Organic Rankine Cycle Market Introduction 

The Organic Rankine Cycle (ORC) is a thermodynamic process that uses an organic fluid to generate mechanical or electrical energy. It is commonly used in renewable energy systems to convert low-temperature heat into electricity. The ORC market is driven by the increasing demand for clean and sustainable energy sources, as well as government initiatives and incentives for the deployment of renewable energy technologies.The ORC market can be divided into several segments based on the application, end-user, and geography. The applications of ORC technology include waste heat recovery, geothermal energy, biomass, and solar energy. The end-users of ORC systems are primarily in the industrial, commercial, and residential sectors. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.The ORC market is expected to grow significantly in the coming years due to the increasing demand for renewable energy sources and the need to reduce greenhouse gas emissions. The waste heat recovery segment is expected to dominate the market due to the large amount of waste heat generated by various industries. The geothermal energy segment is also expected to grow due to the increasing deployment of geothermal power plants.The key players in the ORC market include GE Oil & Gas, Siemens AG, Mitsubishi Heavy Industries Ltd., Ormat Technologies, Inc., and Turboden S.p.A. Other important players in the market include Enertime, ElectraTherm, ABB Ltd., Pratt & Whitney Power Systems, and Toshiba Corporation. These companies are focusing on developing new ORC systems that are more efficient and cost-effective, as well as expanding their market presence through strategic partnerships and collaborations.

Organic Rankine Cycle Market Size

The global organic Rankine cycle market was valued at USD 438.9 million in 2019 and is expected to reach USD 841.5 million by 2027, growing at a CAGR of 9.1% during the forecast period 2020-2027.

Organic Rankine Cycle Market Share

The organic Rankine cycle market is highly fragmented, with several players operating in the market. Some of the key players in the market include ABB, GE, Siemens AG, Mitsubishi Heavy Industries Ltd., Ormat Technologies, Enogia SAS, Turboden S.p.A., and Exergy S.p.A. As of 2019, Europe held the largest share of the organic Rankine cycle market, followed by North America and Asia Pacific. However, during the forecast period, Asia Pacific is expected to register the highest CAGR due to the increasing adoption of organic Rankine cycle technology in various end-use industries such as geothermal, waste heat recovery, and biomass power generation.

Organic Rankine Cycle Market Trends

The following are some of the trends in the Organic Rankine Cycle market:

1. Increasing focus on renewable energy sources: The Organic Rankine Cycle technology is gaining popularity as a source of renewable energy. The increasing focus on reducing carbon emissions and the need for sustainable energy sources are driving the growth of the market.
2. Government initiatives: Governments around the world are implementing various initiatives to promote the adoption of renewable energy sources. This is creating a favorable environment for the growth of the Organic Rankine Cycle market.
3. Technological advancements: Technological advancements in the Organic Rankine Cycle technology are making it more efficient and cost-effective. The increasing efficiency and reliability of the technology are expected to drive the growth of the market.
4. Growing demand for waste heat recovery systems: The demand for waste heat recovery systems is increasing in various industries such as manufacturing, chemical, and petrochemical. The Organic Rankine Cycle technology is being widely used for waste heat recovery, which is expected to drive the growth of the market.
5. Increasing investment in research and development: Companies operating in the Organic Rankine Cycle market are investing heavily in research and development activities to improve the efficiency and reliability of the technology. This is expected to lead to the development of new and innovative products, which will drive the growth of the market.

Organic Rankine Cycle Market Driving factors

The organic Rankine cycle market is being driven by several factors, including:

1. Increasing demand for renewable energy sources: There is a growing demand for renewable energy sources that can reduce greenhouse gas emissions and limit the use of fossil fuels. Organic Rankine cycle systems provide a solution for converting low-temperature waste heat from industrial processes or geothermal sources into electricity.
2. Advancements in technology: There have been significant advancements in the technology used in organic Rankine cycle systems. These advancements have improved the efficiency and reliability of these systems, making them more attractive for commercial and industrial applications.
3. Government incentives and regulations: Governments around the world are implementing incentives and regulations to encourage the use of renewable energy sources. For example, in the European Union, the Renewable Energy Directive sets a target for the share of renewable energy in final energy consumption. These policies are driving the growth of the organic Rankine cycle market.
4. Increasing demand for waste heat recovery: The need for waste heat recovery is growing as industries look for ways to reduce their energy consumption and carbon footprint. Organic Rankine cycle systems can recover waste heat from industrial processes and convert it into useful electricity.
5. Growing awareness about climate change: There is growing awareness about the impact of climate change and the need to reduce greenhouse gas emissions. Organic Rankine cycle systems offer a solution for reducing carbon emissions and promoting sustainable energy use.

These factors are expected to continue to drive the growth of the organic Rankine cycle market in the coming years.

Organic Rankine Cycle Market Regional Analysis

The organic Rankine cycle market is expected to witness significant growth in North America and Europe due to increasing demand for renewable energy sources and strict environmental regulations. The Asia Pacific region is also expected to grow due to an increase in the adoption of ORC technology in various industries such as automotive and manufacturing. The Middle East and Africa region are expected to show moderate growth due to the growing focus on reducing greenhouse gas emissions and increasing the use of renewable energy sources.

Organic Rankine Cycle Market Forecasts 2030 

The global organic Rankine cycle market is expected to grow at a CAGR of 7.6% from 2020 to 2030. The market is projected to reach a value of USD 2.46 billion by 2030.The growth of the organic Rankine cycle market can be attributed to the increasing demand for efficient and clean energy generation, particularly from renewable sources such as biomass, geothermal, and solar. Additionally, the growing focus on reducing carbon emissions and promoting sustainable development is also expected to drive the adoption of organic Rankine cycle systems.The Asia Pacific region is expected to dominate the organic Rankine cycle market during the forecast period, owing to the increasing adoption of renewable energy sources and government initiatives promoting the use of clean energy. The region is also home to several key players in the market, further supporting market growth.Europe and North America are also expected to witness significant growth in the organic Rankine cycle market, driven by increasing investments in renewable energy and the development of efficient ORC systems.Overall, the organic Rankine cycle market is expected to see significant growth during the forecast period, driven by the increasing demand for sustainable energy solutions and the development of advanced ORC systems.

Organic Rankine Cycle Market Key Industry Players

Some of the key industry players in the Organic Rankine Cycle (ORC) market are Mitsubishi Heavy Industries Ltd., General Electric Company, Siemens AG, Turboden S.p.A., ABB Ltd., Enogia SAS, Ormat Technologies, Inc., Exergy S.p.A., GEA Group Aktiengesellschaft, and ElectraTherm Inc., among others.