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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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI5434
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
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.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 13.7 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15.3% |
| 2032 Value Projection: | 57.5 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 330 |
| Tables, Charts & Figures: | 556 |
| Segments covered: | Power Output, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
Development of turnkey geothermal power plants to define the industry growth
-market-share-by-application-2023-2032.png "Global Organic Rankine Cycle (ORC) Market Share, By Application, 2022 (%)")
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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.
Substantial demand for low emissions to accelerate ≤ 1 MWe ORC segment growth
| Power Output | CAGR, 2023 - 2032 (%) |
|---|---|
| ? 1 MWe | 15.4% |
| > 1 - 5 MWe | 12.6% |
| > 5 - 10 MWe | 12.6% |
| > 10 MWe | 13.3% |
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In terms of power output, the ≤ 1 MWe ORC systems accounted for around 23% of the global organic rankine cycle market share in 2022. These ORC systems do not produce any additional emissions while generating power compared to their high megawatt electrical output counterparts, which is encouraging frequent adoption of ≤ 1 Mwe organic Rankine cycle systems. For instance, in 2022, Padd Energy, a UK-based power generation company, opened a new 1MW woodburning CHP at a manufacturing facility in North Wale that uses ORC to produce 1Mwe of electrical power.
Supportive government programs to improve solar energy production across North America
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North America organic rankine cycle market held an installed capacity of 1.4 GW in 2022 as a result of national renewable energy goals combined with redundancy for the expansion of conventional electrical networks. In July 2022, the U.S. Department of Energy under the Biden-Harris Administration launched a new set of Solar Initiatives to reduce electricity bills and open clean energy employment opportunities. This program was aided with about USD 10 million funded under the Bipartisan Infrastructural Law to propel the solar energy sector.
Strategic collaborations with energy firms to strengthen the industry outlook
Major companies operating in the global organic rankine cycle market are General Electric, Ormat Technologies, Mitsubishi Heavy Industries, Exergy International Srl., Alfa Laval, Kaishan USA, Turboden S.p.a, Enorgia, Calnetix Technologies, LLC, Triogen, ABB, INTEC GMK, Atlas Copco AB, ORCHAN ENERGY AG, Enertime, and Elvosolar, a.s. are some of the key players involved in the ORC market. These firms primarily focus on enhancing ORC technology and collaborate with energy firms to stay ahead in the competitive landscape.
For instance, in February 2021, Turboden, an ORC system provider, and Siemens Energy, an energy development firm, refurbished a proficient gas station at GASCO in Dahshur, Egypt. In this project, a 28 MWe Natural Rankine Cycle framework was combined with Electrical Motor Driven Trains working in island mode to build the Dahshur station with a pressure limit of 25% with practically no extra fuel utilization. The company aims to improve the efficiency and effectiveness of the power station.
Impact of COVID-19 on the industry trends
The COVID-19 pandemic had an adverse impact on the ORC systems uptake as a result of the decline in energy production and supply, along with disruptions in business operations on a global scale. However, increasing medical waste and healthcare activities during this period empowered the need for effective, safe, and sustainable energy generation which boosted ORC systems demand. Many developed nations-initiated steps towards renewable and carbon-neutral solutions for utilizing the waste for energy generation benefitted the business outlook. For instance, the City of London installed a new Organic Rankine Cycle power generator that to manage energy use and GHG emissions in the city.
The ORC market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD Million” from 2019 to 2032, for the following segments:
Market Insights, By Power Output
- ≤ 1 MWe
- > 1 - 5 MWe
- > 5 - 10 MWe
- > 10 MWe
Market Insights, By Application
- Waste Heat Recovery
- Biomass
- Geothermal
- Solar Thermal
- Oil & Gas
- Waste to Energy
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Belgium
- Spain
- Russia
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Philippines
- Thailand
- Vietnam
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Latin America
- Brazil
- Argentina