market representation

Revenue in USD million and CAGR from 2020 to 2028

Regional scope

North America, Europe, Asia Pacific, Middle East & Africa and Central & South America

Country scope

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

Report coverage        

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

15% free customization scope (equivalent to 5 analysts working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue and revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2016 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; 2016 - 2028)

    • Geothermal

    • Biomass

    • Waste Heat Recovery

  • Regional Outlook (Revenue, USD Million; 2016 - 2028)

    • North America 

      • The U.S.

      • Canada

    • Europe 

      • Germany

      • Turkey

      • Italy

    • Asia Pacific 

      • China

      • Japan

      • Thailand

    • Central & South America

    • Middle East & Africa

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