Organic Rankine Cycle Market To Reach $1.01 Billion By 2030

Organic Rankine Cycle Market Growth & Trends

The global organic rankine cycle market size is expected to reach USD 1.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 1.0% from 2024 to 2030. The adoption of renewable energy systems in countries such as the U.S., China, Germany, and Canada is being driven by supportive regulations and the provision of financial incentives for their deployment. Incentives such as feed-in-tariff, subsidies, and tax benefits are some of the major tools utilized by countries globally to attract investments in the renewable energy sector. These factors are expected to propel the growth of the organic rankine cycle (ORC) market in the near future.

The supply chains concerning the spare parts for ORC systems were majorly affected due to the shutdown of production facilities during the COVID-19 pandemic. The manufacturing of components in the energy & power sector slowed down considerably. In addition, local and international travel restrictions, quarantine requirements, and lockdowns caused delays in the shipment of already manufactured parts to be supplied to distributors and end-users. ORC manufacturers usually have access to an adequate supply of critical parts, devices, components, and materials for emergencies. However, these companies faced bottlenecks due to the limited production of supplies in countries severely affected by COVID-19.

The geothermal segment led the market with the largest revenue share in 2022. The major reason for the dominance of this segment is the large-scale megawatt capacity of geothermal projects, as compared to other application segments such as biomass, waste heat recovery, and solar thermal. Generally, each geothermal project is of a capacity of over 10 MW, whereas 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.

The ORC market is highly concentrated, with major companies such as Ormat, Turboden, and Exergy accounting for more than 75% of the market share in 2022. 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 aid these companies in maintaining their dominance in the ORC market during the forecast period.

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Organic Rankine Cycle Market Report Highlights

• The geothermal segment held the largest market share of 60.80% in terms of application in the global ORC market in 2023. Geothermal projects are usually of higher capacity as compared to biomass and waste heat recovery projects, owing to which the ORC market share was higher for geothermal applications in 2023, aided by the deployment of large-scale geothermal projects in recent years

• As of 2023, Europe accounted for 33.51% of the revenue share in the overall market. The European region has been a front-runner in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects worldwide. This has resulted in the European region accounting for a dominant share of the global ORC market

• Various strategic initiatives have been recorded over the past few years that serve to boost the growth of the market. For instance, in May 2023, Turboden, Pietro Fiorentini, and Unareti collaborated to improve the Macconago reduction and measurement station, which is a key entry point into Milan's natural gas distribution network. This upgrade project involves the installation of approximately 4 MWe of gas expanders aimed at harnessing electricity from the natural gas load loss associated with the facility’s pressure drop

Organic Rankine Cycle Market Segmentation

Grand View Research has segmented the global organic rankine cycle market based on application, and region:

Organic Rankine Cycle 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 Regional Outlook (Volume, MW; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • Turkey

  • Italy

• Asia Pacific

  • China

  • Japan

  • Thailand

• Central & South America

• Middle East & Africa

List Of Key Players in the Organic Rankine Cycle Market

• 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.