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

Organic Rankine Cycle Market Size, Share & Trends Analysis Report By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-071-2
  • Number of Pages: 98
  • Format: Electronic (PDF)

Report 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.

U.S. organic rankine cycle market size, by application, 2020 - 2030 (USD Million)

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.

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.

Application Insights

The geothermal segment led the market and accounted for the largest revenue share of 61.71% in 2021. The major reason for the dominance of the geothermal segment is due to the large-scale megawatt capacity of these geothermal projects as compared to other application segments such as biomass, waste heat recovery, and solar thermal. Since each geothermal project is usually of the capacity of more than 10 MW where 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 market share, by application, 2021 (%)

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 started the commercial operation of geothermal power plants with a cumulative capacity of 330 MW.

Regional Insights

North America dominated the market and accounted for the largest revenue share of over 50% in 2021. The U.S. dominated the regional market owing to the high geothermal potential in the country. Furthermore, the country has taken active steps to enhance the deployment of geothermal potential for power generation applications in 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 North America during the forecast period.

Turkey led the market in 2021, in terms of revenue in the global market. The availability of large geothermal potential in the country serves as the major driver for the ORC market in the country. The European market for the organic rankine cycle is primarily driven by implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe. This has resulted in the dominance of Europe in the global ORC market.

Further, 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 the geothermal application segment to grow in the forecast period in the region.

Key Companies & Market Share Insights

The key players operating in the market are Ormat, Turboden, and Exergy, 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 an 8,000 kW ORC system for power generation which uses sawmill residual woody biomass as fuel to Meadow Lake Tribal Council (MLTC), Canada. 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.

Organic Rankine Cycle Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 830.19 million

Revenue forecast in 2030

USD 1.07 billion

Growth Rate

CAGR of 3.3% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Million, Volume in MW, and CAGR from 2022 to 2030

Report coverage

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

Segments covered

Application, region

Region 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 and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global organic rankine cycle market report based on application and region:

  • 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

  • Regional Outlook (Volume, MW; Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • Turkey

      • Italy

    • Asia Pacific

      • China

      • Japan

      • Thailand

    • Central & South America

    • Middle East & Africa

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