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Organic Rankine Cycle (ORC) Market Size By Power Output (≤ 1 MWe, > 1 - 5 MWe, > 5 - 10 MWe, > 10 MWe), By Application (Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas, Waste to Energy) & Global Forecast, 2023 - 2032

  • Report ID: GMI5434
  • Published Date: Feb 2023
  • Report Format: PDF

Organic Rankine Cycle Market Size

Organic Rankine Cycle Market size exceeded USD 13.5 billion in 2022 and is projected to expand at more than 15% CAGR from 2023 to 2032, driven by government regulations aimed at lowering GHG emissions.

The soaring adoption of renewable energy globally is fueling ORC market expansion. The significant preference for renewable energy technologies for power generation, from sources such as geothermal, biomass, and other non-conventional sources has greatly increased economic opportunities for ORC manufacturers. In February 2021, Turboden S.p.A, an Italian ORC supplier, announced its selection for the Energy Development Corporation’s Palyan Bayan Expansion project and deployed 29 Mwe geothermal power plant in the Philippines.

Organic Rankine Cycle Market

Furthermore, this has also escalated the demand for clean energy which in turn is predicted to foster the organic rankine cycle market. The promising funding from financial institutions including the IFC and Asian Development Bank, together with the rapid expansion of renewable networks to serve rural areas with grid connectivity is set to hasten the adoption of renewable energy sources. In September 2021, the USDA announced an investment of USD 464 million to enhance renewable energy infrastructure and help rural communities to attain electricity at lower costs in 48 states and Puerto Rico.

Easy affordability and accessibility to alternative technologies may restrain industry progression

The availability of other renewable alternative technologies to generate power may hinder the organic rankine cycle market growth. ORC technology is overshadowed by a number of alternatives, such as SRC and Kalina technology, which are more effective and affordable than these systems. A study based on the comparison between Kalina and Rankine cycles for waste heat recovery applications concluded that the ammonia-water Kalina cycle was economically feasible and had 68% more efficiency compared to Rankine Cycle. Nevertheless, favorable government regulations aimed at lowering GHG emissions is likely to promote pure fluid-based cycle for energy-related applications.

Organic Rankine Cycle Market Analysis

Global Organic Rankine Cycle (ORC) Market Share, By Application

The geothermal segment is slated to hold nearly 46.5% share of the organic rankine cycle market through 2032. This growth is attributed to the growing deployment of large-scale geothermal facilities is pushing segment growth. To cite an instance, in June 2022, Exergy International, an ORC provider, inked a partnership contract with Geothermal Development & Investment Inc. to open multiple geothermal power plants in Japan with ORC technology for the development and completion of ORC power plants in the country.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The ORC market size crossed USD 13.5 billion in 2022 and is primed to grow at over 15% CAGR through 2032 driven by government regulations aimed at lowering GHG emissions.

The geothermal application segment is foreseen to clock more than 46.5% of the market share through 2032 owing to the significant use of ORC systems due to the growing demand for large-scale geothermal facilities.

The < 1 MWe ORC segment accounted for more than 23% of the overall market share in 2022 as they do not form any additional emissions while generating power compared to their high megawatt electrical output counterparts.

The North America market held an installed capacity of nearly 1.4 GW in 2022 as a result of national renewable energy goals combined with redundancy for the expansion of conventional electrical networks in the region.

Organic Rankine Cycle Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 556
  • Countries covered: 18
  • Pages: 330
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