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, 2023 - 2030

Market Segmentation

• Organic Rankine Cycle (ORC) Application Outlook (Volume, MW; Revenue, USD Million, 2018 - 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, 2018 - 2030)
  • North America
    • North America Organic Rankine Cycle (ORC) Market, By Application
      • 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
    • U.S.
      • U.S. Organic Rankine Cycle (ORC) Market, By Application
        • 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
    • Canada
      • Canada Organic Rankine Cycle (ORC) Market, By Application
        • 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
  • Europe
    • Europe Organic Rankine Cycle (ORC) Market, By Application
      • 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
    • Germany
      • Germany Organic Rankine Cycle (ORC) Market, By Application
        • 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
    • Turkey
      • Turkey Organic Rankine Cycle (ORC) Market, By Application
        • 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
    • Italy
      • Italy Organic Rankine Cycle (ORC) Market, By Application
        • 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
  • Asia Pacific
    • Asia Pacific Organic Rankine Cycle (ORC) Market, By Application
      • 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
    • China
      • China Organic Rankine Cycle (ORC) Market, By Application
        • 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
    • Japan
      • Japan Organic Rankine Cycle (ORC) Market, By Application
        • 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
    • Thailand
      • Thailand Organic Rankine Cycle (ORC) Market, By Application
        • 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
  • Central & South America
    • Central & South America Organic Rankine Cycle (ORC) Market, By Application
      • 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
  • Middle East & Africa
    • Middle East & Africa Organic Rankine Cycle (ORC) Market, By Application
      • 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 Market Dynamics

Driver: Rise in adoption of renewable energy

Conventional power generation sources, including coal, have dominated the power generation sector worldwide. However, the rise in the utilization of fossil-fuel-based power generation sources has enhanced air pollution levels worldwide, resulting in global warming. For instance, a rise in the earth’s temperature coupled with the melting of snowcaps is one of the major effects of global warming, which is witnessed worldwide. The increasing challenges of climate change and environmental considerations have prompted nations globally to decrease their carbon emissions in power generation and embrace cleaner and more environmentally sustainable energy generation methods. In addition, some major countries worldwide, such as the U.S., China, Germany, and Canada, are enacting supportive regulations and offering financial incentives to encourage the adoption of renewable energy sources.

Financial incentives such as subsidies, feed-in-tariff, and tax benefits are major tools countries use to attract investment in the renewable energy sector. Supporting policies and financial measures are being implemented worldwide that have enhanced the pace of deployment of renewable energy in the past decade. This factor is driving the market for ORC technology as it is being utilized for applications for renewable power generation technologies such as geothermal, biomass, and concentrated solar power.

Driver: Long life cycle coupled with low O&M costs

ORC technology is utilized for power generation from heat sources with a temperature range varying from 80°C to 350°C. This technology utilizes organic fluid to drive turbines instead of water, which is used for the same purpose in traditional steam turbines. It is due to water utilization in steam turbines, often leading to their corrosion that increases the downtime of turbines. It further leads to an additional requirement for maintenance services that becomes an economic burden for plant operators. According to the International Journal of Advance Research, Ideas and Innovations in Technology (IJARIIT), ORC systems outperform SRC systems, in terms of thermal efficiency and power generation, particularly when the heat source temperature ranges from 100 to 370°C. ORC systems also exhibit better efficiency under conditions where turbine efficiency fluctuates around 70–80% and the pinch point temperature difference varies around 10–88°C. In contrast, organic fluid has a lower boiling point and provides more vapor pressure than water. As such, ORC technology can generate a similar amount of power from the heat source at a comparatively lower temperature than water. Further, ORC technology provides long-term economic benefits through lower equipment downtime. These major factors drive the usage of ORC technology in low-temperature geothermal, biomass, and heat recovery applications in various industries worldwide

Restraint: Presence of substitutes

The ORC technology faces strong competition from alternative solutions like the Steam Rankine cycle (SRC). These alternatives are employed in identical application domains, including geothermal, biomass, waste heat recovery, and solar thermal systems. SRC technology is applicable for wider temperature ranges such as low, medium, and high, whereas ORC technology can be utilized for applications where the heat source temperature is less than 300°C. It limits the usability of ORC technology as compared to SRC technology. In addition, the capital costs for implementing ORC technology are higher than those required by SRC technology as ORC technology requires additional operational equipment and auxiliary power. These factors tend to increase the USD/kW deployment cost for ORC technology compared to SRC technology. Moreover, ORC technology utilizes organic fluid as a heat transfer medium, which is costlier than water employed in SRC technology. The usage of this organic fluid in ORC technology increases its operational costs. An additional cost is also involved to safely store and utilize organic fluids, as some of them are flammable and can affect the nearby environment in case of leakage or spillage. Thus, SRC technology is preferred over ORC technology in large-scale installations of more than 5 MW in different industries. This further limits the usage of ORC technology in the scenario when plant operators opt for large-scale heat recovery projects. All these major factors, such as low capital cost, higher temperature operation, and low-cost water availability, are used as a heat source medium and tend to provide an edge to SRC technology over ORC technology. These factors are expected to hinder the growth of ORC technology in the forecast period.

What Does This Report Include?

This section will provide insights into the contents included in this organic rankine cycle market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Organic rankine cycle market qualitative analysis

• Industry overview

• Industry trends

• Market drivers and restraints

• Market size

• Growth prospects

• Porter’s analysis

• PESTEL analysis

• Key market opportunities prioritized

• Competitive landscape

  • Company overview

  • Financial performance

  • Product benchmarking

  • Latest strategic developments

Organic rankine cycle market quantitative analysis

• Market size, estimates, and forecast from 2018 to 2030

• Market estimates and forecast for product segments up to 2030

• Regional market size and forecast for product segments up to 2030

• Market estimates and forecast for application segments up to 2030

• Regional market size and forecast for application segments up to 2030

• Company financial performance