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

Research Methodology

A three-pronged approach was followed for deducing the organic rankine cycle market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for organic rankine cycle market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of organic rankine cycle market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Organic Rankine Cycle Market Categorization:

The organic rankine cycle market was categorized into four segments, namely application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas (Gas pipeline pressure stations), Waste To Energy), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The organic rankine cycle market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The organic rankine cycle market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Canada; Germany; Turkey; Italy; China; Japan; Thailand

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Organic rankine cycle market companies & financials:

The organic rankine cycle market is analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Turboden S.p.A.-Turboden S.p.A. designs, manufactures, and maintains organic Rankine cycle (ORC) systems that are suitable for distributed generation. The product line of Turboden S.p.A. includes ORC systems, large heat pumps, and gas expanders. It also offers waste heat recovery systems, combined cycles, oil & gas, high-temperature CHP, large heat pumps, and gas expanders. The company offers 20 MW electric capacity turbo generators and has more than 376 plants across 42 countries of the world.

• EXERGY INTERNATIONAL SRL -EXERGY INTERNATIONAL SRL designs, engineers, produces, and maintains organic Rankine cycle systems to produce electricity using renewable geothermal, biomass, and solar energy sources. The company uses innovative radial outflow turbine technology to recover waste heat from industrial processes. It offers its technology worldwide with a detailed focus on high-growth prospective markets such as North America, South America, and Southeast Asia.

• Zhejiang Kaishan Compressor Co., Ltd. - Zhejiang Kaishan Compressor Co., Ltd. manufactures industrial air compressors. It has about 60 years of experience in air compressor manufacturing. The company is a leading manufacturer of organic Rankine cycle (ORC) power-generating systems. Presently, it has deployed ORC-based projects of approximately 100 MW capacity. The company has installed organic Rankine cycle system, steam expanders (SE), and HYBRIDS (steam expanders + organic Rankine cycle) in oil refineries, steel mills, chemical plants, oil palm treating plants, enthalpy geothermal energy locations, and solid waste burning facilities in Asia, as well as the U.S.

• Enogia - Enogia designs and produces organic Rankine cycle systems based on proprietary high-speed turbo expander technology. Its expertise includes organic Rankine cycle systems, Brayton, compressors, pumps, cryogenic systems, turbo compressors, chillers, heat pumps, and pressure letdowns. Enogia designs, manufactures, industrializes, and markets its products from its headquarters in Marseille, France. The company designs and produces heat-to-power transformation systems based on a mixture of ORC with limited and original micro-turbine technology. The main heat sources are concentrated solar power, biomass, and geothermal sources involved in waste heat recovery from industrial processes or combustion engines.

• Triogen -Triogen is the foremost ORC provider that has effectively combined world-class technology into a dependable standardized pioneering product. The organic Rankine cycle system of the company efficiently converts waste heat into green electricity. It has installed several ORC units across Europe. Triogen, in conjunction with various partners, is active throughout Europe. The organic Rankine cycle was developed with its partners, including the Lappeenranta University of Technology, the University of Twente, the National Aerospace Laboratory NLR, and the Delft University of Technology. The products of the company are used in gas engines, diesel engines, biomass energy, off-grid mining activities, flares, and industrial heat recovery systems

• Calnetix Technologies, LLC - Calnetix Technologies, LLC has developed various products for use in various applications in different industries. It provides hydrogen, industrial, oil & gas, heating, ventilation, air -conditioning, and refrigeration (HVACR) solutions. The company offers ORC products through its subsidiary, Access Energy. Access Energy provides ORC modules to generate clean and green power from waste heat from various small -scale and land -based systems employed in industrial processes, geothermal, solar thermal, incineration, and oil & gas production applications.

• ABB Ltd. -ABB Ltd. develops a wide range of power, automation, and IT products. It operates through power systems, low voltage products, discrete automation and motion, and process automation business segments. The company offers products and services through wholesalers, system integrators, distributors, engineering, procurement, construction, (EPCs), and original equipment manufacturers (OEMs). ABB Ltd. also provides customers value addition and consulting services through operation & maintenance assistance, remote monitoring programs, renewable engineering services grid studies, and feasibility studies.

• Atlas Copco AB -Atlas Copco AB manufactures industrial tools and equipment. It operates through four business divisions, namely, compressor technique, vacuum technique, industrial technique, and power technique. The company has over 100 production sites in around 20 countries. The product line of Atlas Copco AB comprises compressed air solutions, industrial gas generators, aeration blowers, chillers, and air treatment parts & services. It also provides vacuum pumps with variable or fixed speed. The company also offers services for industrial applications.

• TAS - TAS designs, develops, manufactures, and installs highly engineered solutions, as well as provides services related to them to add customer value and help reduce costs. Over the past few years, it has invested in ORC advanced systems for geothermal power and waste heat applications. TAS is a holder of multiple patents. It has carried out a number of technology advancements as well. The company applies ORC technology to capture waste heat from liquid or flue gases generated at a temperature ranging from 194 F to above 400 F for electricity generation. It has successfully designed and operated a proprietary axial expander. It can also deliver MW -sized modular organic Rankine cycle units for waste heat recovery systems.

• Elvosolar a.s. -Elvosolar a.s. offers a wide range of services and state -of - the -art solutions to optimize electricity consumption and produce energy from renewable or waste energy sources. It has built and effectively deployed 32 photovoltaic power plants into a circulated network and connected them to the distribution network. The company offers turnkey solutions by implementing an E -Rational ORC unit with a power output of 55 kW –1000 kW. Elvosolar a.s. provides products for usage in renewable energy generation applications, including heat plants, compressor stations, cogeneration (utilization of heat generated by nuclear power plants for desalination, heating, hydrogen, and process heat), biogas turbines, and geothermal and solar heat plants. Its products are also utilized in industrial production plants, chemical plants, cement plants, foundries, and iron and steel work units.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Organic Rankine Cycle Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Organic Rankine Cycle Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.