Organic Rankine Cycle Industry Overview
The global organic rankine cycle market size is expected to reach USD 1.07 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.3% from 2022 to 2030. A rise in the adoption of renewable energy in countries such as the U.S., China, Germany, and Canada is making supporting regulations and providing 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 propel the growth of the organic rankine cycle (ORC) market in the near future.
The supply chains of spare parts for ORC systems are majorly affected due to the shutdown of production facilities of the manufacturers. The manufacturing of most components in the energy & power sector is slowing 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.
Organic Rankine Cycle Market Segmentation
Grand View Research has segmented the global Organic Rankine Cycle (ORC) market based on application and region:
Based on the Application Insights, the market is segmented into Waste Heat Recovery, Biomass, Geothermal, Solar Thermal, Oil & Gas (Gas pipeline pressure stations), Waste to Energy.
The geothermal segment led the market and accounted for the largest revenue share of 61.71% in 2021.
The major reason for the dominance of the geothermal segment is due to the large-scale megawatt capacity of these geothermal projects as compared to other application segments such as biomass, waste heat recovery, and solar thermal.
Countries with high geothermal potential such as the U.S., Turkey, Kenya, New Zealand, and Indonesia have taken significant steps to utilize the available geothermal potential available in their respective countries. For instance, from 2017 to 2018 Indonesia started the commercial operation of geothermal power plants with a cumulative capacity of 330 MW.
Organic Rankine Cycle Regional Outlook
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The key players operating in the market are Ormat, Turboden, and Exergy, along with a few medium and small regional players. Leading market players compete based on their product development capabilities and new technologies used in product formulations.
Some prominent players in the global organic rankine cycle market include
Elvosolar, a.s
Enogia SAS
Exergy S.p.A.
General Electric
INTEC GMK
Ormat
TAS
Triogen
Turboden S.p.A.
Zhejiang Kaishan Compressor Co., Ltd.
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.