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, Oil & Gas, Waste To Energy), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-071-2
  • Number of Pages: 103
  • Format: Electronic (PDF)

Report Overview

The global organic rankine cycle market size was valued at USD 415.1 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, the longer life cycle of the Organic Rankine Cycle (ORC), and relatively low O&M cost are some of the major drivers globally. 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. This is expected to restrain the growth of the ORC market during 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 ORC market in 2021. The geothermal application held the largest market share in 2021. Geothermal projects are of usually higher capacity as compared to biomass and waste heat recovery projects, owing to which the ORC market retained a higher share for geothermal applications in 2020. The deployment of large-scale geothermal projects in recent years is likely to aid this development.

North America is expected to exhibit strong demand for ORC installation over the coming years, owing to the growing focus on the development of renewable energy infrastructure. A progressive regulatory environment and financial support for clean energy projects are expected to further aid renewable energy infrastructure. Moreover, various large-scale ORC-based geothermal power projects are also in the pipeline which is expected to propel growth further during the forecast period.

A rise in the adoption of renewable energy in countries such as the U.S., China, Germany, and Canada remains on a positive trajectory. A favorable legislative scenario and major financial incentives supporting the deployment of renewable energy remain the cornerstone of growth. 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 which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal.

Application Insights

The geothermal segment accounted for the largest revenue share of 61.71% in 2021. The major reason for the dominance of the segment is the large-scale megawatt capacity of these geothermal projects. Such capacities remain out of bounds for other application segments such as biomass, waste heat recovery, and solar thermal. The average capacity of a geothermal project is usually more than 10 MW. On the other hand, ORC-based projects are limited in capacity, with an average of 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 their geothermal potential. In 2017, Indonesia started commercial operation of geothermal power plants with a cumulative capacity of 330 MW.

Region Insights

North America held the largest revenue share of more than 50.73% in 2021. U.S. dominated the ORC market in the region owing to the high geothermal potential in the country. The country has taken initiatives to upgrade its existing geothermal infrastructure for conventional power generation applications. ORMAT is a major player in the U.S. and continues to tap geothermal potential in the country with its signature ORC technology. This is expected to help the U.S. maintain its dominance during the forecast period.

Organic Rankine Cycle Market Trends by Region

The availability of large geothermal potential in Turkey serves as the major driver for the ORC market. The European market for organic rankine cycle (ORC) is primarily driven by the implementation of progressive policies and support mechanisms for the growth of renewable energy and energy efficiency. New ORC-based geothermal power projects are under construction and are expected to be commissioned during 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. It is expected to commence operation during the forecast period. These developments will lead the regional geothermal application segment to grow during the forecast period.

Key Companies & Market Share Insights

Key market players are Ormat, Turboden, and Exergy, along with a few medium- & small-sized regional players. Leading players compete fiercely based on their product development capabilities and new technologies used in product formulations. Established players such as Turboden continue to invest 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:

  • Turboden S.p.A.

  • Exergy International Srl

  • Zhejiang Kaishan Compressor Co., Ltd.

  • Enogia SAS

  • Triogen

  • Calnetix Technologies, LLC

  • ABB

  • Atlas Copco AB

  • TAS Energy Inc. (TAS)

  • Elvosolar, a.s.

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

2019 - 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; and Middle East & Africa

Key companies profiled

Turboden S.p.A.; Exergy International Srl; Zhejiang Kaishan Compressor Co., Ltd.; Enogia SAS; Triogen; Calnetix Technologies, LLC; ABB; Atlas Copco AB; TAS Energy Inc. (TAS); Elvosolar, a.s.; General Electric; INTEC GMK; SUMEC GeoPower AG; 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.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Organic Rankine Cycle Market Segmentation

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 2019 to 2030. For this study, Grand View Research has segmented the global organic rankine cycle market report based on application and region:

Global Organic Rankine Cycle Market Segmentation

  • Application Outlook (Volume, MW; Revenue, USD Million, 2019 - 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, 2019 - 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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