The global organic rankine cycle market size reached US$ 455.33 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 562.58 Million by 2028, exhibiting a growth rate (CAGR) of 3.50% during 2023-2028. The augmenting demand for renewable energy sources in several end-use industries, stringent policies implemented by government bodies to promote renewable energy technologies and considerable growth in geothermal energy sector represent some of the key factors driving the market.
The organic rankine cycle (ORC) is a thermal-driven power cycle that operates with an organic working fluid, replacing traditional steam with hydrocarbons. It employs an organic working fluid with a lower boiling point than water, allowing for energy production from low-temperature waste heat sources. It enables the conversion of heat into electricity, which is used for distributed generation from renewable heat sources and energy efficiency enhancement in industrial settings. It also offers an alternative for clean power generation by utilizing clean or renewable energy resources ORC technology. The ORC system functions as a closed thermodynamic cycle, suitable for power production from low to medium-high temperature heat sources and is particularly advantageous for small to medium-sized applications at any temperature level. ORC is an ideal choice for biomass plants, as it exhibits high efficiency, the ability to follow load dependent on fuel supply, and availability. With its affordability and versatility, the ORC system finds widespread applications in waste heat recovery, geothermal power generation, and biomass power generation.
Organic Rankine Cycle Market Trends:
The global market is primarily driven by the augmenting demand for renewable energy sources in several end-use industries. This can be attributed to the growing concerns over climate change and the need to reduce greenhouse gas emissions. In line with this, stringent policies implemented by government bodies, such as feed-in tariffs, tax credits, grants, and renewable portfolio standards to promote renewable energy technologies, is providing an impetus to the market. Moreover, considerable growth in geothermal energy sector for electricity generation is a acting as a significant growth-inducing factor for the market. In addition to this, continual technological advancements in the components of ORC processes, such as the introduction of advanced working fluids, compact heat exchangers, turbomachinery, and automated control systems is fueling the market. The market is further driven by the emerging trend of decentralized energy generation with smaller-scale power generation units installed in close proximity to the point of energy consumption. Apart from this, an enhanced focus on large-scale energy recovery in the oil and gas industry and converting energy waste heat into electricity is creating a positive market outlook. Some of the other factors contributing to the market include rapid expansion of the biomass and waste-to-energy sectors, augmenting demand for combined heat and power (CHP) systems, rapid urbanization and industrialization and rising adoption of clean energy.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global organic rankine cycle market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on type and application.
The report has provided a detailed breakup and analysis of the organic rankine cycle market based on the type. This includes 500KW, 1MW, 5MW, 10MW, 15MW, 30MW, and others. According to the report, 500KW represented the largest segment.
- Waste Heat Recovery
- Petroleum Refinery
- Solar Thermal
- Oil and Gas (Gas Pipeline Pressure Stations)
- Waste to Energy
A detailed breakup and analysis of the organic rankine cycle market based on the application has also been provided in the report. This includes waste heat recovery (petroleum refinery, chemical, glass, cement), biomass, geothermal, solar thermal, oil and gas (gas pipeline pressure stations), and waste to energy. According to the report, geothermal accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for organic rankine cycle. Some of the factors driving the North America organic rankine cycle market included the growing adoption of clean energy, considerable growth in the geothermal energy production, presence of several key players, and flourishing biomass and waste-to-energy sectors.
The report has also provided a comprehensive analysis of the competitive landscape in the global organic rankine cycle market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Access Energy LLC (Calnetix Inc.), Againity AB, Elvosolar a.s., Enogia, Exergy International Srl (Nanjing TICA ENERGY Technology Co., Ltd.), Kaishan Compressor USA, Orcan Energy AG, Siemens Energy AG, Triogen, Turboden S.p.A., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||500KW, 1MW, 5MW, 10MW, 15MW, 30MW, Others
- Waste Heat Recovery: Petroleum Refinery, Chemical, Glass, Cement
- Solar Thermal
- Oil and Gas (Gas Pipeline Pressure Stations)
- Waste to Energy
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Access Energy LLC (Calnetix Inc.), Againity AB, Elvosolar a.s., Enogia, Exergy International Srl (Nanjing TICA ENERGY Technology Co., Ltd.), Kaishan Compressor USA, Orcan Energy AG, Siemens Energy AG, Triogen, Turboden S.p.A., etc.
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||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global organic rankine cycle market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global organic rankine cycle market?
- What is the impact of each driver, restraint, and opportunity on the global organic rankine cycle market?
- What are the key regional markets?
- Which countries represent the most attractive organic rankine cycle market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the organic rankine cycle market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the organic rankine cycle market?
- What is the competitive structure of the global organic rankine cycle market?
- Who are the key players/companies in the global organic rankine cycle market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the organic rankine cycle market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global organic rankine cycle market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the organic rankine cycle industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.