Home > Pressrelease > Organic Rankine Cycle Market size worth $57.5 Bn by 2032
Organic Rankine Cycle Market size worth $57.5 Bn by 2032
- Published Date: March 6, 2023
Organic Rankine Cycle (ORC) Market size is set to surpass USD 57.5 billion by 2032, according to a new research report by Global Market Insights Inc.
The report identifies stringent emission norms imposed globally as the chief driver of the industry trends. Strong regulations & guidelines, coupled with the ability of ORC systems to reduce carbon emissions, are speculated to stimulate the demand for these systems. For instance, in April 2021, the Government of Canada mandated a national target of reducing GHG emissions by 40 to 45% by 2030. Under this initiative, PM Trudeau aims to establish a net-zero electricity emissions system by the end of 2035.
High integrity power to increase the need for ORC with > 1 - 5 MWe output
In terms of power output, the > 1 - 5 MWe segment is slated to grow at a rate of over 13.5% from 2023 to 2032. Extensive use in various industries, including oil & gas, waste to energy, and waste heat to power, among others, due to their easy integration is foreseen to fuel the demand for ORC solutions with > 1 - 5 Mwe output capacity in the coming years. According to a 2022 study, a 2.9 Mwe geothermal ORC power plant using R124 as active fluid was analyzed and was found to be responsive to 28% of global warming impact, which indicated that low electrical output ORC solutions have higher integration over working fluids.
Cost-effectiveness of ORC solutions to augment its demand for waste heat recovery
Organic Rankine cycle market size from the waste heat recovery application segment exceeded USD 4.5 billion in 2022. The ability to customize ORC power plants for moving & stationary applications without incurring excessive additional costs is significantly driving the demand for this technology. To cite an instance, in April 2022, Alfa Laval, a Swedish sustainable solutions provider, launched a new state-of-the-art E-PowerPack waste heat recovery system based on ORC technology that converts waste heat into power to reduce ship fuel emissions and CO2 emissions. The innovation reduces fuel consumption and provides longevity compared to other cycles.
Browse key industry insights spread across 330 pages with 532 market data tables & 24 figures & charts from the report, “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”, in detail along with the table of contents:
Positive government efforts to reduce GHG emissions across Asia Pacific
ORC market revenue in Asia Pacific is anticipated to reach more than USD 15 billion by 2032. The region is primed to become a major hub for the organic rankine cycle industry owing to supportive government initiatives to minimize GHG emissions in the region. For instance, in November 2022, the Australian Government joined the world’s first Net Zero Government Initiative at COP27 with more than 10 other countries. As part of the initiative, the country aimed to invest USD 7.1 million in the coming 2 years to commence this transition. Furthermore, robust growth across the industrial sector across developing nations is pushing the regional industry growth.
Promising innovations in binary ORC-based systems to remain a key growth tactic
The strategic landscape of the ORC market is expected to witness a series of new product launches and combination product expansion tactics by industry players. For instance, in September 2022, Mitsubishi Heavy Industries, a Japanese electrical equipment & engineering firm introduced a binary power generation system based on ORC technology. This system is created with an aim of recovering waste heat from sulfur-free fuel-burning engines and converting it into usable energy. Some of the key players profiled in the organic Rankine cycle (ORC) market report include General Electric, Mitsubishi Heavy Industries, Alfa Laval, Turboden S.p.a, Calnetix Technologies, LLC, INTEC GMK, ORCHAN ENERGY AG, and Elvosolar, a.s, among others.