Organic Rankine Cycle (ORC) Market Value, 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), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Industry Analysis, Share & Forecast, 2023 - 2032

Market Overview:

Organic Rankine Cycle Market size surpassed USD 420.2 million in 2022 and is expected to showcase a CAGR of over 3.7% from 2023 to 2032. By the end of the forecast period, the market is slated to reach a valuation of around USD 421.5 Million.

The Organic Rankine Cycle (ORC) is a thermodynamic cycle that uses low-temperature heat sources to generate electricity, such as geothermal wells, solar power, waste heat from industrial processes, and biomass. The ORC is similar to the traditional steam Rankine cycle, but instead of water, it uses organic fluids such as refrigerants or hydrocarbons as the working fluid. 

To get more info about this report - 

Growth Factors: 

Organic Rankine Cycle (ORC) Market is growing at an impressive pace, owing to increasing demand for electricity generation from renewable sources, such as solar, wind, geothermal, and biomass. With the increasing awareness of environmental concerns and the depletion of non-renewable resources, the demand for renewable energy is expected to continue to rise, thereby driving the growth of the ORC market.

Rising need for energy-efficient solutions is also contributing to the growth of market. ORC technology provides efficient energy conversion with minimal losses, making it an attractive option for various applications. Moreover, the increasing investments in the ORC market are also contributing to its growth. Governments and private organizations worldwide are investing in the development of ORC technology, which is slated to drive innovation, improve efficiency, and reduce costs. This investment is leading to the development of new and advanced ORC systems that offer higher efficiencies, greater flexibility, and improved reliability, which is driving the demand for the technology.

By Power Output Synopsys:

≤ 1 MWe is one of the fastest emerging segments in the market:

In terms of power output, 1 MWe ORC systems were responsible for approximately 25% of the global organic rankine cycle market share in 2022. When compared to their high megawatt electrical output counterparts, these ORC systems produce no additional emissions while generating power, which encourages the widespread adoption of 1 Mwe organic Rankine cycle systems. For example, Padd Energy, a UK-based power generation company, will open a new 1MW woodburning CHP at a manufacturing facility in North Wale in 2022, which will use ORC to generate 1MW of electrical power.

By Application Synopsys:

The geothermal segment accounted for the largest revenue share of 59% in 2022. The major reason for the dominance of the segment is the large-scale megawatt capacity of these geothermal projects. Other application areas such as biomass, waste heat recovery, and solar thermal lack the same capabilities. Geothermal projects typically have an average capacity of over 10 MW, while ORC-based projects have a capacity limitation, averaging between 1 to 2 MW.

Regional Overview:

North America: Rising demand for energy efficiency and the adoption of renewable energy sources are driving the North American organic rankine cycle market. The major markets in this region are the United States and Canada, which have a high concentration of ORC system manufacturers and suppliers. Because of the significant amount of waste heat generated by the industrial sector, the waste heat recovery application dominates the market in this region. 

Asia-Pacific: The Asia-Pacific ORC market is being driven by rising electricity demand and the adoption of renewable energy sources. Because of the high concentration of industrial facilities and government initiatives to promote renewable energy, China, India, and Japan are the region's major markets. Because of the significant amount of waste heat generated by the industrial sector, the waste heat recovery application dominates the market in this region.

Recent Development:

• In 2021, Veolia has announced the acquisition of MatriX Technologies, a solution provider of waste heat recovery. As per the acquisition, the company aimed to enhance its product offerings in the ORC market and also enhance its position in the energy recovery industry.
   
• In 2020, Ormat Technologies announced the signing of a 25-year power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA) to supply electricity generated by a 16MW ORC power plant. The plant will provide renewable energy to over 11,000 homes in Southern California.

Top companies include in the global organic rankine cycle market are:

• Veolia
• Turboden
• Ormat Technologies
• Exergy
• Enertime
• Evomax
• Kawasaki Heavy Industries
• ABB
• General Electric Company
• Siemens AG

To get more info about this report - 

In-depth analysis of organic rankine cycle market along with industry coverage and forecasting for the following segments:

Market Value, By Power Output 

• ≤ 1 MWe
• > 1 - 5 MWe
• > 5 - 10 MWe
• > 10 MWe

Market Value, By Application

• Waste Heat Recovery
• Biomass
• Geothermal
• Solar Thermal
• Oil & Gas 
• Waste to Energy
• Others

Market Value, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America