Organic Rankine Cycle Market to Reflect a Holistic Expansion During 2023 to 2030: Grand View Research Inc.

 

Organic Rankine Cycle Market Growth & Trends

The global organic rankine cycle market size is expected to reach USD 1,073.24 million by 2030, growing at 3.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Rise in adoption of renewable energy in countries such as the U.S., China, Germany, and Canada continue to make way for progressive legislations and provide financial incentives for the deployment of renewable energy. Financial incentives such as feed-in-tariffs, 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 likely to propel the market’s growth in the near future.

The supply chains of spare parts for organic rankine cycle (ORC) systems are significantly affected due to the shutdown of production facilities. The manufacturing of most components in the energy & power sector has slowed down considerably. In addition, local and international travel restrictions, quarantine requirements, and lockdowns have caused delays in shipments of already manufactured parts to be supplied to the distributors and end-users. ORC manufacturers usually have access to an adequate supply of critical parts, devices, components, and materials for emergencies. But these firms are faced with increasing bottlenecks due to the limited production of supplies in countries, severely affected by COVID-19.

The geothermal segment led the market and accounted for the largest revenue share in 2021. The major reason for the dominance of the geothermal segment is due to the large megawatt capacity of these geothermal projects as compared to other application segments. The other segment includes biomass, waste heat recovery, and solar thermal. Each geothermal project holds a capacity of more than 10 MW. On the other hand, ORC-based projects in other application segment hold a capacity of 1 to 2 MW on average.

The global ORC market is a concentrated market wherein major companies such as Ormat, Turboden, and Exergy accounted for more than 75% market share in 2020. These companies apart from equipment supply are also focused on providing EPC and long-term maintenance services to increase their market share. This factor is expected to make these companies hold their dominance in the ORC market during the forecast period.

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Organic Rankine Cycle Market Report Highlights

• Geothermal held the largest market share of 60.58% in the application segment in 2022. Geothermal projects are usually of higher capacity. Due to this, the ORC market exhibited higher growth potential for geothermal application in 2022
• As of 2022, Europe accounted for 33.51% of revenue share. The region has been one of the front runners in implementing favorable policies and support mechanisms for the growth of renewable energy and energy efficiency projects across the globe
• Various strategic initiatives were implemented over the past few years to boost the growth of the market. For instance, in June 2022, EXERGY International and Japan’s Geothermal Development & Investment Inc., a subsidiary of GPSS Group, entered into a partnership for the distribution of turnkey geothermal power plants in Japan using Organic Rankine Technology

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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, MW, 2018 - 2030)

• Waste Heat Recovery
  • Petroleum Refinery
  • Chemical
  • Glass
  • Cement
  • Metal Production and Casting (Iron & Steel)
• Biomass
• Geothermal
• Solar Thermal
• Oil & Gas (Gas Pipeline Pressure Stations)
• Waste to Energy

Organic Rankine Cycle (ORC) Regional Outlook (Revenue, USD Million, MW, 2018 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • Turkey
  • Italy
• Asia Pacific
  • China
  • Japan
  • Thailand
• Central & South America
• Middle East & Africa

List of Key Players of Organic Rankine Cycle Market

• Turboden S.p.A.
• Exergy International Srl
• Zhejiang Kaishan Compressor Co., Ltd.
• Enogia SAS
• Triogen
• Calnetix Technologies, LLC
• ABB
• Atlas Copco AB
• TAS Energy Inc. (TAS)
• Elvosolar, a.s.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.