Organic Rankine Cycle Market Leading Growth Drivers, Emerging Audience, Segments, Sales, Profits & Analysis 2022 to 2030

 Organic Rankine Cycle Industry Overview

The global organic rankine cycle market size was valued at USD 415.12 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2022 to 2030

The rise in the adoption of renewable energy, the longer life cycle of ORC, and low O&M cost are some of the major factors boosting the growth of the organic rankine cycle (ORC) market globally. North America is expected to witness higher demand for ORC installation over the coming years owing to the rising focus on the development of power through clean energy sources and the availability of supporting policies and financial support for clean energy projects. Furthermore, various large-scale ORC-based geothermal power projects are under pipeline in the U.S., which is expected to drive the market for ORC in North America during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Organic Rankine Cycle Market

The U.S. has been one of the leading countries in the ORC market development and deployment from the past at the global level. The high presence of geothermal reserves has resulted in driving the market for ORC in the country owing to which the geothermal application segment holds a leading position in the U.S. market.

ORMAT has been the major company that has been active in the country in the ORC market as the company provides its ORC equipment along with EPC services for the development of geothermal ORC projects. Furthermore, the company owns and operates around 622 MW of geothermal and recovered energy generation projects across the U.S.

The rise in the adoption of renewable energy in countries, such as the U.S., China, Germany, and Canada, is leading to the emergence of supportive regulations and provision of financial incentives for the deployment of renewable energy. Financial incentives such as feed-in-tariff, subsidies, and tax benefits are some of the major tools utilized by countries around the world to attract investment in the renewable energy sector. These factors are expected to propel the growth of the organic rankine cycle (ORC) market in the near future.

However, the organic rankine cycle technology faces stiff competition from available substitute technologies, such as steam rankine cycle (SRC), which is also utilized in similar application segments including geothermal, biomass, waste heat recovery, and solar thermal.

Browse through Grand View Research's Power Generation & Storage Research Reports

  • Steam Turbine Market: The global steam turbine market size was valued at USD 16.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.3% from 2022 to 2030. 
  • Solid State Battery Market : The global solid state battery market size was valued at USD 590.9 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 36.0% from 2021 to 2028.

Organic Rankine Cycle Market Segmentation

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

  • Organic Rankine Cycle (ORC) Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Waste Heat Recovery
    • Biomass
    • Geothermal
    • Solar Thermal
  • Organic Rankine Cycle (ORC) Regional Outlook (Revenue, USD Million, 2017 - 2028)
  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa (MEA)

Market Share Insights

  • February 2020: Turboden signed a contract to provide the Meadow Lake Tribal Council (MLTC), Canada with an 8000 kW ORC power generation system, which uses sawmill residual woody biomass as fuel. 

Key Companies profiled:

Some prominent players in the global organic rankine cycle market include:

  • Turboden S.p.A.
  • Exergy S.p.A.
  • Zhejiang Kaishan Compressor Co., Ltd.
  • Ormat
  • TAS
  • Elvosolar, a.s.
  • General Electric
  • INTEC GMK
  • Enogia SAS

Order a free sample PDF of the Organic Rankine Cycle Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

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